Summary

Thermal imaging and sensing is moving from specialist defence and inspection use into drones, vehicles, buildings and consumer devices. The key enabler is the uncooled microbolometer, which keeps getting cheaper per pixel as pixel pitch shrinks. This report provides a comprehensive analysis of the market, its technologies, supply chain and competition, with forecasts to 2037.

Defence and drone demand—including the war in Ukraine—is driving recent growth, while automotive night-time pedestrian braking rules are the next major civilian opportunity, alongside smart buildings, wearables and industrial emissions monitoring. The report also flags supply-chain risk from Chinese dominance of uncooled cores and export controls on germanium and gallium.

It forecasts the market through 2037 by technology, application, resolution and region under low, base and high scenarios, covering thermal detectors, uncooled microbolometers, cooled infrared and SWIR, optics and materials, and the defence, automotive, industrial, consumer, medical and building markets, with profiles of 49 companies.

Report contents include:

• Executive summary: thermal imaging and sensing in 2026, ten key findings, market drivers and restraints, end-market and regional outlook, key developments 2024–2026, technology trends, competitive landscape and the Future Markets outlook.
• Introduction, scope and methodology, definitions and segmentation, and the history of thermal imaging.
• Infrared physics and thermal detection fundamentals: wavebands and atmospheric windows, thermal versus photon detection, cooled versus uncooled imaging, performance metrics and export classification.
• Thermal detector technologies: pyroelectric detectors, thermopiles and arrays, TMOS and thermal diodes, low-resolution AI sensing and privacy, sensor fusion, automotive detectors and the supplier landscape.
• Uncooled microbolometer technology: operating principle, sensing materials (VOx, a-Si), ROICs, vacuum packaging, pixel-pitch evolution, resolution segmentation, fast pixels for counter-UAS, shutterless operation, camera cores, manufacturing and a cost roadmap.
• Cooled infrared and adjacent SWIR imaging: detector materials, HOT detectors, cryocoolers, large formats, dual-band and multispectral detectors, quantum-dot and emerging architectures, and the cooled supplier landscape.
• Optics, materials and electronics: infrared optical materials, germanium supply and controls, chalcogenide glasses, precision moulding and wafer-level optics, metasurfaces, image signal processors/SoCs/edge AI and AI analytics.
• Defence, security and drone markets; automotive and mobility (night vision, the night-time PAEB problem, vehicle programmes, in-cabin sensing, cost roadmap and forecast); and industrial, consumer, medical, building and other markets.
• Market forecasts 2025–2037 by segment, application, resolution, pixel pitch, sensing material, detector material, region and ASP, with scenarios; supply chain, geopolitics and regulation; competitive landscape, roadmap and outlook; 49 company profiles and references.

Companies profiled include: Lynred, Exosens, Leonardo DRS, Raytron, HIKMICRO, Guide Infrared, Teledyne FLIR, Magna, AdaSky, Owl Autonomous Imaging, Melexis, AIM Infrarot-Module, BAE Systems, Calumino, constellr, Dahua Technology, DJI, Excelitas Technologies, Fluke, Foresight Autonomous, Heimann Sensor, Hydrosat, InfraTec, JonDeTech, L3Harris Technologies, LightPath Technologies, Magna International, Meridian Innovation, Mitsubishi Electric, Murata Manufacturing, Nippon Ceramic (Nicera), Obsidian Sensors, and more.

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Table of Contents

1 EXECUTIVE SUMMARY
1.1 Thermal imaging and sensing in 2026
1.2 Ten key findings
1.3 Market drivers and restraints
1.4 End-market outlook
1.5 Regional outlook
1.6 Key developments 2024-2026
1.7 Technology trends
1.8 Competitive landscape
1.9 Future Markets outlook
2 INTRODUCTION, SCOPE AND METHODOLOGY
2.1 Report scope
2.2 Methodology
2.3 Definitions and segmentation
2.4 Comparison with other Future Markets reports
2.5 History of thermal imaging
3 INFRARED PHYSICS AND THERMAL DETECTION FUNDAMENTALS
3.1 Thermal radiation: why everything glows in the long-wave infrared
3.2 Wavebands and atmospheric windows
3.3 Thermal versus photon detection
3.4 Cooled versus uncooled imaging
3.5 Performance metrics
3.6 Radiometric versus non-radiometric imaging
3.7 Export classification basics
4 THERMAL DETECTOR TECHNOLOGIES
4.1 Market position of thermal detectors
4.2 Pyroelectric detectors
4.3 Single-pixel thermopiles
4.4 Thermopile arrays
4.5 TMOS and thermal diode detectors
4.6 AI low-resolution "blob" sensing and privacy
4.7 Sensor fusion
4.8 Automotive thermal detectors
4.9 Where thermal detectors meet microbolometers
4.10 Supplier landscape
5 UNCOOLED MICROBOLOMETER TECHNOLOGY
5.1 Why the microbolometer dominates
5.2 Operating principle and physics
5.3 Sensing materials: VOx, a-Si and alternatives
5.4 Readout integrated circuits
5.5 Vacuum packaging
5.6 Pixel pitch evolution
5.7 Resolution segmentation
5.8 Fast pixels for counter-UAS
5.9 Shutterless operation
5.10 Camera cores
5.11 Emerging technologies
5.12 Manufacturing, fabs and capacity
5.13 Cost roadmap, export classification and outlook
6 COOLED INFRARED AND ADJACENT SWIR IMAGING
6.1 Why cooled detectors persist
6.2 Detector materials
6.3 HOT detectors and the SWaP dividend
6.4 Cryocoolers
6.5 Large formats and small pitch
6.6 Dual-band and multispectral detectors
6.7 Cooled supplier landscape
6.8 Applications: MWIR versus LWIR
6.9 Short-wave infrared as adjacent context
6.10 Quantum dot infrared detectors beyond SWIR
6.11 Emerging architectures: event-based and polarimetric infrared
6.12 Outlook
7 OPTICS, MATERIALS AND ELECTRONICS
7.1 Infrared optical materials
7.2 Germanium: supply, controls and prices
7.3 Chalcogenide glasses
7.4 ZnSe, ZnS and silicon
7.5 Precision moulding and wafer-level optics
7.6 Metasurfaces and flat infrared optics
7.7 Windows, domes and IR-transparent windscreens
7.8 Thermal image signal processors, SoCs and edge AI
7.9 AI analytics by application
7.10 Training data
7.11 Outlook
8 DEFENCE, SECURITY AND DRONE MARKETS
8.1 Market overview
8.2 Defence applications and detector requirements
8.3 Soldier systems: sights, clip-ons and fused goggles
8.4 Vehicle vision
8.5 ISR gimbals and unmanned aircraft payloads
8.6 FPV, bombers, loitering munitions and interceptors
8.7 Counter-UAS EO/IR
8.8 Missile seekers and IRST
8.9 Programmes, contracts and defence revenue structure
8.10 Security and surveillance
8.11 Commercial drones and inspection
8.12 Firefighting and public safety
8.13 Forecasts for defence, security, drone and public-safety applications
8.14 Conclusions
9 AUTOMOTIVE AND MOBILITY
9.1 Overview: automotive is the fastest-growing thermal application, from a small base
9.2 History of automotive night vision, 2000-2026
9.3 Regulation and consumer testing: the night-time PAEB problem
9.4 Vehicle programmes and the Chinese lead
9.5 Robotaxis, trucks, off-highway and rail
9.6 In-cabin thermal sensing
9.7 Supply chain, Tier-1s and integration
9.8 Cost roadmap
9.9 Forecast: units and revenue 2025-2037
9.10 Outlook and judgements
10 INDUSTRIAL, CONSUMER, MEDICAL, BUILDING AND OTHER MARKETS
10.1 Overview: the civil core of the thermal market
10.2 Industrial thermography: handheld and fixed
10.3 EV batteries, energy storage and AI data centres
10.4 Optical gas imaging and methane regulation
10.5 Outdoor, hunting and sport optics
10.6 Smartphones, add-ons and rugged phones
10.7 Wearables and health thermopiles
10.8 Smart buildings, HVAC and occupancy
10.9 Medical and healthcare
10.10 Robotics, inspection robots and humanoids
10.11 Appliances, NDIR gas sensing and flame detection
10.12 Space-based thermal Earth observation
10.13 Forecast summary for the applications in this chapter
11 MARKET FORECASTS 2025-2037
11.1 Forecast methodology
11.2 Total market forecast
11.3 Uncooled imaging by application
11.4 Uncooled shipments and value per unit
11.5 Uncooled market by resolution
11.6 Uncooled market by pixel pitch and sensing material
11.7 Cooled imaging by application and detector material
11.8 Thermal detectors by technology, application and units
11.9 Regional forecast
11.10 Average selling prices by product class
11.11 Scenarios
11.12 Where the growth is
12 SUPPLY CHAIN, GEOPOLITICS AND REGULATION
12.1 Supply chain structure
12.2 China-West decoupling
12.3 Chinese export controls on drones, components and infrared imaging
12.4 Germanium, gallium and optical materials
12.5 United States: export controls, procurement bans and industrial policy
12.6 Europe: dual-use regulation, defence funding and sovereign optics
12.7 Capacity expansions
12.8 Privacy and data protection
12.9 Medical device regulation
13 COMPETITIVE LANDSCAPE, ROADMAP AND OUTLOOK
13.1 Market structure
13.2 Uncooled microbolometer vendors
13.3 Thermal detector vendors
13.4 Cooled infrared vendors
13.5 Strategic positioning: Western versus Chinese vendors
13.6 M&A, investment and funding, 2023-2026
13.7 Start-up landscape
13.8 Technology roadmap, 2025-2037
13.9 Opportunity map
13.10 Conclusions by stakeholder
14 COMPANY PROFILES (49 company profiles)
15 REFERENCES

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List of Tables/Graphs

List of Tables TABLE 1 Key market metrics, 2025-2037 TABLE 2 Market drivers and their impact by period TABLE 3 Market restraints and mitigation TABLE 4 Uncooled imaging revenue by application, 2025-2037 (US$ million) TABLE 5 Selected market developments, 2024-2026 TABLE 6 Key technology trends and their market significance TABLE 7 Uncooled imager vendor shares, 2025 (Future Markets estimates, % of microbolometer units) TABLE 8 Forecast scenarios, 2037 TABLE 9 Value-chain levels and how each is measured in this report TABLE 10 Forecast model structure and principal evidence TABLE 11 Segment definitions and base-case values (US$ million) TABLE 12 Regional definitions and base-case values (US$ million) TABLE 13 Overlap with other Future Markets reports TABLE 14 Inflection points in thermal imaging and their market consequences TABLE 15 Emitted power by band and thermal contrast for blackbody targets TABLE 16 Infrared wavebands, detector materials and principal uses TABLE 17 Thermal versus photon detection TABLE 18 Cooled versus uncooled thermal imaging, typical characteristics TABLE 19 Thermal camera performance metrics and typical values TABLE 20 Johnson criteria for detection, recognition and identification (50% probability) TABLE 21 Geometric DRI ranges for a 640x512, 12 um uncooled core by lens focal length TABLE 22 Radiometric versus non-radiometric thermal imaging TABLE 23 Principal export-control categories for thermal imaging items TABLE 24 Thermal detector families compared TABLE 25 Thermal detector revenue by technology, base case, 2025-2037 (US$ million) TABLE 26 Thermal detector revenue by application, base case, 2025-2037 (US$ million) TABLE 27 Pyroelectric materials for infrared detectors (typical literature values) TABLE 28 Pyroelectric application segments, 2025 and outlook TABLE 29 Miniature thermopile sensors for wearable and consumer temperature sensing TABLE 30 Commercial thermopile and thermal diode arrays (verified specifications) TABLE 31 Presence-sensing technologies compared TABLE 32 What low-resolution thermal sensing can and cannot do TABLE 33 Sensor fusion architectures involving thermal detectors TABLE 34 Leading thermal detector suppliers TABLE 35 Typical microbolometer pixel parameters by pitch (Future Markets estimates from published designs) TABLE 36 Microbolometer and uncooled thermal sensing materials compared TABLE 37 Microbolometer ROIC and core electronics, 2015 practice versus 2026 state of the art TABLE 38 Microbolometer vacuum packaging routes compared TABLE 39 Pixel pitch trade-offs for a 640x512 detector TABLE 40 Uncooled imager shipments by resolution class (Future Markets estimates) TABLE 41 Fast-pixel microbolometers for counter-UAS and munitions TABLE 42 Uncooled camera cores, verified specifications (October 2026) TABLE 43 Uncooled detectors (sensor level), verified specifications TABLE 44 Emerging uncooled thermal technologies and maturity TABLE 45 Uncooled microbolometer manufacturers, sites and capacity TABLE 46 Uncooled imaging value per unit and detector price roadmap TABLE 47 Comparison of cooled infrared detector technologies, 2026 TABLE 48 Cooled imaging revenue by detector technology, 2025-2037 (US$ million) TABLE 49 Representative HOT MWIR detector products and specifications TABLE 50 Cryocooler types used in cooled infrared imaging TABLE 51 Large-format and small-pitch cooled FPAs in production or announced, 2026 TABLE 52 Principal cooled infrared detector and cryocooler suppliers TABLE 53 Cooled MWIR versus LWIR by application TABLE 54 Cooled imaging revenue by application, 2025-2037 (US$ million) TABLE 55 Waveband comparison: SWIR, MWIR and LWIR imaging TABLE 56 SWIR detector technologies compared TABLE 57 Emerging infrared sensing architectures TABLE 58 Properties of the principal LWIR and MWIR optical materials TABLE 59 Germanium supply initiatives outside China, 2024-2026 TABLE 60 Chinese germanium export controls and related measures, 2023-2026 TABLE 61 Estimated germanium content and cost per lens at 2023 and 2026 European prices TABLE 62 Chalcogenide glass and moulded IR optics suppliers TABLE 63 LWIR lens manufacturing routes compared TABLE 64 Developers of metasurface and flat optics relevant to thermal imaging TABLE 65 Thermal image processing functions and where they run TABLE 66 AI analytics in thermal imaging by application, 2026 TABLE 67 Principal public thermal and visible-thermal training datasets TABLE 68 Uncooled thermal imaging revenue in defence, security, drone and public-safety applications, 2025-2037 (US$ million) TABLE 69 Defence thermal applications and typical detector requirements TABLE 70 Selected soldier thermal programmes and orders, 2022-2026 TABLE 71 Ukraine drone and thermal camera supply and demand indicators, 2024-2026 TABLE 72 National drone programmes and thermal implications TABLE 73 Thermal payload requirements by attritable drone class TABLE 74 Counter-UAS EO/IR sensor options TABLE 75 Selected cooled seeker and IRST programmes TABLE 76 Key defence thermal-related contracts and frameworks, 2023-2026 TABLE 77 Regulatory restrictions affecting Chinese security and thermal camera vendors TABLE 78 Commercial and public-safety drone thermal payloads compared TABLE 79 Firefighting and public-safety thermal product classes TABLE 80 Annual uncooled thermal imaging revenue forecast for defence, security, drone and public-safety applications, 2025-2037 (US$ million) TABLE 81 Key assumptions behind the defence, security, drone and public-safety forecasts TABLE 82 Automotive night-vision generations and representative programmes, 2000-2026 TABLE 83 Night-time pedestrian AEB requirements compared, October 2026 TABLE 84 Selected vehicle programmes using thermal imaging, 2024-2026 TABLE 85 Automotive thermal camera supply chain, October 2026 TABLE 86 Thermal camera integration options TABLE 87 Automotive thermal camera cost roadmap (Future Markets estimates) TABLE 88 Automotive thermal imaging forecast, base case TABLE 89 Automotive scenario assumptions and outcomes TABLE 90 Handheld and portable thermography product tiers, October 2026 (price bands are Future Markets estimates) TABLE 91 Fixed industrial thermal applications and requirements TABLE 92 Battery and data-centre thermal monitoring use cases TABLE 93 Methane regulation and OGI demand TABLE 94 Outdoor and hunting thermal price bands, October 2026 (Future Markets estimates) TABLE 95 Thermal sensing in phones and phone accessories TABLE 96 Thermal IR sensing in wearables and personal health devices TABLE 97 Building and HVAC thermal sensing technologies TABLE 98 Medical thermal applications, standards and outlook TABLE 99 Thermal sensing in robots TABLE 100 Appliance, gas and flame sensing applications for thermal detectors TABLE 101 Commercial thermal Earth-observation operators, 2026 TABLE 102 Forecast summary for chapter 10 applications, US$ million (base case) TABLE 103 Calibration points used to anchor the 2025 base year TABLE 104 Key base-case assumptions TABLE 105 Global thermal imaging and sensing market by segment, 2025-2037 (US$ million) TABLE 106 Segment growth by phase and share of total market TABLE 107 Uncooled thermal imaging market by application, 2025-2037 (US$ million) TABLE 108 Uncooled shipments, revenue and revenue per unit, 2025-2037 TABLE 109 Uncooled thermal imaging shipments by application, 2025-2037 (million units) TABLE 110 Revenue per uncooled unit shipped by application, 2025-2037 (US$ per unit) TABLE 111 Uncooled shipments by resolution, 2025-2037 (million units and share) TABLE 112 Uncooled revenue by resolution class, 2025-2037 (US$ million and share) TABLE 113 Uncooled shipments by pixel pitch, 2025-2037 (million units and share) TABLE 114 Uncooled shipments by sensing material, 2025-2037 (million units and share) TABLE 115 Uncooled revenue by sensing material, 2025-2037 (US$ million and share) TABLE 116 Cooled infrared imaging market by application, 2025-2037 (US$ million) TABLE 117 Cooled infrared imaging market by detector material, 2025-2037 (US$ million) TABLE 118 Thermal detector market by technology, 2025-2037 (US$ million) TABLE 119 Thermal detector market by application, 2025-2037 (US$ million) TABLE 120 Thermal detector shipments by technology, 2025-2037 (million units) TABLE 121 Blended ASP by detector technology, 2025-2037 (US$ per unit) TABLE 122 Thermal imaging and sensing market by region, 2025-2037 (US$ million) TABLE 123 Regional market by segment, 2027 and 2037 (US$ million) TABLE 124 Average selling price by product class, 2025-2037 (US$ per unit, sensor or core level) TABLE 125 Scenario assumptions TABLE 126 Scenario forecasts, total market and automotive, 2025-2037 (US$ million) TABLE 127 Scenario forecasts by segment in 2037 (US$ million) TABLE 128 Supply chain stages, leading suppliers and concentration risk TABLE 129 Comparison of the Chinese and Western thermal supply systems, 2026 TABLE 130 Chinese export-control measures relevant to thermal imaging, 2023-2026 TABLE 131 Germanium supply, flows and mitigation options for thermal optics TABLE 132 US export-control and sanctions framework for thermal imaging TABLE 133 US procurement, communications and industrial measures affecting thermal imaging TABLE 134 European policy instruments relevant to thermal imaging TABLE 135 Thermal imaging capacity expansions and indicators, 2024-2026 TABLE 136 Privacy and medical regulatory framework for thermal sensing TABLE 137 Competitive structure of the three thermal market arenas, 2025 TABLE 138 Uncooled microbolometer vendor positions, 2025-2026 TABLE 139 Thermal detector vendor positions, 2025 (share of US$535 million detector revenue, Future Markets estimates) TABLE 140 Cooled infrared detector vendors and positions, 2026 TABLE 141 Western and Chinese vendors compared on strategic dimensions TABLE 142 Selected thermal imaging M&A, investment and funding events, 2023-2026 TABLE 143 Thermal imaging and sensing start-up landscape, 2026 TABLE 144 Roadmap technologies: 2026 status and expected volume entry TABLE 145 Summary of recommended actions by stakeholder group List of Figures FIGURE 1 Global thermal imaging and sensing market by segment, 2025-2037 (US$ million) FIGURE 2 Uncooled thermal imaging revenue by application, 2027 and 2037 (US$ million) FIGURE 3 Global market by region, 2025-2037 (US$ million) FIGURE 4 The thermal imaging and sensing value chain, with example companies at each level FIGURE 5 Market structure by segment and uncooled application, 2025 (US$ million) FIGURE 6 Milestones in the history of thermal imaging, 1800-2026 FIGURE 7 Blackbody spectral radiance at 300 K, 500 K and 1,000 K, with wavelength of peak emission FIGURE 8 Infrared wavebands, atmospheric windows (schematic) and the spectral coverage of detector materials FIGURE 9 Geometric DRI range for a human target versus focal length, 12 um and 17 um pixels, Johnson criteria FIGURE 10 Thermal detector revenue by technology, 2025-2037 (US$ million) FIGURE 11 Indicative unit price versus pixel count for thermal sensors, 2026 (log-log) FIGURE 12 Pixel count typically required by application FIGURE 13 Thermopile versus pyroelectric revenue, 2025-2037 (US$ million) FIGURE 14 Packaging route versus package share of detector cost and relative detector cost (Future Markets estimates) FIGURE 15 Uncooled microbolometer pixel pitch roadmap, 2008-2037 FIGURE 16 Gross 640x512 dies per 200 mm wafer by pixel pitch (illustrative) FIGURE 17 Uncooled imager shipments by resolution class, 2025-2037 (million units) FIGURE 18 Estimated 2025 microbolometer shipments versus disclosed annual capacity, by supplier (million units) FIGURE 19 Cryocooler SWaP for a conventional (80 K) and a HOT (150 K) MWIR detector, RICOR K508N vs K588 FIGURE 20 Format and pixel pitch of current cooled MWIR/LWIR focal plane arrays by detector technology FIGURE 21 Spectral coverage of SWIR, MWIR and LWIR detector technologies against the atmospheric windows FIGURE 22 Estimated share of manufacturing cost by component for five thermal camera classes, FIGURE 23 Germanium metal prices and Chinese export-control milestones, 2021-2026 FIGURE 24 Uncooled thermal imaging revenue by defence, security, drone and public-safety application, 2025-2037 FIGURE 25 Ukraine drone output, thermal camera demand and European thermal sensor supply (million units per year; reported, targets and Future Markets estimates) FIGURE 26 Pixels across a 0.35 m drone versus range for typical C-UAS thermal configurations, with Johnson-type thresholds FIGURE 27 Timeline of major defence, drone and regulatory programmes affecting thermal demand, 2022-2036 FIGURE 28 Defence & military uncooled thermal revenue by sub-application, 2025, 2031 and 2037 (Future Markets estimates) FIGURE 29 Security thermal camera vendor positioning by price and eligibility for Western government and critical-infrastructure projects FIGURE 30 Growth rates of defence, security, drone and public-safety thermal applications compared with all uncooled imaging FIGURE 31 Regulatory timeline for night-time AEB, 2024-2032 FIGURE 32 Manufacturer revenue per automotive thermal camera implied by the base-case forecast, 2025-2037 FIGURE 33 Automotive thermal camera revenue and shipments, 2025-2037 FIGURE 34 Automotive thermal imaging revenue scenarios, 2025-2037 FIGURE 35 Uncooled thermal imaging revenue in industrial, outdoor/consumer and medical applications, 2025-2037 FIGURE 36 Typical price bands for thermography cameras by resolution class (Future Markets estimates) FIGURE 37 Launch milestones and plans of commercial thermal Earth-observation operators, 2022-2029 FIGURE 38 Thermal detector revenue by application, 2025-2037 FIGURE 39 Opportunity map for chapter 10 applications: 2037 revenue versus 2027-2037 growth FIGURE 40 Global thermal imaging and sensing market by segment, 2025-2037 (US$ million) FIGURE 41 Uncooled thermal imaging market by application, 2025-2037 (US$ million) FIGURE 42 Uncooled shipments by application (bars) and revenue per unit shipped (line), 2025-2037 FIGURE 43 Uncooled market share by resolution: units (left) and revenue (right), 2025-2037 FIGURE 44 Uncooled shipments by pixel pitch, 2025-2037 (million units) FIGURE 45 Share of uncooled shipments by sensing material, 2025-2037 (% of units, log scale) FIGURE 46 Cooled infrared imaging market by application, 2025-2037 (US$ million) FIGURE 47 Cooled infrared imaging market by detector material, 2025-2037 (US$ million) FIGURE 48 Thermal detector market by technology, 2025-2037 (US$ million) FIGURE 49 Thermal detector shipments by technology, 2025-2037 (million units) FIGURE 50 Thermal imaging and sensing market by region, 2025-2037 (US$ million) FIGURE 51 Average selling price trajectories by product class, 2025-2037 (US$, log scale) FIGURE 52 Low, base and high scenarios for the global market, 2025-2037 (US$ million) FIGURE 53 Growth map of forecast segments: CAGR 2027-2037 versus 2037 revenue FIGURE 54 Thermal imaging supply chain map, with example companies and regional colour coding FIGURE 55 Thermal imaging and sensing market by region, 2025, 2031 and 2037 (US$ million) FIGURE 56 Timeline of thermal-relevant export controls, procurement rules and industrial measures, 2019-2026 FIGURE 57 European germanium prices, 2021-2025 (US$ per kg) FIGURE 58 Microbolometer unit shares by vendor, 2025 (Future Markets estimates) FIGURE 59 Strategic positioning of thermal imaging vendors: scale versus defence market access (bubble size = 2025 uncooled unit share) FIGURE 60 Thermal imaging and sensing technology roadmap, 2025-2037 FIGURE 61 Opportunity map: 2031 market size versus 2027-2037 CAGR, by segment (bubble area = 2037 market size)