The Thermal Imaging Systems market was valued at USD 5.19 billion in 2022 and is expected to reach USD 7.92 billion by 2031, at a CAGR of 7.78% over the forecast period. Thermal imaging helps in improving visibility by detecting the objects’ infrared radiations and creating an image based on that information.
– Over the years, advancements in thermal imaging systems and their enabling technologies have penetrated different verticals, like Aerospace and Defense, Thermography, Security and Surveillance, NDT, and others. This is increasing the scope of the thermal imaging technology market.
– Rapid advancements in technology and money being pumped into aerospace and defense research and development (R&D) have brought its costs down substantially and also introduced the world to a smarter, efficient way of doing things.
– There is an increasing trend of cross-border terrorism across the provinces. There are many countries facing insurgency issues across the border from their neighboring countries. Hence, there has been a growing demand for military modernization programs includes improved thermal imaging systems requirements.
– However, the uncertainty of the defense budget and lack of awareness about the full capabilities and its application are the factors restricting the market growth.
Scope of the Report
The scope of our study for the thermal imaging systems is limited to the cooled and uncooled technologies and different forms of systems used for a wide range of applications globally are considered for market estimation.
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Key Market Trends
Security and Surveillance to Occupy a Major Share
– Globally, there is a growing trend of rising crimes and violence; this has raised the budgets of the homeland security forces to procure the advance protective systems and gadgets. Modern warfare has become more asymmetric with an increasing number of non-lethal and lethal weapons.
– The ongoing battles with ISIS conflict in the Middle East, Indo-Pak conflict over Jammu and Kashmir, Syrian war are just a few examples. Also, increasing tensions across borders and between countries have led to an increase in the demand for IR and thermal imaging long-range surveillance in low-light conditions.
– According to SIPRI, the world military expenditure has reached USD 1.8 trillion in 2018, which is 2.6% higher than the previous year and 5.6% higher than in 2009. The rise in the military modernization program includes the application of thermal imaging systems.
– Terrorist attacks have been seen increasing for damaging critical infrastructure in many countries. To avoid such incidences the governments are investing for stringent surveillance with infrared and thermal imaging security systems.
North America to Hold the Largest Market Share
– The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, industrial, transportation, security, and surveillance systems applications in North America is set to boom during the next five years.
– As ADAS (Advances Driving Assistance Vehicle) and AV (Autonomous Vehicle) platforms to become the future of the automotive industry, research has shown that equipping thermal imaging system will make the autonomous driving safer. Also, the declining production cost of thermal imaging systems with mass manufacturing will create the demand for thermal imaging systems in the recent future.
– Market leading companies such as DRS technologies, PixonImaging, and FLIR situated in North America. FLIR has invested 10% of its revenue on research and development in FY2018. It’s primary research and development includes the project of a thermal imaging system for autonomous vehicles
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