Global thermal imaging market is poised to reach USD 6.50 billion by 2020. Increasing demand for low-cost devices owing to its widespread applications. Commercialized thermal imagers resulting from the development of microbolometers expected to augment the growth of the market over the forecast period.
In addition to increasing demand in industrial and commercial sectors, thermal imaging devices are also used across several security and surveillance applications. Moreover, increasing adoption of integrated solutions across commercial applications would further fuel the growth of the industry. Furthermore, the use of thermal imaging in high-resolution camera and smartphone is expected to bolster further the growth of the industry.
Thermal Imaging application in commercial segment is also poised to experience growth over the next few years. Growth can be attributed to increasing the use of thermal imaging devices across various applications such as surveillance and security, thermography and transportation systems.
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North America thermal imaging market by application, 2012 - 2020 (USD Million)
Further key findings from the study suggest:
·
Defense & Military was the dominant
application segment in 2013 and accounted for over 40% of thermal imaging
market during the same period. The thermal camera is used extensively by ground
forces in the military to improve situational awareness. However, decreasing
defense spending in developed markets would prove to be a restraining factor
for the growth over the projected period.
·
North America was the largest regional market in
2013 and accounted for over 30% of the market. Growing industrial and
commercial sectors are expected to fuel the market growth over the forecast
period. The extensive use of thermal imaging sensors in security products and
rising demand for safety and surveillance applications is expected to drive
demand in Europe. Asia Pacific is also expected to witness significant growth
owing to rising defense budget.
·
The thermal imaging market is highly competitive
and is characterized by cost minimization strategies by key industry players.
The companies emphasize on continuous innovation and R&D to outpace the
competition. In the industry, there is a high degree of integration between the
manufacturers and suppliers. Manufacturers focus on global deployment,
technological innovation, and unique products to cater to growing demand.
Furthermore, increasing focus on scaling production which leads to reduced
product cost due to economies of scale is expected to propel demand over the
next few years.
·
Key players in the industry include BAE Systems
Inc., FLIR Systems Inc., Raytheon Company, and DRS Technologies Inc. Optimizing
manufacturing throughput along with greater product reliability through
vertical integration of production activities is expected to be a key growth
driver.
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Grand View Research has segmented the global thermal imaging market on the basis of application and region:
Thermal Imaging Application Outlook (Revenue, USD Million, 2012 - 2020)
• Military & Defense
• Commercial
• Residential
• Industrial
Thermal Imaging Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
For press release of this report - http://www.grandviewresearch.com/press-release/global-thermal-imaging-market
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