According to the research report titled ‘Global Thermal Imaging Systems Market Size study, by Form Factor (Handheld Imaging Devices and Systems, Fixed Mounted (Rotary and Non-Rotary)), by Application (Thermography, Military, Surveillance, Personal Vision Systems, Fire Fighting, Smartphones (Ruggedized), Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global thermal imaging systems market was evaluated at USD 5.2 billion in 2019 and is anticipated to reach USD 9.5 billion by 2027, expanding at an annual rate of 7.8% between 2020-2027.
 

Massive spending by governments towards military & defense, coupled with increasing usage of product for broader surveillance management, to handle geo-political uncertainties, and increase military power of countries amid rising tensions are key factors driving global thermal imaging systems market growth.
 

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As per the Stockholm International Peace Research Institute China spent USD 250 billion on defense & military sector in 2018, which increased by 5.1% in 2019 to USD 261 billion. It also stated that military spending in the United States was USD 732 billion in 2019 which is equivalent to 38% of the global spending in this sector. The U.S. government had spent USD 649 billion in 2019 which was more than what it did in 2017.
 

Advancements in infrared detectors have facilitated development of remote based thermal and infrared sensing devices which can be used for a wide variety of applications like space imaging, remote sensing, and security & surveillance, further stimulating global thermal imaging systems market expansion.
 

Moreover, thermal imaging cameras provide a broad range of performance competencies, spectral sensitivity for vast band range, and are easily available, which will boost industry proliferation over the forecast period.
 

On the other hand, lack of accuracy, in consort with absence of regular support and service from government authorities will hinder global thermal imaging systems market growth between 2020-2027.
 

Geographically speaking, North America held majority of the worldwide thermal imaging systems market share in the recent past, due to presence of leading companies in the region, and increasing government spending on military & defense sector.
 

Meanwhile, Asia Pacific market is projected to grow rapidly over 2020-2027, owing to extensive adoption for surveillance & security applications, and increasing usage of thermal imaging systems for Covid-19 detection across emerging economies like India and China.
 

Key players profiled in global thermal imaging systems market report are FLIR Systems, Fluke Corporation, Raytheon Company, Testo Inc., Trijicon Inc., OPGAL Optronics Industries Ltd., Bullard GmbH, HT Italia S.r.l, and Seek Thermal Inc.