Thermal Imaging Market Size, Share & Trends Analysis Report By Type (Cameras, Modules, Scopes), By Application (Security & Surveillance, Monitoring & Inspection, Detection, Others), By Vertical (Aerospace & Defense, Industrial, Healthcare & Life Sciences) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The thermal imaging market revenue is USD 4.04 billion in 2024. It is projected to reach USD 6.51 billion by 2032, growing at a CAGR of 6.17% during the forecast period (2024–2032). Combat operations and night patrolling have increased demand for sophisticated thermal imaging cameras in the military and defense sectors, expanding the market. Growing demand for thermal imaging in the military, especially in the Asia-Pacific region due to smartphone integration and manufacturing sector adoption. Latin America sees increased military investments for border security, piracy, and organized crime, driving demand for thermal imaging technology.

In low-light conditions, thermal imaging can still gather data about an object and create an image by converting the object's thermal energy into infrared radiation. It converts thermal energy emitted by objects into visible light to create images of them. Light from a thermal imaging camera can see through smoke, fog, and haze, making it ideal for use in various security, surveillance, and military settings. Through electronic signals that process the details gathered by the thermal imaging camera, thermal imaging technology produces clear images on a display system.

Market Dynamics

Market Drivers

Increasing Need for Thermal Inspections and Monitoring in Army, Navy, and Air Force Sectors

The increasing demand for combat operations and night patrolling has led to the use of sophisticated thermal imaging cameras in the military and defense sectors, contributing to market expansion. Even in bad weather, these cameras have the range to pick out distant targets. Binoculars, monoculars, military vehicles, and remotely operated turrets are some of the tools used in border surveillance. Next-generation military technology is priorities for governments worldwide as it will help them better inform their armed forces. The rise in the popularity of IR thermography devices has affected the market for infrared cameras, especially those with short wavelengths.

Market Restraint

Export Restrictions Imposed on these Products

An issue with exporting thermal imaging products has always existed. The U.S. government restricts the export of thermal and infrared cameras to certain countries under the International Traffic in Arms Regulations (ITAR). The U.S. Department of Commerce's Bureau of Industry and Security has issued Export Control Classification Number (ECCN) codes for specific categories of cameras. Manufacturing companies should comply with all of the rules and regulations imposed by the government; failing to do so will result in a significant financial penalty for the companies.

Market Opportunities

Technological Advancement in Thermal Imaging 

New opportunities for wildlife experts to cheaply survey relatively large areas for agricultural, environmental, and wildlife monitoring applications have been made possible by recent developments in unmanned aerial vehicles (UAV) with thermal imaging, which is expected to fuel market growth. In wildlife management, unmanned aerial vehicles (UAVs) equipped with thermal imaging are used to keep an eye on species as diverse as sea turtles, black bears, large land mammals, marine mammals, and birds. With the advancement of cooled mercury cadmium telluride infrared detector technology, high-performance infrared cameras are now feasible for use in a wide range of challenging thermal imaging applications.

Regional Analysis

The global thermal imaging market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. 

North America's thermal imaging market share is expected to grow during the forecast period. The rising importance of keeping rigorous safety standards for engine-accurate thermal performance is driving rapid revenue growth in the aerospace and defense sector, which is expected to continue over the forecast period. The Army and the Air Force use thermal imaging extensively for patrolling borders and catching criminals. There is a pressing need for cutting-edge tools in aviation and defense, particularly regarding quality measurement activities like quality control and fault analysis. Faults in fuselages, wings, and blades can be diagnosed with thermal imagers. Aerospace composite materials are also put through vigorous heat flow thermography testing to catch any potential issues before they become significant.

Europe is expected to grow during the forecast period.  The market for thermal imaging in Europe can be broken down into the countries listed here: Germany, the United Kingdom, France, Russia, Spain, Italy, and the Rest of Europe. Germany continued to be the market leader in Europe for thermal imaging. Demand is expected to grow during the forecast period due to factors such as the growing need for security and surveillance. The 911 has cutting-edge gadgets like a thermal imaging camera to improve nighttime and low-light visibility. In addition, numerous sectors, including healthcare, transportation, aerospace, and defense, stand to benefit from the rising investments in R&D of thermal cameras made by governments and private businesses worldwide.

There is a growing market for thermal imaging in the military, which is expected to translate into high demand in the Asia-Pacific region. Another factor fueling demand in the Asia-Pacific region is the rising popularity and falling prices of smartphones equipped with thermal imaging cameras. The Asia Pacific (APAC) is one of the world's most important markets for thermal imaging, and this report profiles critical regions like China and India. Today, thermal imaging technology is widely identified as one of the most useful diagnostic tools in the manufacturing sector. Thermal imaging's ability to spot inconsistencies not visible to the naked eye has led to its widespread adoption in the APAC industrial sector as a preventative measure against failure.

Latin America is making significant investments in its military for several reasons. Border patrols, anti-piracy efforts, and wars on organized crime and drug cartels are all receiving increases in military funding from several neighboring countries. Armed forces can benefit from thermal imaging in many ways, one of which is the ability to track even the most minute movements near land or sea borders. The governments of Latin American countries are investing in cutting-edge technology to improve the quality of information available to their armed forces. Military applications of infrared thermography have contributed to the development of IR cameras, especially those capable of capturing images at shorter wavelengths.

Segmental Analysis

The global thermal imaging market is segmented by type, application, and vertical.

Based on type, the global thermal imaging market is bifurcated into cameras, modules, and scopes.

The camera segment is the highest contributor to the market and is expected to grow during the forecast period. As a result of its versatility and widespread application across a variety of industries, the market for thermal cameras has grown to become the most lucrative sub-segment. The commercial sector has extensively used thermal cameras to detect and prevent unethical business practices. In addition, a significant number of thermal cameras have been installed in the residential area so that the residents can enjoy the highest possible level of safety. Maximum security in restricted spaces is another major application for these cameras in the defense and military sectors.

Based on application, the global thermal imaging market is bifurcated into security & surveillance, monitoring & inspection, detection, and others.

The security & surveillance segment is the highest contributor to the market and is expected to grow during the forecast period. There has been a recent uptick in offense and violence. As a result, funding for homeland security agencies has increased so that they can buy cutting-edge weapons and equipment. With the proliferation of both less-lethal and more-lethal weapons, modern warfare has become increasingly asymmetric. Various governments are investing heavily in military and defense systems to ensure the safety of their citizens and those who work in the defense sector. The long-term growth of the market is being aided by this investment from governments around the world.

Based on vertical, the global thermal imaging market is bifurcated into aerospace & defense, industrial, and healthcare & life sciences.

The aerospace & defense segment is the highest contributor to the market and is expected to grow during the forecast period.  The rising importance of keeping rigorous safety standards for engine-accurate thermal performance is driving rapid revenue growth in the aerospace and defense sector, which is expected to continue over the forecast period. The Army and the Air Force use thermal imaging extensively for patrolling borders and catching criminals. There is a pressing need for cutting-edge tools in aviation and defense, particularly in quality measurement activities like quality control and fault analysis. Faults in fuselages, wings, and blades can be diagnosed with thermal imagers. Aerospace composite materials are also put through vigorous heat flow thermography testing to catch any potential issues before they become major.

Recent Developments

• October 2022- BAE Systems and Supernal have agreed to collaborate on designing and developing the flight control computer for Supernal's electric Vertical Takeoff and Landing vehicle.
• July 2022- Leonardo's latest air defense radar technology has joined the NATO training range in Greece.