Thermal Imaging Market Share Projections: CAGR of 6.2% Envisions Market Size of $6.59 Billion by 2032

Newark, Jan. 18, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global thermal imaging market will grow from USD 3.61 Billion in 2022 to USD 6.59 Billion by 2032. The foundation of the industry is the industrial motor. Two-dimensional photographs of a motor’s transmission profile can be captured using handheld thermal cameras, which are also very useful for troubleshooting. They can be applied to long-term practice maintenance and short-term condition monitoring. Examining apparent temperature disparities between typical operating circumstances and industrial three-phase electrical circuits is another use for thermal imaging. By comparing the side-by-side temperature grades of all three phases, technicians can pinpoint issues with performance on individual levels. This can be used to find overloads or imbalances inside the plant. It reduces the chance that costly industrial equipment will sustain short circuits.

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Key Insight of the Thermal Imaging Market

Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.

During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global thermal imaging market. The Asia-Pacific region would significantly expand. Growing economic expansion and industrialization are the primary factors boosting regional market growth and development. The demand for thermal imaging and its related applications is mostly driven by emerging economies like Japan, India and China, where business enterprises are looking for advanced solutions to improve operational efficiency. Substantial investments are made within the construction industry in the Asia-Pacific region. The need for structural imaging in building inspections, monitoring construction sites, and guaranteeing the structural integrity of infrastructure projects is driven by construction projects, smart city initiatives, and expanding industrial facilities. The region’s market share is influenced by the effective use of thermal imaging in these applications.

The modules segment is expected to grow at the highest CAGR during the forecast period.

The type segment includes cameras, modules, and scopes. The modules segment is expected to grow at the highest CAGR during the forecast period. The thermal imaging modules constitute a notable market share by offering modular and adjustable solutions for various applications. These modules enable producers and integrators to add imaging capabilities to their products. Typically, they are composed of necessary parts such as lenses and sensors. Thermal imaging modules’ market share is influenced by their modular design, which makes them adaptable building blocks for a range of applications.

The monitoring & inspection segment is expected to grow at the highest CAGR during the forecast period.

The application segment is bifurcated into security & surveillance, monitoring & inspection, and detection. The monitoring & inspection segment is expected to grow at the highest CAGR during the forecast period. Within the global thermal imaging market, skin rejuvenation devices safeguard the aesthetic and cosmetic dermatology segments. The market share of skin rejuvenation devices indicates the need for non-invasive and minimally invasive methods to tackle issues associated with ageing. Devices that use light and laser therapy are essential for skin rejuvenation because they may treat issues including wrinkles, fine lines, and uneven skin tone. Non-ablative, fractional, and IPL machines facilitate skin tightening and collagen remodelling. The growing acceptance of non-surgical cosmetic procedures impacts the global market for skin rejuvenation devices that use less and lighter therapies.

The healthcare segment is expected to grow at the highest CAGR during the forecast period.

The industry segment is bifurcated into aerospace & defense, automotive, healthcare and others. The healthcare segment is expected to grow at the highest CAGR during the forecast period. Thermal imaging is essential for pandemic preparedness and future screening, particularly in times of international health emergency. Thermal cameras are used for non-contact temporary scanning in public areas and medical facilities. From this perspective, the market share of thermal imaging in the healthcare sector indicates how much technology has improved public health and safety. Thermal imaging is used to monitor patients’ status, particularly in critical care environments. Because these cameras are non-invasive, it is possible to continuously monitor a patient’s performance, which helps medical experts determine how well the patient is doing. The main goal is to improve patient care.

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Recent Developments:

• In May 2022: Guide Sensmart introduced the New TK Handheld Thermal Imaging Monocular. Presenting the TK Handheld Thermal Imaging Monocular by Guide Sensmart. With Guide’s advanced infrared detector and patented image processing technology, this device produces sharp, clear images. The TK’s special features include Picture-in-Picture, seamless zoom, approximative range, and the ability to capture photos and movies. Moreover, this device allows customized image viewing in multiple scene modes.

Market Dynamics

Driver: Expanding Applications in Automotive Safety

Thermal imaging for night vision and advanced driver assist systems (ADAS) has increased significantly in the automotive sector. Identifying possible barriers, such as animals and people in low-visibility situations, and installing thermal cameras in automobiles improve safety. The integration of thermal imaging technology in contemporary automobiles has been driven by the automotive industry’s dedication to improving safety features and consumer demand for advanced safety systems. This factor is stimulating the market growth and development.

Restraint: Stringent Regulatory Compliance

The market for thermal imaging is confronted with difficulties with certification requirements and regulatory compliance. Regulations governing the use of medical imaging equipment may differ between companies and locations, particularly in delicate fields like health care and dentistry. For manufacturers, achieving and sustaining compliance with various standards can be challenging, affecting product development cycles and marketing tactics. Implementing thermal imaging technologies in some applications becomes more complex due to strict certification requirements, which can cause delays and higher execution times. This factor is restricting the market growth and development.

Opportunity: Technological Advancements

The traditional imaging industry has grown primarily due to advances in technology. The introduction of uncooled infrared detectors and microbolometers, among other advancements in detector technology, has improved the price and efficiency of traditional cameras. Developing extremely small, high-resolution, and reasonably priced thermal imaging instruments results from ongoing innovation in sensor technologies, optics, and imaging processing algorithms. These developments encourage healthy competition and more innovation by expanding the application spectrum of traditional imaging and drawing in new competitors. This factor is anticipated to provide lucrative growth opportunities in the upcoming years.

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Some of the major players operating in the thermal imaging market are:

• Axis Communications AB
• Leonardo DRS
• BAE Systems, Inc.
• Honeywell International Inc.
• Raytheon Technologies Corporation
• Teledyne FLIR LLC
• Safran Group
• Lockheed Martin Corporation
• Testo SE & Co. KGaA
• Lynred USA
• Thermoteknix Systems Ltd.

Key Segments Cover in the Market:

By Type:

• Cameras
• Modules
• Scopes

By Application:

• Security & Surveillance
• Monitoring & Inspection
• Detection

By Industry:

• Aerospace & Defense
• Automotive
• Healthcare
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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About Lisa Baker, Editor 2419 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.