Market Size of IR and Thermal Imaging Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.84 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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IR & Thermal Imaging Systems Market Analysis
The IR and Thermal Imaging Systems market was valued at USD 5.81 billion in 2020 and is expected to reach USD 10.21 billion by 2026 and grow at a CAGR of 9.84% over the forecast period (2021 - 2026). Infrared and thermal imaging systems have witnessed a paradigm shift in recent years, due to their increasing use in military and defense applications.
- With global tensions rising at a significant pace, countries, to tackle global-political instabilities and to fortify their military power, are investing heavily in IR and thermal imaging systems, driving the demand for these systems.
- With advancements in technologies, companies have miniaturized IR and thermal imaging sensors, making them highly efficient and portable and increasing their ease of use. Handheld IR and thermal imaging systems are gaining traction for their portability, with this segment finding its applications in various industry verticals, such as hospitals, saving repair times and heating costs.
- Lack of awareness about the emerging applications of the technology is expected to act as a restraint for this market.
IR & Thermal Imaging Systems Industry Segmentation
Infrared and thermal imaging technology enables users to detect objects or individuals in complete darkness, and in difficult and distinct conditions. Unlike the other methods, thermal imaging works in environments without any ambient light. Like near-infrared illumination, thermal imaging can penetrate obscurants, such as smoke, fog, and haze.
| By Solutions | |
| Hardware | |
| Software | |
| Services |
| By Applications | |
| Industrial | |
| Security | |
| Research and Development | |
| Construction Industry | |
| Maritime | |
| Transportation | |
| Law Enforcement Agencies | |
| Other Applications |
| By Form Factor | |
| Handheld Imaging Devices and Systems | |
| Fixed Mounted (Rotary and Non-Rotary) |
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IR and Thermal Imaging Systems Market Size Summary
The IR and Thermal Imaging Systems market is experiencing significant growth, driven by increased demand in military and defense sectors due to rising global tensions. This demand is further fueled by advancements in technology that have led to the miniaturization of sensors, enhancing their efficiency and portability. These systems are finding applications across various industries, including healthcare and automotive, where they are used for safety enhancements and operational efficiency. Despite the promising growth trajectory, the market faces challenges such as a lack of awareness about emerging applications, which could potentially hinder its expansion.
In North America, the market is poised for substantial growth, supported by a series of strategic mergers, acquisitions, and product launches aimed at leveraging new technologies. Companies like L-3 Communications and FLIR Systems are at the forefront, introducing innovative products and collaborating with industry leaders to enhance their offerings. The automotive sector, in particular, is witnessing increased integration of thermal imaging systems for safety and autonomous driving applications. These developments underscore the market's potential, as manufacturers continue to invest in product innovation and strategic partnerships to maintain a competitive edge.
IR and Thermal Imaging Systems Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.3.1 Low Cost Solutions
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1.3.2 Increasing Usage Across Industries
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1.3.3 Low Impact on the Environment
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1.4 Market Restraints
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1.4.1 Lack of Regular Support and Services
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Solutions
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2.1.1 Hardware
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2.1.2 Software
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2.1.3 Services
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2.2 By Applications
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2.2.1 Industrial
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2.2.2 Security
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2.2.3 Research and Development
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2.2.4 Construction Industry
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2.2.5 Maritime
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2.2.6 Transportation
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2.2.7 Law Enforcement Agencies
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2.2.8 Other Applications
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2.3 By Form Factor
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2.3.1 Handheld Imaging Devices and Systems
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2.3.2 Fixed Mounted (Rotary and Non-Rotary)
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 United Kingdom
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2.4.2.2 Germany
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2.4.2.3 France
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2.4.2.4 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Brazil
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2.4.4.2 Mexico
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2.4.4.3 Argentina
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2.4.4.4 Rest of Latin America
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2.4.5 Middle East & Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 United Arab Emirates
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2.4.5.3 South Africa
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2.4.5.4 Rest of Middle East & Africa
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IR and Thermal Imaging Systems Market Size FAQs
What is the current IR and Thermal Imaging Systems Market size?
The IR and Thermal Imaging Systems Market is projected to register a CAGR of 9.84% during the forecast period (2024-2029)
Who are the key players in IR and Thermal Imaging Systems Market?
Flir Systems Inc., L-3 Communications Holdings, Leonardo DRS, Lockheed Martin and Bae Systems PLC are the major companies operating in the IR and Thermal Imaging Systems Market.
