International. The thermal imaging market is projected to go from US$3.6 billion recorded in 2021 to US$4.7 billion by 2026, growing at a CAGR of 5.5% during the forecast period.
Key factors driving market growth include increasing public spending in the aerospace and defense sectors, increasing adoption of thermal imaging in the automotive industry, increasing R&D investments by enterprises, governments, and equity firms to develop innovative thermal imaging solutions, among others. stuff.
In this latest report, analyst Marketsandmarkets finds that the thermal camera segment will account for the largest share of this market during the five-year forecast period from 2021 to 2026.
Based on product type, the reports segment the market into three categories: thermal cameras, thermal viewfinders, and thermal modules. The thermal camera segment had the largest share of the thermal imaging market in 2020 and according to analysts, this growth is expected to continue during the forecast period. Several reasons, such as a high-precision electronic image produced in less time and the availability of different types (handheld, mounted and autonomous) and various micro and nano sizes, contribute to this dominance.
Security and surveillance segment, lead the market
Similarly, based on applications, the report separates the market into security and surveillance, monitoring and inspection, and detection and measurement. 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 increase in conflicts and terrorist activities between countries also increases the demand for well-equipped systems to monitor countries' borders from illegal intrusions and protect the country and its citizens.
Regional markets
Among all regions, North America accounted for the largest share of the thermal imaging market and the research expects this trend to continue during the forecast period. The region is home to some of the leading producers of thermal imaging components, such as thermal cameras, viewfinders, and modules.
The United States is the major contributor to this region and accounts for approximately 89% of the total share of the thermal imaging market in North America. The growth of the thermal imaging market in this region is attributed to the presence of numerous manufacturers and distributors, the low cost of thermal imaging components, and the increasing public expenditure in the aerospace and defense sector.
Some of the key companies operating in the market, and named in the report by analysts, are: Teledyne Flir, Fluke Corporation, Leonardo, L3harris Technololgies, United Technologies, Axis Communications, BAE Systems, Opgal, Testo, Xenics, and Thermoteknix Systems.
