The global thermal imaging market is
estimated to grow from USD 3.4 billion in 2020 to USD 4.6 billion by
2025; at a CAGR of 6.2%. One of the factors fueling the growth of this
market is growing R&D investments by companies, governments, and
capital firms to develop innovative thermal imaging solutions.
Thermal
imaging is a technology used to detect temperature differences, also
known as heat signatures in an environment or any object. Heat signature
is defined as the amount of infrared energy emitted by an object as a
function of its temperature. This heat signature is captured with the
help of thermal cameras, scopes, and modules. Based on the information
obtained from these devices, an electronic image is produced. The image
produced helps in monitoring and inspecting, as well as detecting and
measuring defects pertaining to an object. The major application area of
thermal imaging product type is security and surveillance.
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In
2019, the uncooled technology segment held the larger size of the
thermal imaging market. The growth of this market is attributed to its
low cost. Also, they are available in small sizes, require low
maintenance, and fast response as well as require less start up time.
Based on wavelength,
the long-wave infrared (LWIR) segment held the largest share of the
thermal imaging market during the forecast period. Thermal imaging
products operating in the LWIR band are high in demand from the
aerospace & defense vertical for security and surveillance
applications. Also, they are significantly penetrated various
industries, such as commercial, residential, automotive, food &
beverages, and healthcare and life sciences.
Based on product type, thermal
cameras held the largest share of the thermal imaging market in 2019
and are expected to do so during the forecast period. There are several
reasons such as an electronic image of high-quality and precision is
produced in less time; available in different types such as handheld,
mounted, and standalone, and available in various micro- and nano-size
contributes to this dominance.
Based on applications, the
security and surveillance segment held the largest share of the thermal
imaging market during the forecast period. Rapid urbanization leads to
an increase in demand for advanced thermal imaging solutions for
security and surveillance applications. Moreover, rising conflicts and
terrorist activities among countries also increase demand for
well-equipped systems to monitor the country borders from the illegal
intrusion of enemies and protect the country from them.
Based on vertical, the
aerospace & defense vertical generate the highest demand for
thermal cameras, scopes, and modules, for security and surveillance
applications, especially for people and motion sensing, perimeter
security, and tracking objects, humans, or animals. Additionally, the
aforementioned products are capable of operating in undesirable climatic
conditions such as smoke, fog, smog, and haze. They are apt devices for
security and surveillance as well as monitoring and inspection
applications in day and nighttime. Owing to these features and benefits,
the aerospace & defense industry held the largest share of the
thermal imaging market in 2019 and is expected to do so during the
forecast period.
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North America accounted for the largest share of the thermal imaging market and
is expected to do so during the forecast period. North America is home
to the major producers of thermal imaging products, such as thermal
cameras, scopes, and modules. The US is the major contributor and held
the largest share of the total thermal imaging market share in North
America. The growth of the thermal imaging market in this region is
attributed to the presence of numerous manufacturers and distributors,
the low cost of thermal imaging products, and increasing government
expenditure in the aerospace & defense sector.
