Thermal Imaging Cameras Market By Type (Cooled, Handheld, Fixed, and Uncooled), By Application (Security & Surveillance, Monitoring & Inspection, and Detection & Measurement) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the report

How are the major segments performing in the Thermal Imaging Cameras market?

• In 2022, the handheld segment accounted for the largest revenue share of the market primarily due to its portable and user-friendly features. This growth is further credited to incorporation of thermal imaging tools in smartphones.
• In 2022, the security & surveillance application segment was anticipated to hold a prominent global thermal imaging cameras market share. The growth can be attributed to the growing demand for these devices and increased government expenditure in the military and defense domains.
• The aerospace and defense segment held the largest global market share in 2022, as thermal imaging technology is a cost-effective substitute for lighting systems installed to secure borders. These thermal devices are utilized in armored vehicles and weapon stations to offer situational awareness to military personnel.
• In 2022, the direct sales channel segment accounted for the largest revenue share of the global market. The development of advanced distribution channels and partnerships with system integrators and value-added resellers are contributing to the growth of this segment in the thermal imaging cameras market.

What is the Market Size of Thermal Imaging Cameras regarding value?

The global thermal imaging cameras market is projected to grow at a substantial CAGR of 8.3% over the coming years. The global Thermal Imaging Cameras industry was estimated to be worth USD 3451.9 million in 2022 and was expected to be worth USD 6031.9 million by 2030.

Which region dominated the thermal imaging cameras market?

In 2022, the North American region was anticipated to hold a major share of the global thermal imaging cameras market. The market growth of thermal imaging cameras in North America is propelled by their increasing use in various industries such as defense, healthcare, automotive, construction, and aerospace. Moreover, integrating these cameras with smartphones and other devices makes them more accessible and user-friendly. Implementing Industry 4.0 and industrial automation is also fueling market growth in the US. Canada and Mexico are also poised for significant growth in this regional market. The demand for thermal imaging cameras in the oil and gas, mining and exploration, and automotive industries is expected to drive market growth in Canada. In Mexico, the aerospace and construction industries are expected to be major contributors to the market’s growth. Overall, the North American thermal imaging cameras market is forecast to continue expanding due to technological advancements and increasing demand across various industries.

How is US Market Performing in the thermal imaging cameras market?

North America currently leads the market for global thermal imaging cameras, with the United States accounting for the largest revenue share. In the United States, the market is primarily driven by the increasing demand for thermal imaging cameras in the defense and military sector and the growing adoption of these cameras in the building and construction industry. The need to improve energy efficiency and reduce energy costs in buildings is driving the adoption of thermal imaging cameras in the construction sector. Additionally, the healthcare industry is experiencing an increasing demand for thermal imaging cameras, particularly in medical diagnostics.

How is the economy impacting global thermal imaging cameras growth?

The global thermal imaging cameras market is expected to be affected by various economic factors, including the possibility of a recession, inflation, and the Russia-Ukraine War. These factors could impact the market’s growth by affecting the demand for thermal imaging cameras in different industries. The recession could lead to decreased demand for these cameras in certain sectors. At the same time, inflation could increase production costs and affect thermal imaging camera pricing. The Russia-Ukraine War could also impact the market, disrupting supply chains and affecting the availability of components and materials used to produce thermal imaging cameras. Overall, the economic situation can positively and negatively affect the growth of the thermal imaging cameras market.

What is the competitive environment of the thermal imaging cameras market?

The thermal imaging cameras market is fiercely competitive, with several companies vying for a greater market share. Major players in the market include Fortive Corporation, Opgal, Testo SE & Co. KGaA, FLIR Systems Inc, and Axis Communications AB. These companies strive to gain a competitive advantage through product innovation, strategic partnerships, and mergers and acquisitions. In August 2021, FLIR Systems Inc launched its latest thermal imaging camera, the FLIR TG267, aimed at HVAC, electrical, and mechanical trade professionals. Similarly, in June 2021, Axis Communications AB partnered with Citilog, a provider of intelligent transportation systems, to develop thermal imaging cameras for traffic monitoring and incident detection. Additionally, in February 2021, Fortive Corporation acquired the industrial automation business of Veeder-Root, a provider of fueling and monitoring solutions. These recent developments exemplify the highly competitive nature of the market and highlight how companies focus on innovation and strategic partnerships to expand their customer base and improve their product portfolios.

Executive Summary

What are the key trends in the Thermal Imaging Cameras market?

• Rising demands for thermal imaging cameras in the automotive industry: Thermal imaging cameras are becoming more popular among automotive manufacturers as they seek to improve drivers’ safety and enhance autonomous vehicles’ performance. These cameras can detect objects and individuals in low visibility or dark conditions, which makes them an important asset in ensuring the safety of both drivers and passengers.
• Increasing use of thermal imaging cameras in the building & construction sector: Thermal imaging cameras are used in the building and construction industry to identify and address building energy efficiency issues. Thermal imaging cameras can detect heat loss, moisture intrusion, and insulation flaws, allowing builders to optimize energy efficiency and lower energy costs.

What are all the technical developments in the Thermal Imaging Cameras Market?

The thermal imaging cameras market has witnessed several technical developments in recent years, focusing on improving the performance and accuracy of these cameras. One major development is the integration of artificial intelligence (AI) and machine learning (ML) technologies into thermal imaging cameras. This integration enables the cameras to analyze and interpret thermal data more accurately and efficiently, enhancing their usability and effectiveness in various applications. Another development is incorporating multispectral imaging technology into thermal imaging cameras, which enables these cameras to capture and analyze data across multiple wavelengths, resulting in more detailed and comprehensive images. Additionally, there has been significant progress in the miniaturization of thermal imaging cameras, with manufacturers developing more compact and portable cameras that are easier to carry and operate. These technical developments are driving the growth of the thermal imaging cameras market by improving performance, accuracy, and usability.

Which are the key investments by the thermal imaging cameras market players?

Major thermal imaging camera market players have invested significantly in product development, strategic partnerships, mergers, and acquisitions to strengthen their market position and expand their product portfolio. For example, in September 2021, FLIR Systems Inc launched the FLIR A500f and A700f Advanced Smart Sensor thermal cameras, which offer advanced analytics and detection capabilities for industrial and manufacturing applications. In August 2021, Opgal announced a strategic partnership with HGH Infrared Systems to provide solutions for integrated surveillance, security, and industrial applications. Likewise, in March 2021, Fluke Corporation acquired the industrial imaging business of US-based Raytek Corporation, which specializes in infrared temperature measurement solutions. These investments demonstrate the companies’ commitment to innovation and expanding their market presence through strategic partnerships and acquisitions.

Major global thermal imaging cameras market players are Bullard, Cox, Fluke Corporation, InfraTec GmbH Infrarotsensorik und Messtechnik, Opgal, SATIR, Seek Thermal, Synectics Plc, and Teledyne FLIR LLC.

What are the Major Driving Factors for the Thermal Imaging Cameras Market?

The thermal imaging cameras market is driven by several factors, including the increasing demand from various applications such as firefighting, surveillance, automotive, and healthcare. The use of thermal imaging cameras in firefighting and industrial applications for detecting and preventing accidents is a major driving factor for the market. Additionally, the growing adoption of thermal imaging cameras in the automotive sector for advanced driver assistance systems (ADAS) and night vision systems contributes to the market’s growth. Moreover, the increasing use of thermal imaging cameras in healthcare for medical diagnosis, disease screening, and patient monitoring drives the market. The rising awareness of the benefits of thermal imaging cameras, such as their ability to detect and diagnose diseases early and provide non-invasive imaging, is further boosting the market’s growth.

What are the Major Risks for the Thermal Imaging Cameras Market?

One of the major risks is the high cost associated with thermal imaging cameras, which limits their adoption among small and medium-sized enterprises. Moreover, the need for more awareness and technical knowledge regarding the advantages of thermal imaging technology also poses a challenge for the market. Additionally, the COVID-19 pandemic has adversely affected the market, causing disruptions in the global supply chain and declining demand. The ongoing geopolitical tensions and trade disputes among countries are also creating uncertainties for the market, affecting the decision-making of manufacturers and end-users. Further, the regulations and standards set by various agencies and organizations can also act as a restraint for the market, as non-compliance can lead to penalties and affect the brand image of companies.

Which is the key type in the thermal imaging cameras market?

Over the forecast period, the handheld segment will hold a major share of the global thermal imaging cameras market. The increasing need for convenient and user-friendly thermal cameras, especially for building diagnostics, electrical inspections, and preventative maintenance, is one of the main drivers for the handheld segment in the thermal imaging cameras market. Moreover, integrating thermal imaging cameras with smartphones and other gadgets drives growth in this category. Furthermore, the adoption of handheld thermal imaging cameras in various industries like automotive, healthcare, and industrial manufacturing contributes to market expansion. The emergence of advanced features and functionalities, such as wireless connectivity and cloud-based data storage, is predicted to propel the demand for handheld thermal imaging cameras in the coming years.

How is the thermal imaging cameras market performing in regions?

The thermal imaging cameras market in the Asia Pacific region is expected to grow significantly in the coming years, primarily driven by increasing demand in aerospace, automotive, healthcare, and industrial manufacturing. The development of smart cities is expected to fuel further the adoption of these cameras in building and construction applications. China is expected to grow due to demand in the automotive industry, building and construction applications, and the military and defense sectors. India’s healthcare industry, smart city initiatives, and infrastructure development will contribute to market growth. Overall, the Asia Pacific thermal imaging cameras market is poised to expand due to rising demand across various industries and the development of smart cities, with the defense and military sector also playing a role in market growth.

What is the regulatory landscape for the thermal imaging cameras market?

The thermal imaging cameras market regulations differ depending on the country and region. However, typically, organizations like the International Electrotechnical Commission and the National Fire Protection Association have set guidelines and standards for the use of thermal imaging cameras in firefighting and industrial applications. The U.S. FDA and other agencies and organizations also regulate the use of these cameras in medical applications. Manufacturers and users of thermal imaging cameras must follow these regulations to guarantee the safety and efficiency of the cameras.

What are the major players planning for the future of the thermal imaging cameras market?

The leading players in the thermal imaging cameras market focus on strategies such as product development, partnerships, and acquisitions to increase their product offerings and gain a competitive advantage. For example, FLIR Systems Inc is prioritizing investments in research and development to create new and innovative thermal imaging cameras that can cater to different applications. Similarly, Testo SE & Co. KGaA is concentrating on broadening its customer base by offering tailored solutions and services that can meet the unique requirements of its clients. Axis Communications AB is investing in developing thermal imaging cameras that can be used in intelligent transportation systems to monitor traffic and improve road safety. Meanwhile, Seek Thermal plans to expand its market reach in emerging regions like Asia Pacific and Latin America by partnering with local distributors and establishing a strong distribution network. A recent development in this regard was Fortive Corporation’s announcement in December 2021 of the acquisition of a prominent thermal imaging camera provider, which is expected to bolster its product portfolio and extend its global presence.

Segmentation of Global Thermal Imaging Cameras Market-

Global Thermal Imaging Cameras Market – By Type

• Cooled
• Handheld
• Fixed
• Uncooled

Global Thermal Imaging Cameras Market – By Application

• Security & Surveillance
• Monitoring & Inspection
• Detection & Measurement

Global Thermal Imaging Cameras Market – By Industry Vertical

• Industrial
• Marine
• Aerospace & Defense
• Commercial
• Automotive
• Others

Global Thermal Imaging Cameras Market – By Sales Channel

• Direct
• Indirect

Global Thermal Imaging Cameras Market – By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa