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.

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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.

North America is likely to continue to lead the thermal imaging market; it accounted for the largest share of the global market in 2017. Growing demand for smartphone-based devices and the increasing adoption of thermal imaging in commercial and home automation are driving the growth of the thermal imaging market in the region. Owing to the presence of thermal imaging product manufacturers, such as FLIR Systems (US), Fortive (US), United Technologies (US), IRCameras (US), Photon etc. (Canada), and L3 Technologies (US), and R&D centers in the region, demand for thermal imaging is high in North America.

However, export restrictions and additional detailing required for longwave infrared cameras restrain the market growth.

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Dominant players in the thermal imaging market are FLIR Systems (US), Fortive (US), Axis Communications (Sweden), Leonardo (Italy), BAE Systems (UK), L3 Technologies (US), United Technologies (US), Sofradir (France), Testo (Germany), Xenics (Belgium), and Seek Thermal (US).

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