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Thermal camera market to double by 2034 with 7.5% CAGR growth

July 9, 2024

Thermal Camera Market: Growing demand in the defense sector

As reported by Transparency Market Research, the global thermal camera market is expected to grow significantly, projecting a 7.5% compound annual growth rate (CAGR) through the forecasted period.

The market size is anticipated to increase from USD 3.1 billion in 2023 to USD 6.9 billion by 2034.

The defense sector is driving much of this growth due to the high efficiency of thermal cameras under adverse and challenging conditions.

These cameras use infrared imaging to detect nearby threats and produce high-resolution images, making them essential for defense operations.

Technological advancements and market expansion

Technological developments are benefiting the thermal camera industry.

Manufacturers are enhancing products to meet diverse customer demands, which helps expand their market presence.

This technological progress is encouraging the adoption of thermal cameras across various sectors, including construction and oil and gas.

In the construction industry, thermal cameras are used to detect energy loss, aiding engineers in designing more efficiently and reducing cost overruns.

In the oil and gas sector, these cameras help create energy profiles for plants, predicting energy loss and leakage, thus optimizing system efficiency.

Key segments driving market growth

The thermal camera market is diversified across several key segments.

Handheld thermal cameras are expected to dominate the product type segment due to their clear imaging capabilities and fewer visual limitations.

Mid-wave infrared cameras are gaining traction for their ability to detect small targets at longer ranges.

Direct sales channels are projected to gain more attention due to their better market reach, enhancing the sales of thermal cameras.

Regional advancements in North America

North America is at the forefront of technological advancements in the thermal camera market.

These developments provide better prospects for key manufacturers to expand their market presence.

The increasing expenditure on defense and the demand for advanced technology in various industries are driving the market growth in this region.

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