Spike in military spending to give thermal imaging market boost to £4 billion by 2027

Pipes-Thermal-Camera

The global market for thermal imaging technology will grow to nearly $5 billion (£3.8 billion) by 2027, according to new market research.

The report, from market research specialist Reports and Data, said that the market was valued at $3.2 billion (£2.4 billion) last year.

A CAGR of 6% will see it hit $4.99 billion in 2027, the company predicted.

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This, Reports and Data said, is due to increasing military spending around the world in a bid to squash rising terrorist activity.

It also blamed more general geopolitical tensions for the rise in military spending.

Thermal imaging helps armed forces to protect borders during nightfall and extreme weather.

Utilised in conjunction with drones thermal imaging cameras have a number of uses, both for night time flights and when indoor drones need to go into dark spaces.

The report also noted: “The aerospace and defense sector held a significant share in the industry.

“The demand is due to the ability of the product to work in all weather conditions irrespective of the time.

“They are used in surveillance of the border, in ship collision avoidance, law enforcement, and structural health monitoring of aircraft.”

Tags : financialthermal imaging
Sam Lewis

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