How big is the IR And Thermal Imaging Systems Market?

The IR And Thermal Imaging Systems Market size is expected to reach USD 7.53 billion in 2024 and grow at a CAGR of 5.92% to reach USD 10.04 billion by 2029. Read More

What is the current IR And Thermal Imaging Systems Market size?

In 2024, the IR And Thermal Imaging Systems Market size is expected to reach USD 7.53 billion. Read More

Who are the key players in IR And Thermal Imaging Systems Market?

Teledyne FLIR LLC, L3Harris Technologies Inc., Lynred, Lockheed Martin and BAE Systems PLC are the major companies operating in the IR And Thermal Imaging Systems Market. Read More

Which is the fastest growing region in IR And Thermal Imaging Systems Market?

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in IR And Thermal Imaging Systems Market?

In 2024, the Asia Pacific accounts for the largest market share in IR And Thermal Imaging Systems Market. Read More

What years does this IR And Thermal Imaging Systems Market cover, and what was the market size in 2023?

In 2023, the IR And Thermal Imaging Systems Market size was estimated at USD 7.08 billion. The report covers the IR And Thermal Imaging Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the IR And Thermal Imaging Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

IR And Thermal Imaging Systems Market Trends

Market Trends of IR And Thermal Imaging Systems Industry

Industrial Applications Hold Major Share

Industrial sectors are increasingly utilizing thermal imaging to maintain, inspect, and monitor equipment and processes. In manufacturing, energy, and construction industries, thermal cameras detect issues like overheating, energy loss, and equipment malfunctions, preventing costly repairs and downtime. This trend drives significant demand for thermal imaging systems in predictive maintenance and quality control as companies aim to enhance efficiency and safety while reducing operational risks.
According to UNECE, in 2023, Albania had the biggest construction industry relative to its GDP in Europe. The construction industry in the United Kingdom accounted for 6.2% of its GDP, which is equal to Germany's.
One of the main factors fueling the expansion of the industrial segment is the use of thermal imaging and infrared technologies in predictive maintenance. Thermal cameras are frequently utilized to find hotspots, leaks, and electrical problems in machinery and equipment before they cause failure. By being proactive, companies may cut down on scheduled downtime and save money on expensive repairs.
Thermal imaging systems are becoming more crucial in industrial quality control and process monitoring applications. Manufacturers use these systems to monitor temperature-sensitive processes, identify flaws, and guarantee product uniformity. This is especially important in sectors where exact temperature control is essential, like the processing of metals and polymers and the creation of electronic products.
Another significant use of infrared and thermal imaging devices in the industrial sector is energy auditing. Businesses are using thermal cameras more often to do energy audits in their buildings. These audits help detect areas of energy loss, such as inadequate insulation, leaks, and inefficient heating systems. Growing concerns about sustainability and energy efficiency, especially in heavy industries like cement, steel, and chemical production, are the driving force behind this movement.

IR and Thermal Imaging Systems Market: GDP Share of the Construction Industry in Percentage, by Country, Europe 2023

Understand The Key Trends Shaping This Market

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Asia-Pacific to Register Major Growth

Several Chinese firms, such as InfiRay and Hikmicro, have continued to experience growth, propelled by strategies emphasizing volume, resulting in their expanding influence in both industrial and consumer markets. The thermal imaging sector in China has achieved a noteworthy milestone, capturing a substantial portion of global thermal imager shipments. The rising demand for this technology across diverse industries is anticipated to enhance the region's market presence.
IR and Thermal Imaging systems are significantly gaining popularity across industrial applications. The growing investments and increasing productivity are expected to increase the demand for this technology across the region's industrial sector. According to the World Economic Forum, China is intensifying its initiatives to enhance its manufacturing capabilities, as evidenced by a 10.9% increase in investments aimed at technological transformation within the manufacturing sector during the first seven months of 2024, maintaining a trend of double-digit growth.
Technological advancements have created microbolometers, which are anticipated to offer numerous growth prospects throughout the forecast period. The pandemic increased the demand for thermal imaging solutions in multiple sectors, such as transportation, manufacturing, and public safety in Japan. For example, airports in the Asia-Pacific region, including Japan, are utilizing thermal cameras to monitor travelers. This considerable uptake is projected to propel market growth in the region.
Thermal imaging cameras have been positioned prior to the security gates in both domestic terminals of the airport, where airline personnel are performing the assessments. As part of efforts to mitigate the transmission of Covid-19 from the capital, Japan initiated mandatory temperature screenings on Friday for all passengers departing on domestic flights at multiple airports. The extensive implementation of thermal imaging technology within the region's transportation sector is anticipated to enhance the market's prospects.