Thermal Imaging Market by Solutions (Hardware, Software, Services), by Applications (Surveillance (Airborne, Maritime, Land), Threat Detection, Veterinary, Automotive & others), by End-Users (Military & Defense & Commercial) - Global Forecast to 2020
Thermal Imaging is changing the world with the applications ranging from military to personal handheld cameras and smartphones. The global thermal imaging market has witnessed a significant demand owing to the increasing adoption of related devices across a diverse range of applications. The thermal imaging market is fast gaining traction primarily due to decreasing cost and increasing usage in various industrial verticals.
The thermal imaging market is growing due to acceptance of thermal camera applications in military and commercial segment, driven in portion by development in the technology and innovation. With evolving technology, the possibilities of thermal imaging camera have become increasingly attractive to the decision makers and operators. The thermal imaging cameras are finding their way in more and more consumer-oriented applications. Horizontal adoption is yet another driver for thermal imaging market. Continual decrease in prices of thermal cameras is expected to remain the key driver behind the increase in the adoption of thermal imaging technology in the coming years.
The demand for thermal imaging market is accelerating due to its cost-effective and easy deployment features. Hence, vendors in these markets are coming up with technologies and solutions to increase their penetration in the market. In recent years, APAC region is increasingly investing and adopting thermal imaging on up-gradation of weapons and battle equipment which is also the key factor which is propelling the growth of thermal imaging market. Still there are certain challenges restraining the growth of thermal imaging market. The decline in the defense budget of U.S. & Europe is the major restraint being faced by the thermal imaging industry.
The report also provides an in-depth analysis of the thermal imaging market across the solutions types, applications, end-users, and regions. The market is also segmented by region into North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA). Among all the regions, North America holds the maximum market size whereas APAC is the major growing areas.
The thermal imaging market is expected to grow from $7,252.0 million in 2015 to $9,998.9 million by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 6.6% from 2015 to 2020. The key players in this market include Flir systems, Danaher corp, BAE systems, L-3 communications, DRS technologies, Axis communication, Raytheon, Sofradir group, Thermoteknix systems, Testo AG and many others
MarketsandMarkets expects that surveillance applications market will account for the largest market share throughout the forecast period. However, there are a few revenue pockets, namely commercial and residential security, automotive, veterinary and threat detection that will witness significant growth in this period.
There are various assumptions that have been taken into consideration for the market sizing and forecasting exercise. A few of the global assumptions include political, economic, social, technological, and economic factors. The dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions.
The report will help the market leaders or new entrants in this market in the following ways:
1. This report segments the market into various sub-segments covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across the different end users and regions.
2. This report will help in the better understanding of the competitors and gain more insights to better one’s position in business. There is a separate section on competitive landscape, which includes competitor ecosystem, and mergers and acquisitions, partnerships, and agreements. Besides, there are company profiles of ten players in this market. In this section, market internals are provided that can put one ahead of the competitors.
3. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.