Global Thermal Imaging Market Poised to Reach $6B by 2019January 3, 2017 | Transparency Market Research
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Only a handful of players dominated the global thermal imaging market in 2012, finds Transparency Market Research (TMR) in its latest report. Prominent companies such as DRS Technologies Inc., BAE Systems Inc., Raytheon Company, and FLIR Systems Inc., held dominance in the global market with a share of 75% in 2012. These enterprises have well-developed network and resources to cater to the industry demand and pace up with the evolving technology. Furthermore, in order to increase their market share, major enterprises also kept their pricing competitive, which intensified the already fierce competition prevailing in the global thermal imaging market.
According to TMR, the global thermal imaging market is poised to reach US$6.09 bn by the end of 2019 from a valuation of US$3.1 bn in 2012. If the values hold true, the global thermal imaging market will exhibit a CAGR of 9.76% between 2013 and 2019. “Among the end users, the commercial and industrial sectors emerged dominant, collectively holding a share of 49.6% in the overall market in 2012,” said a TMR analyst.
North America to Remain Dominant Regional Market through Forecast Period
Regionally, North America held the dominant share in the global thermal imaging market in the same year. The region is also expected to retain its dominance through the course of the forecast period due to the growing use of thermal imaging devices for commercial security and law enforcement activities. However, factors such as decreased budget allocation to defense by the federal government and in Canada are hindering the market’s expansion in North America. Nevertheless, the growing opportunities in Asia Pacific will help the market gain momentum over the course of the report’s forecast period.
Rising Penetration in Commercial and Industrial Sector to Fuel Sales Prospects
In the last couple of years, thermal imaging has successfully penetrated in the commercial and industrial sector. In industries, thermal imaging devices are used in the manufacturing processes. They are also used to monitor and identify the hot spot in electrical and mechanical installations. In the commercial sector the devices are mainly deployed for diagnosing security of buildings, estates, or airports. The declining prices of thermal imaging devices have further bolstered their uptake across residential sector.
On the downside, the decreasing military investments will limit the scope of the market in developed countries such as the U.S.
In addition, reduction in the price of thermal imaging devices has increased penetration in the residential sector. However, decreasing military spending by major countries such as U.S., Canada, Italy and France are hindering the growth of thermal imaging market.
Demand for Advanced Surveillance and Security to Boost Growth
“Among the primary end user segments, the rising demand from the military and defense sector raked high revenue for the global thermal imaging market,” observed the TMR report’s author. Over the course of the forecast period, the segment is will continue to be a major contributor to the market, especially due to the increasing investment in defense by governments in India, China, Russia, and the U.K.
Besides this, thermal imaging devices are extensively used in applications such as maintenance and monitoring, surveillance and security, healthcare, traffic monitoring, and automobile research and development. Among these, the rising demand from the surveillance and security, and maintenance and monitoring segments will give significant impetus to the global thermal imaging market. The rising demand for advanced security in airports will also help the market gain pace through the course of the forecast period.
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