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Redding, California - August 1, 2024

Thermal Imaging Market to be Worth $7.8 Billion by 2031

Thermal Imaging Market by Type (Handheld Cameras, Fixed Cameras, Scopes, Modules), Technology (Cooled, Uncooled), Wavelength (SWIR, MWIR, LWIR), Application (Security & Surveillance) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Thermal Imaging Market by Type (Handheld Cameras, Fixed Cameras, Scopes, Modules), Technology (Cooled, Uncooled), Wavelength (SWIR, MWIR, LWIR), Application (Security & Surveillance) - Global Forecast to 2031’

According to the latest publication from Meticulous Research^®, the thermal imaging market is expected to reach $7.8 billion by 2031, at a CAGR of 7.2% from 2024 to 2031. This market’s growth is attributed to several factors, such as the growing need for surveillance & security solutions and the increasing utilization of thermal imaging in manufacturing and industrial settings. Additionally, the surge in demand for thermal imaging in healthcare, growing military & defense expenditure in advanced surveillance technologies, and rising unmanned aerial vehicles (UAVs) are expected to create market growth opportunities. However, the availability of alternative imaging technologies, such as visible light cameras & radar systems, may restrain the growth of this market.

On the other hand, the high cost of thermal imaging devices is a major challenge for the players operating in this market.

The global thermal imaging market is segmented by type, technology, wavelength, and application. This study also evaluates end-user industry competitors and analyzes the market at the region/country level.

Based on type, the thermal imaging market is broadly segmented into handheld/portable cameras, fixed/mounted cameras, scopes & eyewear, and modules. In 2024, the portable or handheld cameras segment is expected to account for the largest share, over 55.0%. This segment's large market share is attributed to its features, such as ease of use and portability, and the growing use of portable or handheld cameras for field inspection & maintenance and emergency and rescue operations.

However, the fixed/mounted cameras segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by its ability to provide continuous, high-precision, real-time monitoring of critical infrastructure without the need for manual intervention, to withstand harsh environmental conditions, and its increasing demand for fixed thermal cameras for integrating with automated security and monitoring systems.

Based on technology, the thermal imaging market is segmented into cooled thermal imaging and uncooled thermal imaging. In 2024, the cooled thermal imaging segment is expected to account for a larger share of over 64.0% of the thermal imaging market. This segment’s large market share is due to its sensitivity, high accuracy, long-range detection, and image resolution, which allows for the detection of minute temperature differences and the capture of detailed thermal images and increasing use of cooled thermal imaging for extreme environmental conditions, such as high-temperature industrial environments or cold regions.

However, the uncooled thermal imaging segment is expected to register the highest CAGR during the forecast period. This segment’s growth is driven by its features, including cost-effectiveness, ease of maintenance, reduced operational costs, and growing demand for uncooled thermal imaging products in applications such as building diagnostics, wildlife monitoring, emergency response, law enforcement, and temporary monitoring needs in various scenarios.

Based on wavelength, the thermal imaging market is segmented into shortwave infrared (SWIR), mid-wave infrared (MWIR), and longwave infrared (LWIR). In 2024, the LWIR segment is expected to account for the largest share of over 49.0% of the thermal imaging market. The growing use of LWIR cameras in environmental monitoring, advanced driver assistance systems (ADAS), security and surveillance, and the need to detect thermal radiation emitted by objects across various industries are the main causes of this segment's large market share. Other factors include the segment's ability to provide non-contact temperature measurement for monitoring high-temperature processes and equipment, and its cost-effectiveness in comparison to MWIR and SWIR systems.

However, the SWIR segment is expected to register the highest CAGR during the forecast period. This growth is driven by its superior image contrast and detail, enhanced capability to ensure clear visibility in challenging environmental conditions, including smoke, fog, and haze, and growing demand for SWIR technology in medical diagnostics for non-invasive imaging.

Based on application, the thermal imaging market is segmented into aerospace & defense, security & surveillance, building & construction, personal vision systems, healthcare & medical diagnostics, energy & utilities, agriculture, research & development, search & rescue operations, marine systems, and other applications. In 2024, the security & surveillance segment is expected to account for the largest share of over 41.0% of the thermal imaging market. The growing need for improved surveillance capabilities, such as visibility in low light and obscured conditions, the growing use of thermal imaging to improve perimeter security for securing sensitive facilities and high-profile events, and the growing integration of thermal cameras into smart security systems to the overall effectiveness of security measures are all factors contributing to this segment's large market share.

However, the healthcare & medical diagnostics segment is expected to register the highest CAGR during the forecast period. This growth is being driven by an increase in demand for thermal imaging technology owing to its non-invasive nature for early disease detection by identifying abnormal heat patterns associated with conditions such as breast cancer, vascular disorders, and inflammation, and an increase in the use of thermal imaging for fever screening in public areas and in veterinary medicine to diagnose and monitor health conditions in animals.

Based on geography, the thermal imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of over 36.0% of the thermal imaging market.

North America's significant market share can be attributed to several key factors, including rising concerns over terrorism, crime, and public safety, increasing deployment of thermal imaging in large-scale surveillance applications such as city-wide monitoring or border control, increasing technological advancements in thermal imaging, high investments in advanced technologies for military and defense applications, and growing focus on advancing medical tools for non-invasive diagnostics and early disease detection.

Moreover, Asia-Pacific is expected to register the highest CAGR of over 8.5% during the forecast period.

Key Players:

The key players operating in the thermal imaging market are Teledyne FLIR LLC (U.S.) (a subsidiary of Teledyne Technologies Incorporated (U.S.)), Fluke Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), Leonardo S.p.A. (Italy), Axis Communications AB (Sweden), BAE Systems plc (U.K.), RTX Corporation (U.S.), Lockheed Martin Corporation (U.S.), Testo SE & Co. KGaA (Germany), Thales Group (France), Seek Thermal, Inc. (U.S.), Exosens (France), Honeywell International Inc. (U.S.), Trijicon, Inc. (U.S.), Cantronic Systems, Inc. (U.S.), Safran Group (France), Zhejiang Dali Technology Co., Ltd. (China), HT Italia S.r.l. (Italy), Thermoteknix Systems Ltd. (U.K.), and Bullard (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5978

Key questions answered in the report-

Which are the high-growth market segments based on type, technology, wavelength, application, and geography?
What was the historical market for the thermal imaging market?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the thermal imaging market?
Who are the major players, and what shares do they hold in the thermal imaging market?
What is the competitive landscape in the thermal imaging market?
What are the recent developments in the thermal imaging market?
What do the major players adopt the different strategies in the thermal imaging market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global thermal imaging market, and how do they compete with the other players?

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Redding, California - August 1, 2024

Thermal Imaging Market to be Worth $7.8 Billion by 2031

Thermal Imaging Market by Type (Handheld Cameras, Fixed Cameras, Scopes, Modules), Technology (Cooled, Uncooled), Wavelength (SWIR, MWIR, LWIR), Application (Security & Surveillance) - Global Forecast to 2031

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