USD 2.15 billion
Report ID: SQSG45J2025 | Region: Global | Published Date: October, 2022 | Pages: 157
Global thermal camera market size was valued at USD 2.15 billion in 2021, and it is expected to reach a value of USD 3.82 billion by 2028, at a CAGR of more than 8.55% over the forecast period (2022- 2028).
The increasing adoption of thermal cameras in various end-use verticals such as military and defence, healthcare and life science, and manufacturing is driving the market growth. Advances in the Internet of Things (IoT) and Machine Learning (ML) have created new opportunities for these devices' industrial applications. These developments have resulted in the deployment of a wide range of sensors to monitor environmental and physiological data.
Thermal imaging technology has recently gained acceptance as one of the potential methods for tracking physiological details such as skin temperature detection, human tumour evaluation, and a variety of other niche areas. Thermal cameras are being used in predictive maintenance to help manufacturers save money by potentially analyzing machine failures and detecting hotspots that could lead to costly production losses and manufacturing downtime. FLIR Systems, for example, is a leading manufacturer of thermal imaging products and offers a wide range of thermal cameras such as the A310 PT, FLIR A310, FLIR A310 EX, and others that enable manufacturers to conduct in-process monitoring and ensure product quality.
Global Market Size
USD 2.15 billion
more than 8.55% CAGR
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The global thermal camera market is segmented based on the product, technology, application, end user and region. Based on the product, it is segmented into handheld, mounted, and scopes & goggles. Based on technology, it is segmented into cooled, and uncooled. Based on application, it is segmented into monitoring and inspection, security and surveillance, detection and measurement, search, rescue operations, and others. Based on end user, it is segmented into military and defense, industrial, commercial, healthcare and life sciences, residential, automotive, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
The global thermal camera market is segmented based on product into handheld, mounted, and scopes & goggles. The handheld thermal camera segment is expected to grow the most during the forecast period, owing to its broad range of applications such as thermal imaging, predictive maintenance, medical imaging, and others. Furthermore, increased demand for these cameras to measure body temperature and for other applications in the healthcare sector has increased demand. Mount thermal cameras are not only used to increase production efficiency or to maximize quality assurance, but also play a vital role in early fire warning, smoke detection, and protection and surveillance applications.
Analysis by Technology
The global thermal camera market is segmented based on product into cooled, and uncooled. Thermal imaging devices with cooled detectors are expected to be widely used during the forecast period, owing to their high capture rate and large thermal isolation band. Furthermore, because of the shorter infrared wavelength sensing, cooled cameras typically have higher magnification capacities. Because cooled cameras have higher resistance properties, lenses with more optical elements or thicker components can be used to increase magnification efficiency without lowering the signal-to-noise ratio.
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The global thermal camera market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. According to our research, North America is expected to dominate this market share due to increased demand for thermal imaging technologies in the manufacturing and commercial sectors. Furthermore, rising demand for these cameras for security and surveillance purposes in the military and defence sectors is expected to boost rugged thermal camera market growth in region. The implementation of IoT and advanced thermal imaging solutions is taking longer than expected, with semiconductor companies assisting in driving progress across emerging imaging technologies. Developers and business leaders in the region are focused on the thermal technology's technical potential, including the ability to capture and interpret large amounts of industrial data that could contribute to industrial safety and compliance management while improving protection and financial returns.
Europe has the world's second-largest market share. Rising demand for defence and monitoring is expected to drive growth in this region. The gradual decline in the prices of thermal cameras, as well as the availability of low-cost thermal sensors, has also been a major driving factor for demand in this region. Due to the intensification of border disputes between countries such as India and China, the Asia-Pacific market is expected to grow at a rapid pace. These conflicts force countries to increase military spending and equip their armed forces with advanced surveillance technologies such as thermal cameras.
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Increased Thermal Camera Adoption in Automotive Testing Applications to Drive the market Growth
Thermal Cameras Aid the Oil and Gas Industry in Detecting Pipeline Leaks Will Drive Market Growth
High costs may stifle market growth
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The market is moderately consolidated, with a significant number of regional and global players. The market's major players are attempting to increase their market share through product innovation. These companies are focusing on new product launches as well as mergers and acquisitions to strengthen their global market presence. For Instance, FLIR Systems, unveiled its new advanced thermal imaging cameras, the E96, E86, E76, and E54, in October 2020, with improved thermal resolutions over their predecessors. These thermal cameras were created to provide vibrant, easy-to-read images, as well as on-camera routing capability to improve field survey efficiency.
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According to our global thermal camera market analysis, Compact, durable, and industrial-grade thermal cameras are in high demand. As more professional users adopt laser rangefinder-assisted ultra-focus systems, the market for thermal cameras is expected to grow. Furthermore, thermal cameras are gaining market share in industries such as automotive, law enforcement, and medicine. Technological advancements and innovations, as well as the incorporation of artificial intelligence technologies into smart gadgets, create a large market opportunity. Thermal imagers are used in both the residential and commercial sectors to provide information on leakage (water or air), home insulation, cracks, and inadequate insulation.
The thermal camera market report provides qualitative and quantitative insights into the market, as well as a detailed analysis of market size and growth rate for all possible market segments. In addition, the report provides an in-depth examination of the thermal camera market share, market dynamics, emerging trends, and competitive landscape.
|Market size value in 2021||USD 2.15 billion|
|Market size value in 2028||USD 3.82 billion|
|Growth Rate||more than 8.55%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Thermal Camera Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Thermal Camera Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG45J2025