In this report, the thermal imaging market​ has been segmented on the basis of type, application, vertical, and geography. The market is expected to be worth USD 4.04 billion by 2023, growing at a CAGR of 6.73% between 2018 and 2023. Major factors driving the growth of the thermal imaging market include reduction in the price of thermal imaging products, increasing adoption of thermal imaging in perimeter security, and penetration in machine vision-based applications.

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Thermal imaging cameras offer better visibility in total darkness and extreme weather conditions, and require no additional lighting or illumination and regular maintenance. The thermal imaging system provides automated perimeter surveillance, intrusion detection, and alert capabilities for every perimeter security application, including critical infrastructure, petrochemical facilities, nuclear facilities, commercial campuses, and residential installations. Thermal cameras have been used in automotive night vision applications for pedestrian and animal detection owing to their capability of night vision tracking. Owing to technological advancements that have driven down the cost and size of thermal imaging products, few thermal imaging products such as 12 μm sensors from FLIR Systems (US) are being used in the new Boson camera for elegant packaging within the car.

The market for thermal imaging modules is expected to grow at the highest CAGR during the forecast period owing to their compactness, low cost, and flexibility to integrate with other devices such as drones, smartphones, and wearables, enabling them to penetrate in new application areas.

The market for the monitoring and inspection application is expected to grow at the highest CAGR owing to the penetration of low-cost and high-quality thermal imaging cameras in home automation, medical, food processing, and ADAS. Moreover, miniaturized camera modules are used by most of the OEMs for their customized solutions, resulting in their increased growth.

The market for healthcare & life sciences is expected to grow at the highest CAGR during the forecast period. Thermography in the healthcare & life sciences sector provides an accurate, quantifiable, and noncontact diagnostic detection, which is used to visualize and quantify changes in surface temperatures. In this sector, the applications of thermography include vascular evaluation, muscle strain assessment, and bleeding point detection.

The thermal imaging market in APAC is expected to grow at the highest CAGR during 2018–2023. A number of OEMs as well as product manufacturers have presence in APAC. Growing demand for thermal imaging is attributed to the increasing demand for security and surveillance in aerospace & defense and commercial sectors.

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