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

Thermal Imaging Market Size & Forecast

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 increasing need for surveillance & security solutions and the increased use of thermal imaging in manufacturing & industrial settings. Furthermore, the surge in demand for thermal imaging in healthcare, increased military and defense spending on advanced surveillance technologies, and the rise of unmanned aerial vehicles (UAVs) are driving market growth. The availability of alternative imaging technologies, such as visible light cameras and radar systems, may limit the growth of this market.

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

Thermal Imaging Market Growth Drivers

Growing Need for Surveillance & Security Solutions

The increasing cases of theft, vandalism, and break-ins have amplified the need for robust surveillance & security solutions across various sectors, including residential, commercial, and industrial. Surveillance & security solutions act as a strong deterrent in keeping away such incidents. Installing surveillance solutions, such as cameras at home and office premises, prevents unauthorized entries. Thermal imaging is a compact method of identifying, measuring, and visualizing heat patterns, particularly in environments with little light or complete darkness. This ability allows the detection of intruders or suspicious activities, thereby offering continuous monitoring and helping reduce the chances of security breaches. It is mostly used in border security (monitor & detect illegal crossings), in critical infrastructure (safeguard sensitive areas), and in public events or large crowds (monitoring to ensure safety).

Companies in the market are emphasizing the importance of providing reliable and enhanced aerial imaging and surveillance systems to deliver comprehensive solutions.

 For instance, in January 2024, Inspired Flight Technologies, Inc. (IFT) (U.S.) partnered with Gremsy (Vietnam) to launch a new thermal imaging payload for the IF800 Tomcat drone with enhanced capabilities in aerial imaging & surveillance. The partnership aims to deliver a comprehensive and powerful drone system that combines the strengths of IFT’s unmanned aerial vehicle (UAV) and the precision of Gremsy’s imaging payload.

In May 2023, 3S System Technology Inc. (Taiwan) launched a series of thermal IP cameras that deploy a unique thermal imaging detection technology with designed security mechanism enhancements. All such developments, along with the increasing need for enhanced security and the growing adoption of thermal imaging technology in surveillance and security applications, contribute to the market’s growth.

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Increasing Use of Thermal Imaging in Manufacturing & Industrial Settings

Industries face numerous challenges, such as equipment malfunctions, overheating, energy inefficiencies, and safety hazards, which can lead to costly downtime, reduced productivity, and potential accidents. Traditional inspection methods often fail to detect early signs of these issues, necessitating the adoption of advanced and effective inspection solutions. Thermal imaging cameras for industrial applications are powerful and non-invasive tools that help detect heat anomalies and temperature variations in electrical & mechanical installations and components. In manufacturing & industrial settings, thermal imaging is widely used for predictive maintenance, where it assists in monitoring the condition of machinery and electrical systems. This thermal image provides a temperature map of the area being visualized and highlights hotspots and heat anomalies that warrant further investigation. Hence, this proactive approach allows for timely maintenance and repairs, thereby minimizing downtime.

Companies in the market are focusing on thermal imaging technology to meet the growing need for efficient and reliable monitoring, inspection, and safety in industrial processes. For instance, in June 2023, AMETEK Land (U.K.) (Land Instruments International Limited) launched a new mid-wavelength thermal imager, the MWIR-640 390, to meet the demand for improved product quality and efficiency in industrial processes. Such developments, coupled with the increasing need for improved operational efficiency and reduced maintenance costs in manufacturing & industrial processes, are further boosting the market growth.

Thermal Imaging Market Opportunities

Increasing Demand for Thermal Imaging in Healthcare

Traditional diagnostic methods involve invasive procedures and exposure to radiation that require significant time to produce results. Thermal imaging addresses these challenges by providing a safe, rapid, and efficient way to detect and monitor various medical conditions. Thermal imaging in the healthcare sector helps measure the infrared radiation emitted from the body to produce thermal images with corresponding temperature calculations. The process is non-invasive, so there is no pain or radiation. Thermal imaging systems are highly accurate tools to assist in diagnostics, including temperature scans (for instance, during the COVID-19 pandemic), breast imaging (cancer), and disease monitoring. It can be used on all types of inflammation that are close to the skin to be detected by a thermal sensor, such as in particular inflammatory arthritis or arthrosis. It allows the detection of muscle lesions such as contractions, tears, or strains. Thermal imaging, through its performance in terms of the detection of circulatory and metabolic problems, operates naturally in the detection of diabetes mellitus and especially the diabetic foot.

Furthermore, thermal imaging is used in veterinary medicine to diagnose injuries and illnesses in animals without causing stress or discomfort. Companies in the thermal imaging market are actively investing in R&D to enhance the capabilities and applications of thermal imaging in healthcare.

In September 2023, USATherm (U.S.) announced that the FDA granted a 510(k) for their 2nd generation thermal imaging device, ThermPix™. It provides high-resolution, real-time thermal images of the human body by utilizing state-of-the-art thermal imaging technology. The first installation of NIRAMAI Health Analytix (India)'s AI-based (artificial intelligence) Thermalytix, an automated breast health screening and diagnostic tool that blends thermal imaging with AI, was made possible in September 2022. Such advancements, in addition to growing technological developments aimed at enhancing resolution & accuracy, regulatory support for medical applications, and the increased significance of fever screening as a result of the COVID-19 pandemic, are generating growth opportunities for players in the market.

Rising Unmanned Aerial Vehicles (UAVs)

Unmanned Aerial Vehicles (UAVs), commonly known as drones, are aircraft that fly autonomously, under remote control, or both and can carry a variety of payloads, including thermal imaging cameras. The integration of thermal imaging technology with UAVs improves their functioning by allowing operators to notice temperature fluctuations and heat signatures that are invisible to the naked eye. It captures precise thermal photos of surrounding objects and environments, allowing it to detect even slight temperature differences with great precision. In agriculture, UAVs equipped with thermal cameras are used to monitor crop health, detect water stress, and locate pest infestations. Its purpose is to monitor borders and perimeters in real-time. It aids in the search and rescue of missing people in difficult terrain and adverse situations.

Companies are increasingly employing thermal imaging in UAVs to increase operational efficiency, safety, and precision. Major industry competitors are using thermal imaging technology to improve UAV capabilities for challenging and crucial missions. In April 2024, Red Cat Holdings, Inc. (U.S.) partnered with Sentien Robotics (U.S.) to deploy Teal Drones, a small unmanned system with high-resolution thermal imaging, as part of an autonomous drone swarming strategy for land, air, and sea defense and security operations. Such improvements, with the increasing advances in UAV technology, increased affordability of thermal imaging cameras, and the increasing requirement for enhanced monitoring and inspection solutions across many sectors, support the market's growth.

Thermal Imaging Market Analysis: Key Findings

By Type: In 2024, The Handheld/Portable Cameras Segment to Dominate the Thermal Imaging Market

Based on type, the thermal imaging market is broadly segmented into handheld/portable cameras, fixed/mounted cameras, scopes & eyewear, and modules. In 2024, the handheld/portable cameras segment is expected to account for the largest share of over 55.0% of the thermal imaging market. This segment's large market share can be attributed to its ease of use and portability, as well as its growing use in a variety of industries such as electrical inspections, HVAC maintenance, building diagnostics, and emergency response, and the growing use of handheld/portable cameras for field inspection, maintenance, and emergency & rescue missions.

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

By Technology: In 2024, The Cooled Thermal Imaging Segment to Dominate the Thermal Imaging Market

Based on technology, the thermal imaging market is broadly 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 attributed to its sensitivity, high level of accuracy, long-range detection, and image resolution, which allows for the detection of minute temperature differences and the capture of detailed thermal images, as well as the growing 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 growth is driven due to its features, including cost-effectiveness, compact and lightweight design, ease in maintenance and reduced operational costs, and growing demand for uncooled thermal imagers for applications, including building diagnostics, HVAC inspections, automotive safety, wildlife monitoring, emergency response, law enforcement, and temporary monitoring needs in various scenarios.

By Wavelength: In 2024, The Longwave Infrared (LWIR) Segment to Dominate the Thermal Imaging Market

Based on wavelength, the thermal imaging market is broadly 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.  This segment's significant market share can be attributed to the growing use of LWIR cameras in security and surveillance, advanced driver assistance systems (ADAS), environmental monitoring, the growing need to detect thermal radiation emitted by objects across various industries for building inspections and energy audits, and its ability to provide non-contact temperature measurement for monitoring high-temperature processes and equipment, and its cost-effectiveness.

However, the SWIR segment is expected to register the highest CAGR during the forecast period. This expansion is being driven by increased visual contrast and detail, as well as an enhanced ability to maintain clear vision in challenging environmental conditions such as smoke, fog, and haze. This is particularly beneficial for applications such as search and rescue, firefighting, and military operations, and there is an increasing need for SWIR technology in medical diagnostics for non-invasive imaging.

By Application: In 2024, The Security & Surveillance Segment to Dominate the Thermal Imaging Market

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. This segment's large market share can be attributed to the growing security threats and criminal activities, the increasing need for enhanced surveillance capabilities, including visibility in low-light and obscured conditions for effective monitoring and threat detection, the increasing use of thermal imaging to improve perimeter security for securing sensitive facilities, military bases, and high-profile events, and the growing integration of thermal cameras into smart systems.

However, the healthcare & medical diagnostics segment is expected to register the highest CAGR during the forecast period. This growth is being driven by the increasing use of thermal imaging for fever screening in public places, the growing demand for using thermal imaging to monitor chronic conditions like diabetes, foot ulcers, and arthritis, and the growing use of thermal imaging in veterinary medicine to diagnose and track health issues in animals. Thermal imaging technology is becoming more and more popular due to its non-invasive nature and ability to identify abnormal heat patterns associated with conditions like inflammation, vascular disorders, and breast cancer.

Geographical Analysis

In 2024, Asia-Pacific Region to Dominate the Thermal Imaging Market

Based on geography, the global 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. The substantial market share held by North America can be attributed to a number of important factors, such as the growing concerns about public safety, crime, and terrorism; the growing use of thermal imaging in large-scale surveillance applications, such as border control or citywide monitoring; the high investments made in advanced technologies for military and defense applications; and the growing emphasis on developing medical tools for non-invasive diagnostics and early disease detection.

Moreover, the market in Asia-Pacific is estimated to register the highest CAGR of over 8.5% during the forecast period. Growing security concerns, rising investments in border security, public safety, and surveillance systems, the region's expanding industrial sector and applications that fuel the need for thermal imaging to monitor equipment, improve safety, and carry out preventive maintenance, as well as the region's expanding healthcare infrastructure and emphasis on improving medical diagnostics, are all factors contributing to the growth of this regional market.

Thermal Imaging Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of 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.).

Thermal Imaging Industry Overview: Latest Developments from Key Industry Players

•  As of June 2024, VISIXTM Dual Thermal/Visible Light Imager, VISIXTM 5MP Ball Turret Camera Series, VISIXTM 10MP Fixed Dual Imager, and VISIXTM 20MP Varifocal Surround Camera are the four new camera and imager systems offered by 3xLOGIC (Securitas Technology Corporation (U.S.)). These cameras offer fixed lens capabilities, AI analytics, improved visual performance in low light, and other features designed with businesses' needs in mind.
• Hydrosat (U.S.) announced in June 2024 that SpaceX's Transporter-11 would be launching VanZyl-1, the company's first satellite, from Vandenberg Air Force Base in California in early July. The satellite will demonstrate Hydrosat's customized imagers, which will speed up the release of high-resolution thermal imaging technologies globally and offer a vital dataset for improving agricultural and climatic models.
• In June 2024, Seek Thermal, Inc. (U.S.) launched next-generation thermal imaging: Seek Nano, the latest breakthrough in smartphone thermal imaging technology with enhanced performance and affordability.
• In June 2024, SatVu (U.K.) announced to launch thermal imaging satellite: HOTSAT-1. Once deployed in orbit, this advanced climate technology offers valuable insight into economic activity and energy efficiency for a range of industries.
• In April 2023, Seek Thermal, Inc. (U.S.) launched the FirePRO 300, a thermal imaging camera (TIC) designed to provide the highest resolution (320x240), the widest field of view (57° x 42°), and new SV1 Image Optimization for firefighters.

Thermal Imaging Market Research Summary

Key questions answered in the thermal imaging market report: