Thermal Imaging Camera Market by Product Type and Geography - Forecast and Analysis 2022-2026

The thermal imaging camera market share is expected to increase to USD 1.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.69%.

This thermal imaging camera market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermal imaging camera market segmentation by product type (camera, scope and goggles, and modules) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The thermal imaging camera market report also offers information on several market vendors, including ANVS Inc., BAE Systems Plc, Chauvin Arnoux Group, CorDEX Instruments Ltd., Cox Enterprises Inc., ED Bullard Co., Elbit Systems Ltd., Fortive Corp., Hangzhou Hikvision Digital Technology Co. Ltd., InfraTec GmbH, Keysight Technologies Inc., MSA Safety Inc., SATIR Europe Ireland Co. Ltd., Synectics Plc, Teledyne Technologies Inc., Testo SE and Co. KGaA, Thermoteknix Systems Ltd., Wuhan Guide Infrared Co. Ltd., Zhejiang Dali Technology Co. Ltd., and Seek Thermal Inc. among others.

What will the Thermal Imaging Camera Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Thermal Imaging Camera Market Size for the Forecast Period and Other Important Statistics

 

Thermal Imaging Camera Market: Key Drivers, Trends, and Challenges

The increasing military expenditure is notably driving the thermal imaging camera market growth, although factors such as the safety and privacy issues may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermal imaging camera industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Thermal Imaging Camera Market Driver

One of the key factors driving growth in the thermal imaging camera market is the increasing military expenditure. Global military spending grew by 6.1% in 2021 and accounted for $2.1 trillion. Amid the economic fallout triggered by the outbreak of COVID-19, global military spending grew significantly during April 2020-April 2022. This is primarily attributed to increasing R&D spending, which is focused on the development of next-generation technologies, such as thermal imaging cameras. The high revenue generated from its oil and gas industry helped Russia increase its military spending in 2021. Furthermore, China was the second-largest spender on the military sector and allocated an estimated amount of $293 billion to its military in 2021, an increase of 4.7% compared with the spending in 2020. Therefore, the global thermal imaging camera market is expected to witness growth.

Key Thermal Imaging Camera Market Trend

The improvement in photogrammetry and thermal imaging is a thermal imaging camera market trend that is expected to have a positive impact in the coming years. The penetration of the global thermal imaging camera market is expected to increase during the forecast period as more end-users are expected to invest in thermal sensors to capitalize on capabilities such as photogrammetry. The emergence of hyperspectral imagery to ensure more accuracy and improvement in the quality of images captured is expected to witness high growth during the forecast period. There will be an increase in the adoption of thermographic cameras that use a long-infrared range of the electromagnetic spectrum for better detection of humans and warm-blooded animals. Thus, the surging demand for high-quality photogrammetry and thermal imaging features in devices is expected to drive the growth of the global thermal imaging camera market.

Key Thermal Imaging Camera Market Challenge

The safety and privacy issues will be a major challenge for the thermal imaging camera market during the forecast period. The improper use of thermal imaging cameras can measure body temperature inaccurately, which can potentially have serious public health risks. With the possibilities of camera malfunctions and errors, there is an increased risk of property damages and personal injuries. With such safety issues, vendors face the risk of being liable for damages. To improve their product offerings and retain a more resilient position in the global thermal imaging camera market, vendors need to direct their focus toward improvement in the thermal imaging resolution as the thermal imaging cameras are widely used in drones for geospatial inspection for various applications such as military and defense. Drones could be hijacked by tampering with the frequency-hopping sensors used in devices that use radio communications. Thus, the safety and privacy concerns related to thermal imaging cameras are expected to hamper the growth of the global thermal imaging camera market.

This thermal imaging camera market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global thermal imaging camera market as a part of the global electronic equipment and instruments market within the overall electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermal imaging camera market during the forecast period.

Who are the Major Thermal Imaging Camera Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• ANVS Inc.
• BAE Systems Plc
• Chauvin Arnoux Group
• CorDEX Instruments Ltd.
• Cox Enterprises Inc.
• ED Bullard Co.
• Elbit Systems Ltd.
• Fortive Corp.
• Hangzhou Hikvision Digital Technology Co. Ltd.
• InfraTec GmbH
• Keysight Technologies Inc.
• MSA Safety Inc.
• SATIR Europe Ireland Co. Ltd.
• Synectics Plc
• Teledyne Technologies Inc.
• Testo SE and Co. KGaA
• Thermoteknix Systems Ltd.
• Wuhan Guide Infrared Co. Ltd.
• Zhejiang Dali Technology Co. Ltd.
• Seek Thermal Inc.

 

This statistical study of the thermal imaging camera market encompasses successful business strategies deployed by the key vendors. The thermal imaging camera market is fragmented and the vendors are deploying growth strategies such as trying to expand their product portfolios by launching new variants of thermal imaging cameras to compete in the market.

Product Insights and News

• ANVS Inc. - ANVS Inc. is a privately held company headquartered in US. It is a global company, with limited information regarding its financials and limited information regarding its employee strength is available. Its revenue from the global thermal imaging camera market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• ANVS Inc. - The company offers thermal imaging camera that enables advance vision in zero ambient light environments and cut through fog, smoke or haze. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The thermal imaging camera market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Thermal Imaging Camera Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the thermal imaging camera market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Thermal Imaging Camera Market?

For more insights on the market share of various regions Request for a FREE sample now!

40% of the market's growth will originate from North America during the forecast period. The US is the key market for thermal imaging cameras in North America. Market growth in this region will be faster than the growth of the market in the European, MEA and South American regions.

The presence of major military and defense firms in the US, such as Lockheed Martin Corporation, BAE Systems plc, and Temporal Defense Systems Inc. will facilitate the thermal imaging camera market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak negatively impacted the growth of the regional thermal imaging camera market during 2020-2021. The demand for thermal imaging cameras witnessed a decline in H1 2020. Additionally, owing to the increased need for social distancing and remote capacity during the pandemic, thermal imaging cameras provided three significant benefits to construction contractors in the region. These include the requirement of fewer personnel on-site, detailed prospecting from a distance, and increased surveying speeds. Such advantages of using thermal imaging cameras are expected to drive the growth of the market in the region during the forecast period. 

What are the Revenue-generating Product Type Segments in the Thermal Imaging Camera Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The thermal imaging camera market share growth by the camera segment will be significant during the forecast period. Increasing usage of thermal imaging technology in the government sector is an important driver of the camera segment. The increasing usage of thermal imagery with the help of thermal imaging cameras in various applications, such as surveillance, military and defense, disaster management, building security, and management and monitoring of environmental changes, is the key factor that is expected to drive the growth of the camera segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the thermal imaging camera market size and actionable market insights on post COVID-19 impact on each segment.

 

Thermal Imaging Camera Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.69%
Market growth 2022-2026	$ 1.04 billion
Market structure	Fragmented
YoY growth (%)	7.28
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	North America at 40%
Key consumer countries	US, Israel, China, Japan, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	ANVS Inc., BAE Systems Plc, Chauvin Arnoux Group, CorDEX Instruments Ltd., Cox Enterprises Inc., ED Bullard Co., Elbit Systems Ltd., Fortive Corp., Hangzhou Hikvision Digital Technology Co. Ltd., InfraTec GmbH, Keysight Technologies Inc., MSA Safety Inc., SATIR Europe Ireland Co. Ltd., Synectics Plc, Teledyne Technologies Inc., Testo SE and Co. KGaA, Thermoteknix Systems Ltd., Wuhan Guide Infrared Co. Ltd., Zhejiang Dali Technology Co. Ltd., and Seek Thermal Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request for a FREE sample

What are the Key Data Covered in this Thermal Imaging Camera Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive thermal imaging camera market growth during the next five years
• Precise estimation of the thermal imaging camera market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the thermal imaging camera industry across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of thermal imaging camera market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch