Rise in Military Expenditure Boosts Thermal Imaging Market Growth
According to our latest study titled “Thermal Imaging Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Product Type, Application, Type, Technology, and End-Use Industry,” the market was valued at US$ 4.54 billion in 2024 and is projected to reach US$ 7.66 billion by 2031; it is estimated to register a CAGR of 7.7% from 2024 to 2031. The report includes growth prospects in light of current thermal imaging market trends and factors influencing the market growth.
In April 2024, global military spending surged amid wars and rising geopolitical tensions, according to the Stockholm International Peace Research Institute (SIPRI). The change in the modern warfare system has been urging governments of various countries across the globe to allocate higher funds toward respective military forces. The budget allocation enables military forces to procure advanced technologies and equipment from domestic or international manufacturers. Various countries are adopting military vehicle modernization practices. The continuous demand for new technologies for combat and noncombat operations by the defense forces is further boosting defense spending worldwide. According to Australia's budget for 2024–2025, the government will spend US$ 36.8 billion on defense, an increase of 6.3% compared to 2023–2024. In the budget release for the fiscal year 2024–2025, the government has dedicated US$ 25.2 billion for equipment acquisitions for the coming fiscal year. Under the New Zealand 2023–2024 defense budget, the Royal New Zealand Navy will receive ~US$ 418 million (NZ$ 714 million)—an increase from the 2022–2023’s US$ 391 million (NZ$ 667 million). Similarly, the Stockholm International Peace Research Institute (SIPRI) revealed that the US defense spending accounted for ~40% of global military spending in 2023. Additional military assistance supplied to Ukraine to aid its conflict contributed to a US$ 55 billion rise in US defense spending between 2022 and 2023.
Thermal Imaging Market Size – by Region, 2023 and 2031
Thermal Imaging Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Modules, Cameras, and Scopes), Application (LWIR, MWIR, and SWIR), Type (Handheld and Standstill), Technology (Cooled and Uncooled), End-Use Industry (Automotive, Consumer, Industrial, Medical, Defense and Aerospace, and Others), and Geography
Thermal Imaging Market Report (2021-2031) | The Insight Partners
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Source: The Insight Partners Analysis
The thermal Imaging market analysis has been carried out by considering the following segments: product type, application, type, technology, and end-use industry. In terms of product type, the market is segmented into cameras, scopes, and modules. Based on technology, the market is divided into cooled and uncooled. By application, the market is segmented into SWIR, MWIR, and LWIR. Based on type, the market is divided into handheld and standstill. By end-user industry, the market is segmented into automotive, consumer, industrial, medical, defense and aerospace, and others. The industrial segment held the largest thermal imaging market share in 2024.
The scope of the thermal imaging market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Russia, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, UAE, Saudi Arabia, and the Rest of Middle East and Africa), and South & Central America (Brazil, Argentina, and the Rest of South and Central America). North America accounted for the largest thermal Imaging market share in 2024. The thermal imaging market growth in North America contributes notably to the global market owing to the increasing focus on surveillance and security, the established automotive market, rising investments in medical devices, and surging adoption in the military and defense sectors. The region has established major manufacturers and suppliers of thermal imaging solutions, which are focused on catering to the rising demand. Owing to the rising demand for private security services in North America, personal safety, property protection, and asset security are becoming increasingly important. Customers and companies seek proactive security measures due to rising crime rates. With its customized services, cutting-edge technology, and dedication to customer satisfaction, the private security sector is well-positioned to handle these escalating challenges and guarantee effective security solutions. In July 2024, Teledyne FLIR, part of Teledyne Technologies Incorporated, announced the next-generation embedded software for the ITAR-free Boson+ thermal camera module, delivering high-performing uncooled thermal imaging technology for defense, firefighting, automotive, security, and surveillance applications. Thermal cameras are being increasingly used in automotive applications. Governments of various countries in North America are providing financial support for the creation, testing, and study of autonomous vehicles. These programs aim to retain regional competitiveness in the autonomous car market, enhance transportation safety, and accelerate technological developments.
Teledyne FLIR LLC; Testo SE & Co. KGaA; Fluke Corporation; UNI-TREND TECHNOLOGY (CHINA) CO., LTD.; Hangzhou Microimage Software Co., Ltd.; Megger Group Limited; and SDT International SA/NV are among the key players profiled in the thermal imaging market report.
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