Thermal Imaging Market Size

Thermal Imaging Market Size

Thermal Imaging Market size exceeded USD 7 billion in 2019 and is projected to grow at over 19% CAGR between 2020 and 2026. The global industry shipments are poised to cross 7.5 million units by 2026. The rapid adoption of thermal imaging technology among various end-use verticals, such as automotive, government & defense, and healthcare & life science, to monitor critical infrastructure and enhance security will drive the market growth.

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Terrorist activities have been causing great losses for government agencies and non-governmental organizations globally. Increasing terrorism, geopolitical tension, instability, and cross-border terrorism have raised severe concerns on the capability and efficiency of border patrol and soldiers. The need for soldier modernization programs and upgrade of military equipment will foster the market demand for thermal imaging solutions. The technology helps armed forces to defend the borders during extreme weather conditions and nightfall.

The coronavirus (COVID-19) pandemic has increased the market revenue for thermal imaging solutions from the healthcare and transportation industries. Several thermal imaging market players are developing innovative solutions that are incorporated with AI. In May 2020, Honeywell International, Inc. introduced an AI-enabled thermal imager that detects elevated body temperatures at the entryway of factories, airports, distribution centers, and other commercial buildings. With strict social distancing norms being implemented in several economies, the industry growth for such thermal imagers will gain prominence at public places and airports to trace patients.