The global thermal imaging market size is estimated to account for USD 11.45 billion by 2027, according to a new report by Million Insights. The market is projected to expand at 8.4% CAGR over the forecast duration 2020 to 2027. Thermal imaging technologies are increasingly used in conjunction with infrared cameras in the detection of elevated body temperature. This feature makes it an ideal for deployment at entry gateways at airports during COVID-19 outbreak. In addition, thermal imaging technologies are gaining traction in various commercial and residential applications.
In defense and military, these technologies are used for surveillance purpose in mission-critical applications. In addition, the rising use of the integrated solution in commercial applications is estimated to drive market growth. Thermal imaging solutions are increasingly used in smartphones and high-definition cameras.
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Depending on the product, the camera segment held the largest share in the market in 2019. Further, this segment is likely to continue its dominance over the next seven years. Increasing demand form commercial, residential and security domain is attributing to the growth of this segment.
Key players operating in the thermal imaging market are FLIR Systems, BAE System, Axis Communication, Honeywell, Raytheon Company, Lockheed Martin and Testo AG. These companies are focusing on developing innovative products such as 3D thermal imaging cameras to gain a larger share in the market.
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Further key findings from the report suggest:
• By product, the cameras segment held the maximum share in the market in 2019. Owing to the increasing investment on the development of 3D thermal imaging cameras, this system is projected to maintain its lead over the forecast years.
• Military & defense application accounted for the highest share in the market in 2019. However, owing to the low spending on defense by several countries, this segment is projected to witness a decline from 2020 to 2027.
• In 2019, North America held the largest share in the market. On the other hand, Asia Pacific is likely to grow with a considerable pace over the next seven years.
• Leading players in the market include FLIR Systems, DRS Technologies, BAE Systems and Raytheon Company among others.
Million Insights segmented the global thermal imaging market on the basis of product, technology, application and region:
Thermal Imaging Product Outlook (Revenue, USD Million, 2016 – 2027)
Thermal Imaging Technology Outlook (Revenue, USD Million, 2016 – 2027)
Thermal Imaging Application Outlook (Revenue, USD Million, 2016 – 2027)
• Military & Defense
Thermal Imaging Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• Rest of the World
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