Thermal Imaging Market Size, Share & Trends Analysis growing at a CAGR of 7.3% from 2023 to 2030
The global thermal imaging market size was valued at USD 4.27 billion in 2022 and is projected to reach USD 7.59 billion by 2030, growing at a CAGR of 7.3% from 2023 to 2030. High demand across the commercial and residential sectors is expected to be a key growth factor. Mass production has led to the availability of cost-effective cameras.
Key Market Trends & Insights
- North America dominated the market and accounted for the largest revenue share of 32.2% in 2022.
- Based on application, the military & defense segment captured the largest revenue share of over 45.7% in 2022.
Market Size & Forecast
- 2022 Market Size: USD 4.27 Billion
- 2030 Projected Market Size: USD 7.59 Billion
- CAGR (2023-2030): 7.3%
- North America: Largest market in 2024
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The surge in demand across diverse application areas is the primary factor expected to drive the thermal imaging systems market over the forecast period. Technology innovation has led to the development of microbolometers, which is expected to provide several growth opportunities over the forecast period. Further, the aforementioned development has resulted in increased commercialization of thermal imagers and is anticipated to spur the demand.
Growing demand for security and surveillance applications across private and public environments is expected to drive thermal imaging industry growth. This may be attributed to the need for increased security among citizens and employees. Rapid urbanization is expected to impose increased demand for additional advanced security solutions. Rising investment in infrastructural systems and surging demand for professional surveillance are expected to positively impact thermal imaging systems market growth over the forecast period.
The market may experience a setback owing to a decline in the defense budget in several countries, such as the U.S., Canada, Italy, and France. However, high demand across several commercial applications offers potential avenues for the thermal imaging camera market.
