Sellbyville, DE -- (SBWire) -- 11/07/2018 --Handheld Imager Market is set to grow at a CAGR of over 12% during the forecast timespan and is attributed to the increase in security concerns and rapid need for document scanning around the globe. These devices have high application in the security and defense sector as they aid in the detection of contraband and explosives in airports and other high security locations. This equipment reduces the discomfort of the person being scanned and is more convenient for usage than magnetometers for usage at airports.
The rising trend of miniaturization and need for increasing the range of these equipment has led to rapid development in the handheld imager market to cater to this demand. Technological advancements have led to the rise of infrared imaging, and the ability to use this equipment in the dark and smoke. The usage of cost-efficient raw materials such as amorphous silicon in the manufacturing of these devices is also expected to fuel the decline in the overall market prices and propel market.
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The inability of these devices to operate efficiently at elevated temperatures and analyze through certain materials such as glass and is a major factor hindering the growth of the handheld imager market.
High demand for handheld imagers in security applications is a major factor contributing to the 35% market share in 2015. The surge in demand is due to government mandates for the prevention of terrorist and criminal activities in high risk areas. Penetration of these technologies in the healthcare segment is attributed to the growing shift towards Electronic Health Records (EHR) and the product's capabilities to analyze the patient's body, ears and the retinas is predicted to heighten the demand.
Product segmentation of the handheld imager market indicates that stud finders will experience a CAGR of approximately 12% during the forecast timespan as they aid the construction industry in the accurate location of framing studs behind walling surfaces. Millimeter scans are largely used in malls, airports and wide public spaces for the conduction of full body scans in short time durations. IR scanners in the handheld imager market are predicted to exhibit a decline in product prices and high adoption across various sectors such as construction and security.
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The U.S. handheld imager market is predicted to dominate with a CAGR of 12%. Rise of terrorist activities such as the shooting attack at Fort Lauderdale Airport and the stabbing attack at Minessota shopping mall in 2017 have led to the demand for security mandates. The Asia Pacific market is expected to grow at 13% CAGR during the forecast period due to high applications in the healthcare sector.
The players operating in the handheld imager market includes BAE Systems, Bosch, CH Hanson Company, Zircon Corporation, Drs Technologies, FLIR Systems, Fluke Corporation, Franklin Sensors, General Dynamics, Newport Corporation, Raytec, Sago Systems, Inc., Stanley Black & Decker, Inc. To sustain long term growth in the handheld imager market, business must take up strategies such as product developments, acquisitions and partnerships.
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Handheld Imager Market Size Will Cross USD 3.5 Billion by 2023 : Leading Players Are B BAE Systems, Bosch, FLIR Systems, Fluke Corporation, General Dynamics, Stanley Blac
Advancement in technology such as infrared imaging is projected to drive the handheld imager market size over the next few years