Thermal Imaging Market Growth Steady at 5.9%
PUNE, India, September 6, 2016
The global thermal imaging market is forecast to reach $10.27 billion by 2021 from $7.71 billion in 2016 at a CAGR of 5.9% driven by declining prices of thermal cameras and their surging demand in all commercial applications such as automotive, veterinary, intelligent transportation systems and many others.
The automotive application market is expected to gain high traction during the forecast period. The automotive application market is estimated to grow with the highest CAGR during the forecast period. Automotive application is gaining traction in the market as thermal cameras help the driver detect objects, animals, and pedestrians on the road even in difficult visibility conditions. Moreover, theses cameras also help drivers to know about approaching curves in advance; see road edges better; and to see through dust, smoke, light fog, rain, and total darkness.
North America is expected to contribute the largest market share during the forecast period. North America has captured the largest market share in 2016. This region is witnessing rapid growth of thermal imaging products and services by end users due to the decline in the prices of thermal cameras. The stern non-compliance measure adopted by the government and various regulatory bodies in the region has given a thrust to thermal imaging products and services, which is expected to gain further traction in this region in the forecast period. North America is also the fastest growing region with the highest CAGR. This region offers potential growth opportunities due to the presence of a large number of thermal imaging vendors.
The latest trends in thermal imaging include thermal imaging cameras for smartphones. Declining thermal camera prices and their surging demand in smartphones and all commercial applications are driving the thermal imaging market, which is improving the overall business value. The thermal imaging market is consumer driven and its major end users are military & defense and industrial, commercial & residential sectors. Moreover, the market in APAC is gaining traction due to increasing economic growth and high defense spending.
The various key thermal imaging vendors profiled in the report includes FLIR Systems, Inc. (Wilsonville, Oregon, U.S.), Fluke Corporation (Washington, U.S.), Bae Systems (London, U.K.), L-3 Communications Holdings, Inc. (New York, U.S.), DRS Technologies, Inc. (Arlington, Virginia, U.S.), Axis Communications (Lund, Sweden), Honeywell International, Inc.(New Jersey, U.S.), Raytheon Company (Waltham, Massachusetts, U.S.), Thermoteknix Systems Ltd. (Cambridge, U.K.) and Testo AG (Lenzkirch, Germany).
This research study is obliging for the audience includes Thermal imaging vendors, Research organizations, Government agencies, Consulting companies and Value-added resellers. The objectives of the report to define, describe, and forecast the global thermal imaging market on the basis of components, applications, end users, & regions and to track and analyze competitive developments such as Mergers and Acquisitions (M&A), new product developments, and Research and Development (R&D) activities in the market.
On a related note, another research on Infrared Imaging Market Analysis and Forecast to 2022 says, the global market for infrared imaging is expected to grow at a CAGR of 8.32% between 2016 and 2022 from USD 6.43 billion in 2015 to USD 11.36 billion by 2022. Uncooled technology expected to grow at the highest rate in the infrared imaging market. North Americas and Asia-Pacific are the major markets for infrared imaging.