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.
Browse full research report on Thermal Imaging Market: https://www.grandviewresearch.com/industry-analysis/thermal-imaging-market
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.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/electronic-security-systems-and-devices
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
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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