Thermal Imaging Market shipments to grow at 13% CAGR from 2018 to 2024: Global Market Insights, Inc. Thermal Imaging Market size was estimated at over USD 5.5 billion in 2017, and is set to exceed USD 10 billion by 2024; according to a new research report by Global Market Insights, Inc. The global shipments are set to grow at over 13% CAGR between 2018 and 2024. The cooled thermal imaging market accounted for over 50% of the revenue share in 2017, with the chief growth drivers being the surging demand for security, surveillance, and firefighting applications for better accuracy and image details. Indoor applications including emergency management and building security are poised to offer growth opportunities for cooled thermal imaging product suppliers. The segment is forecast to lose share in the coming years to uncooled technology due to the growing number of application industries for the latter. The demand across healthcare & life sciences applications in the thermal imaging market is expected to grow at a rapid pace due to the provision of advanced diagnostic and visualizations offered by such solutions. Thermography facilitates quantifiable, accurate, and non-invasive diagnostic detection by means of changes in surface temperatures. In the healthcare sector, thermography applications include muscle strain assessment, vascular evaluation, and bleeding point detection. In addition, the technology helps to identify the tissue damage site in case of injuries, aiding the sports medicine field.
Thermography helps in the detection of fever and related signs of infection. Thus, the technology has been used extensively by airports during an epidemic outbreak such as Severe Acute Respiratory Syndrome (SARS), swine flu, and Ebola to screen passengers with elevated body temperatures. Hyperspectral imaging and remote sensing are expected to serve as the key opportunity domains for thermal imaging market expansion. The rising awareness of the thermal imaging market for applications other than security & surveillance, such as detection, monitoring, and inspection, to offer additional revenue growth opportunities for industry players, particularly in high industrial demand markets including China, India, Middle East, and South America. The miniaturization of infrared detector cores opens diverse avenues for the deployment and integration of the technology with other consumer electronic devices. 1|Page