The thermal imaging market was valued at USD 2.72 Billion in 2017 and is expected to reach USD 4.04 Billion by 2023, at a CAGR of 6.73% during the forecast period
Reduction in the price of thermal imaging products, the increasing adoption of thermal imaging in perimeter security, and penetration in machine vision applications are driving the growth of this market. However, export restrictions and additional detailing required for longwave infrared cameras restrain the growth of the thermal imaging market.
The thermal imaging market for modules is expected to grow at the highest CAGR during the forecast period. Thermal imaging modules have been witnessing mass adoption owing to their compactness, low cost, and flexibility to integrate with other devices such as drones, smartphones, and wearables, enabling them to penetrate in new application areas. With advancements in the technology, thermal camera module manufacturers have been developing low-cost and smaller cores.
The security and surveillance application held the largest share of the thermal imaging market in 2017. Most of the thermal cameras are used by border control professionals during nighttime and other low-light conditions. Thermal imaging technology also helps security management teams reduce the cost of security and surveillance systems with a low rate of false alarms.
Aerospace & defense held the largest share of the thermal imaging market in 2017. In the aerospace & defense industry, thermal imaging plays a major role in temperature measurement. Thermal imaging products are used for safe temperature monitoring and control for application in extremely demanding and hazardous environments. In sensitive defense installations, thermal imaging provides temperature sensing and protection against electromagnetic pulses.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Thermal Imaging Market 4.2 Thermal Imaging Market, By Type (2018-2023) 4.3 Thermal Imaging Market, By Application and Country (2018-2023) 4.4 Thermal Imaging Market, By Vertical (2018-2023) 4.5 Thermal Imaging Market, By Region (2018-2023)
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Reduction in Price of Thermal Imaging Products 22.214.171.124 Increasing Adoption of Thermal Imaging in Perimeter Security 126.96.36.199 Penetration in Machine Vision-Based Applications 5.2.2 Restraints 188.8.131.52 Export Restrictions 184.108.40.206 Longwave Infrared Cameras Require Additional Cameras for Better Detailing 5.2.3 Opportunities 220.127.116.11 Thermal Imaging Technology in Adas 18.104.22.168 Miniaturization of Camera Cores to Penetrate New Application Areas 5.2.4 Challenges 22.214.171.124 Lack of Awareness About Benefits of Thermographic Inspection
6 Thermal Imaging Market, By Type 6.1 Introduction 6.2 Cameras 6.3 Scopes 6.4 Modules
7 Thermal Imaging Market, By Application 7.1 Introduction 7.2 Security & Surveillance 7.2.1 Perimeter Security 7.2.2 Unmanned Aerial Vehicle (UAV) 7.2.3 Tracking 7.3 Monitoring & Inspection 7.3.1 Machine Condition Monitoring 7.3.2 Structural Health Monitoring 7.3.3 Quality Assessment 7.3.4 Hvac 7.4 Detection 7.4.1 Gas Detection 7.4.2 Fire/Flare Detection 7.4.3 Body Temperature Measurement 7.4.4 Level Measurement 7.4.5 Research & Development