The global thermal imaging market is expected to reach USD 6,499.5 million by 2020, according to a new study by Grand View Research, Inc. Surging demand for cost effective thermal imaging devices across a diverse range of applications is expected to serve as a key market driver over the next six years. Commercialization of thermal imagers owing to the development of microbolometers is also expected to favorably impact market growth over the forecast period.
The thermal imaging market is characterized by constant price wars, which is a result of intense competition. In addition to growing demand from commercial and industrial applications, thermal imaging devices are used extensively across several security & surveillance applications. Reduced defense spending in developed markets is expected to restrain the industry over the next six years. Emergence and increased adoption of integrated solutions across commercial applications provides avenues for market growth. The use of thermal imaging technology in smartphones and high resolution cameras is also expected to be a sizable opportunity for industry participants.
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Further key findings from the study suggest:
- Military & defense emerged as the most dominant application segment, and accounted for over 40% of the thermal imaging market in 2013. Ground forces in the military depend on thermal cameras, night vision goggles and related equipment in order to improve situational awareness. Thermal imaging application in the commercial segment is also expected to witness growth over the next few years. This can be attributed to the rise in use of thermal imaging devices across an array of applications including security & surveillance, transportation systems and thermography.
- North America was the largest regional market in 2013, accounting for over 30% of the global thermal imaging market in the same year. Growth across the industrial and commercial sectors is expected to fuel the regional market over the next six years.
- Key market players include Raytheon Company, FLIR Systems Inc., BAE Systems Inc. and DRS Technologies Inc. Developing technologically advanced and cost-effective devices is expected to be a critical success factor to sustain amid increasing competition. Growing emphasis on vertically integrating manufacturing activities so as to achieve optimized manufacturing throughput along with greater product reliability is expected to be a key growth strategy.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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