Thermal Camera Market Size & Share to Surpass $8.8 Billion by 2028 | Vantage Market Research

WASHINGTON, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Global Thermal Camera Market is valued at USD 6.1 Billion in 2021 and is projected to reach a value of USD 8.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.4% over the forecast period 2022-2028.

Market Overview

The main driver of the market expansion for Thermal Cameras is the increasing use of these devices across a range of end-use industries, including manufacturing, life science, healthcare, and military and defense. Advancements in machine learning and IoT have opened up new possibilities for these gadgets' industrial uses.

We forecast that the cooled category in Thermal Camera market sales will account for more than 60% of total sales by 2028, mainly because of the wide thermal isolation band and rapid capture rate. Furthermore, cooled cameras frequently have greater magnification capacities since they typically use shorter infrared wavelengths for sensing.

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Market Dynamics

Thermal Imaging is Used by Oil and Gas Businesses to Locate Pipeline Leaks and Advance the Market
Valves, turbines, generators, and pipe failures that cause hazardous emissions and deadly gas spills into the atmosphere are just a few maintenance problems the oil and gas sector must deal with. Traditional inspection methods need a lot of time and effort to find undetectable oil and gas leaks, especially when there are several components to check. Thermal Cameras are extensively used in the oil and gas industry to detect leaks in installations, pipelines, and reservoirs as a part of preventative maintenance. As a result, they raise protection and pollution levels while lowering the likelihood that regulatory organizations will disrupt their operations. These cameras enable quicker leak detection and instant source identification, which leads to faster repairs, lower industrial emissions, and more regulatory compliance. Several prominent market players are introducing various of these devices for the oil and gas industry. These factors will drive the Thermal Camera market in the following years.

R&D Efforts and Technological Developments to Support Market Expansion
The market for thermal imaging cameras has a promising future since major industry players are investing more money in R&D and emphasizing adopting cutting-edge technologies. As surveillance technology advances and the security & surveillance sector grows, revenue growth in the Thermal Camera market is projected. The market for thermal imaging cameras will expand as thermal imaging technology is employed more frequently for perimeter security and as the cost of thermal imaging equipment decreases. The market for Thermal Cameras is anticipated to increase due to the growing use of thermal imaging in the automotive industry and favorable government initiatives and regulations.

Top Players in the Global Thermal Camera Market

  • Bullard (US)
  • Cox (US)
  • Fluke Corporation (US)
  • InfraTec GmbH Infrarotsensorik und Messtechnik, (Germany)
  • Opgal (Austria)
  • SATIR (Ireland)
  • Seek Thermal (US)
  • Synectics PLC (UK)
  • Teledyne FLIR LLC (US)

For Additional Information on Thermal Camera Market Players and Detail List, Download a Report PDF Brochure

Top Trends in the Global Thermal Camera Market

  • One trend that Vantage Market Research (VMR) expects to see in the Thermal Camera industry is increased demand from the automotive sector. Using Thermal Cameras in the automotive sector helps drivers see in dimly lit and inclement weather, minimizing accidents and upholding safety. The automotive sector collaborates with suppliers of thermal imaging to develop cutting-edge thermal imaging technologies.
  • Another trend that VMR predicts will continue in the Thermal Camera industry is a rising need in the medical sector. In the medical field, immunoreactive trypsinogen (IRT) has successfully identified peripheral vascular disorders, diabetic neuropathy, and breast cancer. The infrared energy of objects is detected using an infrared camera in gynaecology, neonatology, cardiology, brain imaging, fever screening, and kidney transplantation (also known as a thermal imager).

Top Report Findings

  • Based on Types, most of the Thermal Camera market's revenue is controlled by the handheld category. The handheld Thermal Cameras sub-segment is predicted to develop at the fastest rate throughout the projection period due to its greater range of applications, which include thermal imaging, predictive maintenance, medical imaging, and others.
  • Based on Technology, most of the Thermal Camera market's revenue is controlled by the cooled category because of the qualities that make it affordable for the customer. Compared to the other market category, the manufacturing procedure is simpler. The use of these devices enables a 4–5 kilometer range to be covered.
  • Based on Products, most of the Thermal Camera market's revenue is controlled by the Thermal Camera category. To prevent fraud, the commercial sector has extensively used infrared cameras. Thermal Cameras have also been widely used in residential areas to give inhabitants the utmost level of security.
  • Based on Wavelengths, the finance category controls most of the mid-wave infrared market's revenue. Mid-wave infrared instruments operate with exceptional accuracy even under adverse weather circumstances like fog and haze. This technology is primarily used in the defense and military sectors, which is one of the main factors driving this particular market segment's expansion.
  • Based on Applications, most of the Thermal Camera market's revenue is controlled by the security & surveillance category. To give people and military personnel the maximum level of protection, the governments of numerous countries are investing substantially in military and defense technologies. Governments worldwide have invested in this, which has helped the market generate a sizable amount of money over time.
  • Based on End Users, most of the Thermal Camera market's revenue is controlled by the aerospace and defense category. The lighting systems used to protect borders are given a more affordable choice in this area. Thermal sensors are used in weapon stations and armored vehicles to give the operator the most awareness possible.

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Recent Developments in the Global Thermal Camera Market

  • In October 2022, FLIR launched a new Thermal Camera, The FLIR One Edge Pro. It was introduced as an upgrade to the FLIR One Edge that was already available. The brand-new FLIR One Edge Pro is available with an improved form factor. It is simple to fasten to the smartphone's back panel. Additionally, you can get the output without connecting the lens to your smartphone. The photographs captured by the lens can be wirelessly transferred directly to the smartphone.
  • In January 2021, Bispectral PTZ cameras with integrated Thermal Cameras were introduced by Axis Communications AB as the AXIS Q8752-E. This camera allows for a 3x zoom for accurate verification and detection in all lighting and weather circumstances. The introduction of this product is anticipated to accelerate the use of Thermal Cameras across a range of industrial applications. 

Handheld Category in Thermal Camera Market to Generate a Substantial Revenue
Vantage Market Research has analyzed the market for Thermal Cameras to understand its current state and potential future growth factors. For better understanding, based on the type, the Thermal Camera market is divided into handheld and fixed or mounted.

During the forecast period, the market for Thermal Cameras is anticipated to experience the highest CAGR for the handheld category due to its wider variety of uses in fields including thermal imaging, preventative maintenance, medical imaging, and other fields. The need for these cameras has also increased due to the rising demand for these tools to measure body temperature and other healthcare-related applications.

On the other hand, the fixed or mounted category is anticipated to grow significantly because it is mostly employed in CCTV cameras used for surveillance. For security reasons, these cameras are typically permanently installed in a certain location. Because no one needs to be scanned, it is easier to find objects or living things.

North America Region in Thermal Camera Market to Generate a Huge Revenue
North America dominates the projection period because the manufacturing and commercial sectors increasingly need thermal imaging technologies. The military and defense industry's rising need for these cameras for security and surveillance applications is also projected to impact the market’s growth positively.

Browse market data Tables and Figures spread through 134 Pages and in-depth TOC on Thermal Camera Market Forecast Report (2022-2028).

Global Thermal Camera Market Segmentation

By Types

  • Handheld
  • Fixed or Mounted

By Technology

  • Uncooled
  • Cooled

By Products

  • Thermal Module
  • Thermal Scopes
  • Thermal Camera

By Wavelengths

  • Mid-wave Infrared
  • Short-wave Infrared
  • Long-wave Infrared

By Applications

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

By End Users

  • Manufacturing
  • Residential
  • Oil and gas
  • Automotive
  • Healthcare
  • Law Enforcement
  • Aerospace and Defense
  • Other End Users

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 6.1 Billion
Revenue Forecast by 2028USD 8.8 Billion
CAGR6.4% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersAxis Communications AB, FLIR Systems Inc., InfraTec GmbH Infrarotsensorik und Messtechnik, InView Technology Corporation, IRCameras LLC, Leonardo S.P.A., Lynred, New Imaging Technologies, Princeton Infrared Technologies Inc., SATIR, Seek Thermal, Sierra-Olympic Systems Inc.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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