Transparency Market Research has published a new report titled "Thermal Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019" to its report store.
Albany, NY -- (SBWIRE) -- 12/10/2014 -- Transparency Market Research has published a new report titled "Global Thermal Imaging Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" to its comprehensive report store. According to this report, the global thermal imaging market was valued at US$3,192.5 million in 2012 and is further predicted to reach US$6,098.8 million by 2019. The market is expected to grow at a CAGR of 9.76% from 2013 to 2019.
This report provides in-depth analysis of the global thermal imaging market, as well as states the market forecast in terms of revenue growth (USD million) for all segments listed under thermal imaging market for the period, 2013 to 2019.
Browse the full Thermal Imaging Market report with TOC:
This report is based on the study of how thermal imaging technology has caused major influence on the decision making procedure in business and all socio-economic aspects. The thermal imaging market is categorized into various sub-segments based on its applications, end-users segment and geography for the period, 2013 to 2019.
Owing to the increasing adoption of thermal imaging devices and its use in new applications there has been a high growth in the global thermal imaging market throughout the forecast period. The market is driven by increased investment in modernization of armed forces and high-use of thermal imaging cameras for commercial security purpose. The commercial sector is mainly deploying thermal imaging devices for diagnosis and security purposes at airports, warehouses, real estates, and various other commercial places. Moreover, the industrial sector is also using thermal imaging devices for monitoring purposes. This sector deploys thermal imaging devices to find hot spot in electrical and mechanical installations.
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Among the various end-user segments, the defense and military sector is anticipated to dominate the overall market during the forecast period. It accounted for approximately 45.04% of market revenue share in 2012. As various countries such as the U.K., China, Russia, and India are investing and upgrading to modern armed forces, the need for thermal imaging devices increases correspondingly, hence leading to growth in the global thermal imaging market.
In the market for thermal imaging devices, the surveillance and security segments, as well as the maintenance and monitoring applications are some of the most promising and profitable industry applications within the thermal imaging market. Both the segments collectively accounted for around 44.7% of market revenue share in 2012. There is an increased demand for security and surveillance by the need to safeguard border areas and enhance protection and security in commercial spaces.
Thermal imaging devices are also widely used in industry applications including traffic monitoring, research and development, healthcare, firefighting and personal vision, and automobile industries. The global thermal imaging market experiences its major growth from increasing government investments of countries such as India, China, and Japan on up-gradation of battle equipment and weapons.
Browse Global Thermal Imaging Industry Press Release:
Geographically, in 2012, North America dominated the global thermal imaging market due to the growing usage of thermal imaging devices for commercial security and law enforcement activities. This region was followed by Europe. Europe is predicted to be the next largest thermal imaging market followed by Asia-Pacific. Due to the increase in defense spending, countries in Europe and Asia-Pacific are expected to fuel high growth in the thermal imaging market over the forecast period.
In 2012, some of the few existing players dominated the global thermal imaging market that included DRS Technologies Inc., Raytheon Company, FLIR Systems Inc., and BAE Systems Inc. These players have collectively accounted for around 75% of the total market share in 2012, and have the network to meet the changing technology at a global front.
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