Thermal Imaging Market worth USD 4.04 bn by 2023
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.
According to MarketsandMarkets this market is expected to be worth USD 4.04 billion by 2023 from USD 2.72 Billion in 2017, at a CAGR of 6.73% between 2018 and 2023. 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.
Thermal imaging cameras to hold largest market share during forecast period
Owing to the increase in need for thermal inspections and monitoring in residential and commercial sectors, the use of thermal imaging cameras is on the rise. A thermal imaging camera provides insights into home insulation systems, locates air leaks, spots inadequate insulations, and so on. Additionally, these cameras have been used in perimeter security and tracking applications in most countries around the globe. Cameras accounted for the largest share of ~52% of the overall thermal imaging market in 2017.
Thermal imaging market for monitoring and inspection application to grow at highest CAGR during forecast period
The market for the monitoring and inspection application is expected to grow at the highest CAGR owing to the penetration of low-cost and high-quality thermal imaging cameras in home automation, medical, food processing, and ADAS. Moreover, miniaturized camera modules are used by most of the OEMs for their customized solutions, resulting in their increased growth.
Aerospace &defense vertical to hold largest share of thermal imaging market during forecast period
The thermal imaging market is dominated by the aerospace & defense vertical owing to the growing need for border security for law enforcement. Moreover, thermal imaging scopes and defense solutions conform to the strictest military standards for deployment (land, sea, and air). These solutions are used for thermal scopes, weapon sights and stations, gimbals, UAVs, naval observation, IR sensors, and driver vision enhancers (DVEs) for tanks and military vehicles.
North America to hold largest share of thermal imaging market during forecast period
North America is likely to continue to lead the thermal imaging market; it accounted for the largest share of the global thermal imaging 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 and R&D centers in the region, demand for thermal imaging is high in North America.