The global thermal imaging market is projected to grow from USD 3.6 billion in 2021 to USD 4.7 billion by 2026; it is expected to grow at a CAGR of 5.5% during the forecast period.
North America held the highest share of the thermal imaging market in 2016, and this trend is projected to continue during the forecast period. Thermal imaging components such as thermal cameras, scopes, and modules are produced in large quantities in the region. The United States is the region's largest contributor, accounting for 89 percent of the total thermal imaging market share in North America. The existence of several manufacturers and distributors, the low cost of thermal imaging components, and rising government spending in the aerospace and defence industry are all contributing to the growth of the thermal imaging market in this region.
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The key factors driving the growth of the global thermal imaging market include Increasing government expenditure on the aerospace & defense sector boosting the growth of the thermal imaging market, Increasing adoption of thermal imaging in the automotive industry, growing R&D investments by companies, governments, and capital firms for developing innovative thermal imaging solutions, and others.
Based on product types, the thermal cameras segment held the largest share of the thermal imaging market in 2020 and is expected to continue this growth during the forecast period. Several reasons, such as an electronic image of high-quality precision produced in less time and the availability in different types (handheld, mounted, and standalone) and various micro-and nano-sizes, contribute to this dominance.
Based on applications, the security and surveillance segment held the largest share of the thermal imaging market during the forecast period. Rapid urbanization increases the demand for advanced thermal imaging solutions for security and surveillance applications. The rising conflicts and terrorist activities among countries also increase the demand for well-equipped systems to monitor the country's borders from the illegal intrusion of enemies and protect the country from them.
Based on verticals, the aerospace & defense vertical generates the highest demand for thermal cameras, scopes, and modules, for security and surveillance applications, especially for people and motion sensing, perimeter security, and tracking objects, humans, or animals. The aforementioned components can operate in undesirable climatic conditions such as smoke, fog, smog, and haze. They are apt devices for security and surveillance and monitoring and inspection applications across day and night. These features and benefits have enabled the aerospace & defense industry to account for the largest market share in 2020 and to expect consistency during the forecast period.