Border Security Threats to Drive Global Thermal Imaging Market

Thermal imaging is a technique in which objects in dark environments are visualized by using information gained from infrared radiation and creating a virtual image of the object. Thermal imaging has the advantage of working in environments without any ambient light. Also, thermal imaging devices can pass through obscurants such as haze, fog, and smoke.

Deployment of Thermal Imaging in Industrial Sector to Drive Demand for Thermal Imaging Market

In 2012, the global thermal imaging market for was worth US$3,192.5 million and is projected to be worth US$6,098.8 million by the end of 2019, exhibiting a progressive 9.76% CAGR between 2012 and 2019. The increasing entry of thermal imaging in the commercial and industrial sectors is primarily fueling the demand of the market. Thermal imaging devices are employed in the industrial sector to monitor manufacturing processes. The devices are used to identify hot spots for installation of mechanical equipment and electrical equipment for the process. The consistent need for the same from the industrial sector is helping the growth of the thermal imaging market.

In the commercial sector, thermal imaging is employed for building mandates and security of public facilities such as airports, warehouses, and ports. Further, government investment initiatives in countries such as China, India, the U.K., and Japan for upgrading weapon systems and war equipment are contributing to the growth of the thermal imaging market. Lately, the reduced prices of thermal imaging devices have helped the market carve its way into residential applications as well. However, decelerated expenditure for defense services in developed nations such as France, the U.S., Italy, and Canada is hindering the growth of the global market for thermal imaging.

Commercial Spaces Security to Lead End-use Segment of Thermal Imaging Market

The thermal imaging market is classified on the basis of end users, applications, and geographical regions. Based on the application segmentation, the thermal imaging market is classified into security and surveillance, healthcare, research and development traffic monitoring, maintenance and monitoring, and others (personal vision and fire fighting). The security and surveillance sub-segment of the applications segment dominated the market in 2012.

Security and surveillance and maintenance and monitoring collectively held 44.7% of the thermal imaging market by revenue in 2012. This is attributed to increased government expenditure for modernization of armed services in emerging nations such as China, India, and Japan.

On the end user front, the thermal imaging market is segmented into four areas, namely defense and military, commercial, residential, and industrial sector. Commercial and industrial sectors account as the fastest growing segments, having a combined revenue share of 49.6% of the thermal imaging market in 2012. The price cuts of thermal imaging devices in recent times are responsible for the increased deployment of the devices in the commercial and industrial sectors.

Increasing Defense Forces Expenditure to Fuel Regional Asia Pacific Thermal Imaging Market

In the regional geographical segmentation, the global thermal imaging market is divided into four broad regions, namely North America, Asia Pacific, Europe, and Rest of the World (RoW). Among regional segments, North America led the thermal imaging market in 2012 and is expected to maintain its position in coming years. This is owing to the fast growth of the thermal imaging market in the commercial and industrial sectors and higher deployment of these devices for law execution initiatives.

Regionally, Europe is the next largest region, followed by Asia Pacific. The growing expenditure for defense services in countries in Europe and Asia Pacific is fueling the growth of the thermal imaging market in both the regions.

Some of the major corporations in the global thermal imaging market are FLIR Systems, Raytheon Company, and DRS Technologies.

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