Thermal Imaging Market (By Applications -Surveillance and Security, Maintenance and Monitoring, Traffic Monitoring, Healthcare, Automobiles, Research and Development, and Others (Firefighting and Personal Vision); By End-users - Defense and Military, Industrial, Commercial and Residential Sector) -Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
Albany, NY -- (SBWIRE) -- 05/09/2016 -- Transparency Market Research, a global market intelligence firm, announces the publication of a new market research study made available on the company website. The research study, titled "Thermal Imaging Market -Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019," provides a detailed analysis of the market, focusing on the product segmentation, major driving factors and restraints, major geographical segments, current trends, and competitive scenario of the market. According to the research study, in 2012, the global for thermal imaging market was worth US$3.2 bn and is estimated to reach a value of US$6.1 bn by the end of 2019. The market is anticipated to register a 9.76% CAGR between 2013 and 2019.
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Thermal imaging is a process of enhancing the visibility of objects in dark settings by detecting the infrared radiation of the object and creating an image based on it. This feature of thermal imaging is the primary factor responsible for its high demand from the defense sector. The proliferation of thermal imaging devices in diverse applications is estimated to fuel the growth of the market in the near future. In addition, the introduction of thermal imaging in smartphones and PCs has further increased the potential of this market in the coming years.
By application, the global market for thermal imaging has been categorized into research and development, surveillance and security, healthcare, maintenance and monitoring, automobiles, traffic monitoring, and others (such as personal vision and firefighting). In 2012, the maintenance and monitoring segment and the surveillance and security segment collectively held a 44.7% share in the overall market.
By end use, the global market for thermal imaging has been segmented into the residential sector, the defense and military sector, the commercial sector, and the industrial sector. In 2012, the defense and military sector led the market, holding a 45.04% share in the global thermal imaging market, owing to the growing investment by several countries on modernization of armed forces.
By geography, the global market for thermal imaging has been divided into Asia Pacific, North America, Europe, and Rest of the World. In 2012, North America accounted for the largest share in the overall thermal imaging market, followed by Europe. This region is anticipated to remain in the lead throughout the forecast period thanks to the increased adoption of thermal imaging devices for commercial security and law enforcement activities.
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However, the decreasing expenditure on defense by Canada and the U.S. is expected to curb the growth of the market. On the other hand, Asia Pacific and Europe are estimated to increase their expenditure on defense, which is projected to augment the growth of the thermal imaging market in these regions.
The research report further talks about the competitive landscape of the global market for thermal imaging, including detailed profiles of major players and analysis of the same. These players are taking efforts to maintain their leading position by emphasizing on strategic alliances and technological advancements. The major players operating in the global thermal imaging market include Testo AG, FLIR Systems Inc., DRS Technologies, Inc., Axis Communications AB, BAE systems Ltd, Danaher Corporation, L-3 Communications Holdings, Inc., and Raytheon Company. Among these players, DRS Technologies Inc. and FLIR Systems Inc. are the dominant players in the overall market.
Key Segments of the Thermal Imaging Market:
Thermal Imaging Market, by Applications:
Surveillance and security
Maintenance and monitoring
Research and development
Others (firefighting and personal vision)
Thermal Imaging Market, by End-users:
Defense and military sector
Thermal Imaging Market, by Geography:
RoW (Latin America, Middle East and Africa)
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