Thermal Imaging Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The thermal imaging market size is projected to reach US$ 7.66 billion by 2031 from US$ 4.54 billion in 2024. The market is expected to register a CAGR of 7.7% during 2024–2031. Rising demand for miniaturization of electronic components is likely to bring in new trends in the market.

Thermal Imaging Market Analysis

In comparison to passive air cooling, immersion cooling can improve the heat transfer rate by ~10,000 times. In two-phase immersion cooling systems, the high heat transfer performance is achieved through the latent heat of evaporation of the dielectric fluid’s liquid-to-gas phase transition and the resulting turbulent dual-phase fluid flow. Two-phase immersion cooling systems require added mechanical complexity and have concerns pertaining to the safety levels of fluids used. However, single-phase immersion cooling systems can offer up to 1,000 times better heat transfer than air-cooled systems; also, they have a simpler build.

Thermal Imaging Market Overview

The rise in military expenditure, robust use of thermal imaging in healthcare, and application of acoustic imaging for environmental monitoring are the drivers of the global thermal imaging market. However, supply chain disruption is restraining the growth of the thermal imaging market. Further, integration with artificial intelligence and the expansion of the electric vehicle market is expected to create opportunities for the thermal imaging market growth during the forecast period. Moreover, the rising demand for miniaturization of electronic components is likely to bring new trends to the market in the coming years.

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Thermal Imaging Market: Strategic Insights

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Thermal Imaging Market Drivers and Opportunities

Robust Use of Thermal Imaging in Healthcare

Infrared technology, with applications ranging from medical imaging to temperature screening, provides noninvasive solutions for early detection in medical applications. Medical thermal cameras are highly accurate; these devices can measure skin surface temperature and create detailed thermal images of the entire body. These images highlight temperature variations, helping medical professionals detect abnormal heat patterns. A thermal image shows elevated temperatures, which might lead to potential issues such as inflammation, circulation problems, injuries, or infections. Medical thermal imaging is widely used for different purposes, including monitoring body temperature for early signs of illness and diagnosing various conditions. Various organizations are focused on developing thermal imaging solutions. For example, in April 2024, IDC and the National Physical Laboratory (NPL) collaborated to develop a Thermology Health thermal imaging device that facilitates full foot temperature mapping and is 10 times more accurate than existing products.

Integration of Artificial Intelligence in Thermal and Acoustic Imaging Systems

The integration of artificial intelligence (AI), supported by its capabilities in machine learning, data processing, and pattern recognition, can enhance the performance and utility of thermal and acoustic imaging systems across defense, environmental monitoring, healthcare, and other industrial applications. AI can improve the accuracy and effectiveness of thermal and acoustic imaging systems with the help of advanced data analysis and interpretation techniques. These imaging technologies generate vast amounts of data, where AI algorithms can analyze hidden patterns much faster and more accurately than traditional methods. AI can also detect anomalies or potential threats in the data. Compared to traditional methods, AI-based intelligent acoustic imaging techniques can autonomously, efficiently, and accurately identify underwater targets. Market players are also focused on launching innovative solutions. For example, in January 2024, Hanwha Vision launched advanced AI-powered radiometric thermal camera lineups. These next-generation devices surpass basic security by combining artificial intelligence with temperature detection and high-performance imaging to deliver unparalleled solutions for power plants, factories, and oil and gas utilities. Thus, the integration of AI for imaging technology is expected to create a huge opportunity for the global thermal imaging market growth during the forecast period.

Thermal Imaging Market Report Segmentation Analysis

Key segments that contributed to the derivation of the thermal imaging market analysis are product type, application, type, technology, and end-use industry.

• In terms of product type, the market is segmented into cameras, scopes, and modules. The cameras segment held the largest market share in 2024.
• Based on technology, the market is divided into cooled and uncooled. The cooled segment held a larger market share in 2024.
• By application, the market is segmented into SWIR, MWIR, and LWIR. The LWIR segment dominated the market in 2024.
• Based on type, the market is bifurcated into handheld and standstill. The handheld segment held a larger market share in 2024.
• By end-user industry, the market is segmented into automotive, consumer, industrial, medical, defense and aerospace, and others. The industrial segment held the largest market share in 2024.

Thermal Imaging Market Share Analysis by Geography

The geographical scope of the thermal imaging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific held a significant market share in 2024. The growing industrial and defense sectors in Asia Pacific have contributed considerably to the demand for thermal cameras and infrared thermometers. For instance, in India, the defense sector has adopted thermal imaging for surveillance and border control. In China, thermal imaging systems are increasingly used in smart buildings, energy management, and agriculture. Major players in this region; for example, FLIR Systems, offer thermal cameras for applications ranging from industrial inspections to public safety, while L3Harris Technologies provides advanced infrared solutions for military applications.

The thermal imaging market in Asia Pacific is experiencing rapid growth, fueled by increasing demand across a variety of industries, including defense, manufacturing, energy, healthcare, and consumer electronics. Also, continued advancement of thermal imaging technology, including the development of long-wave infrared (LWIR) solutions, results in enhanced performance in detecting heat signatures in various environments. Meridian, a pioneering developer of complementary metal-oxide semiconductor (CMOS) thermal imaging solutions, is at the forefront of this technological innovation, making thermal imaging more accessible and affordable for mass production across consumer and commercial applications.

In October 2024, Meridian Innovation Pte Ltd disclosed that it had secured US$ 12.5 million in a funding round led by new investors and strategic partners, with contributions from existing investors. This investment will support the company in scaling its operations, expediting product development, and broadening its market presence in both consumer and commercial sectors. With this latest round of funding, Meridian Innovation's total investment exceeds US$ 30 million. This significant financial support aligns with the ongoing growth of the thermal imaging market as various companies continue to drive innovation in thermal sensing technologies.

Thermal Imaging Market Regional Insights

The regional trends and factors influencing the Thermal Imaging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Thermal Imaging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Thermal Imaging Market Report Scope

Thermal Imaging Market Players Density: Understanding Its Impact on Business Dynamics

The Thermal Imaging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Thermal Imaging Market are:

1. Teledyne FLIR LLC
2. Testo SE & Co. KGaA
3. Fluke Corporation
4. UNI-TREND TECHNOLOGY (CHINA) CO., LTD.
5. Hangzhou Microimage Software Co., Ltd.
6. Megger Group Limited

Disclaimer: The companies listed above are not ranked in any particular order.

Thermal Imaging Market News and Recent Developments

The thermal imaging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the thermal imaging market are listed below:

• Teledyne FLIR OEM, part of Teledyne Technologies Incorporated, in collaboration with VSI Labs issued test results utilizing the new Federal Motor Vehicle Safety Standard (FMVSS) No. 127 pedestrian automatic emergency braking (PAEB) testing scenarios. VSI Labs' research vehicle, which included the latest automatic emergency braking (AEB) thermal camera from Teledyne FLIR OEM, successfully passed all tests, whereas three new 2024 vehicles failed two or more nighttime test scenarios. (Source: Teledyne FLIR, Press Release, December 2024)
• UNI-T announced the launch of the newly redesigned corporate website (www.uni-trend.com) to show various product lines of the company and reflect brand identity in the test and measurement industry. In addition to the main corporate website, it has updated the Meters site to be more intuitive and user-friendly and named it a subdomain (meters.uni-trend.com, an additional part of www.uni-trend.com). The company also created a separate thermal imaging site (thermal.uni-trend.com) profiling thermal camera applications and solutions for automotive maintenance, electricity, construction, HVAC, and hunting. (Source: Uni-Trend Technology (China) Co., Ltd., Press Release, June 2022)

Thermal Imaging Market Report Coverage and Deliverables

The "Thermal Imaging Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Thermal imaging market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Thermal imaging market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Thermal imaging market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the thermal imaging market
• Detailed company profiles