SecurityWorldMarket

30/09/2021

Thermal imaging market heats up to $4.7 billion

Northbrook, Il

The thermal imaging market is projected to grow from USD 3.6 billion in 2021 to USD 4.7 billion by 2026, growing at a CAGR of 5.5% during the forecast period. The key factors driving the growth of the market include increasing government expenditure on the aerospace & defence sectors, increasing adoption of thermal imaging in the automotive industry, growing R&D investments by companies, governments, and capital firms for developing innovative thermal imaging solutions, amongst other things.

This latest report on the subject from Marketsandmarkets finds that the thermal cameras segment is set to account for the largest share of this market during the five year forecast period from 2021 to 2026.

On the basis of product type, the reports segments the market into three categories—thermal cameras, thermal scopes, and thermal modules. The thermal cameras segment held the largest share of the thermal imaging market in 2020 and, according to the analysts, is expected to continue this growth during the forecast period. Several reasons, such as an electronic image of high-quality precision produced in less time and the availability of different types (handheld, mounted, and standalone) and various micro-and nano-sizes, contribute to this dominance.

Security and surveillance to take the lion's share

Similarly, based on applications, the report separates the market into security and surveillance, monitoring and inspection, and detection and measurement. The security and surveillance segment held the largest share of the thermal imaging market during the forecast period. Rapid urbanisation increases the demand for advanced thermal imaging solutions for security and surveillance applications. The rise in conflicts and terrorist activities among countries also increase the demand for well-equipped systems to monitor country borders from illegal intrusion and protect the country and its citizens.

North America leads the way

Among all regions, North America accounted for the largest share of the thermal imaging market and the research expects this trend to continue over the forecast period. The region is home to some major producers of thermal imaging components, such as thermal cameras, scopes, and modules. The US is the major contributor to this region and accounts for ~89% 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 components, and the increasing government expenditure in the aerospace & defence sector.

Some of the key companies operating in the market, and named in the report by the analysts, are:  Flir Systems (now Teledyne Flir), Fluke Corporation, Leonardo, L3harris Technololgies, United Technologies, Axis Communications, BAE Systems, Opgal, Testo, Xenics, and Thermoteknix Systems.


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