The
global thermal imaging market is forecast to reach USD 6,098.8
million by 2019. The market growth is driven by emergence of new
applications and increased investment on modernization of armed
forces across emerging markets.
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Global
thermal imaging market was valued at USD 3,192.5 million in 2012 and
is expected to grow at a CAGR of 9.76% from 2013 to 2019. Rising
penetration of thermal imaging devices in industrial and commercial
sector is driving the growth of this market. Industrial sector is
using thermal imaging devices for manufacturing process monitoring
and to find hot spot in mechanical and electrical installation.
Commercial sector is deploying thermal imaging devices for building
diagnosis and security of airports and estates etc. 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.
Among
the various end-user segments, defense and military is the largest
sector and accounted for 45.04% of market revenue share in 2012. The
defense and military sector is expected to dominate the market over
forecast period due to the increasing investment by various countries
such as China, U.K, Russia and India for upgrade and modernization of
armed forces. Thermal imaging devices are widely used in applications
such as surveillance and security, maintenance and monitoring,
traffic monitoring, healthcare, automobile, research and development,
and others (firefighting and personal vision). Surveillance &
security and maintenance & monitoring applications are emerging
as promising applications for thermal imaging devices. These two
segments together accounted for 44.7% of market revenue share in
2012. Demand for surveillance and security is supported by the need
to enhance border and commercial security. Commercial security
includes security of airports, ports, estates and warehouse.
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Press Release of Thermal Imaging Market @
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Geographically,
North America is expected to remain largest market for thermal
imaging due to the growth in industrial and commercial sector in the
country. North America is anticipated to dominate this market
throughout the forecast period due to the increasing use of thermal
imaging devices for law enforcement activities. Europe would be the
next largest market followed by Asia-Pacific. Countries in Europe and
Asia-Pacific are increasing their defense spending, which is expected
to drive thermal imaging market in these regions.
Global
thermal imaging market was dominated by few existing players in 2012.
Renowned players such as FLIR Systems Inc., DRS Technologies Inc.,
Raytheon Company and BAE Systems Inc. led the global market, and
collectively accounted for around 75% of the market in 2012. These
players have well-developed resources and network to meet industry
demand and to retain pace with the changing technology. In order to
increase their market share, key players are reducing their product
prices, which is further increasing the competition among the
manufacturers.
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This
report analyzes the global thermal imaging market in terms of revenue
(USD million). The market has been segmented as follows:
Market
Segmentation of Global Thermal Imaging Market:
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all Press Releases:
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Thermal
Imaging Market, by Applications:
Surveillance
and security
Maintenance
and monitoring
Traffic
monitoring
Healthcare
Automobile
Research
and development
Others
(firefighting and personal vision)
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all Article :
http://www.transparencymarketresearch.com/articles.htm
Thermal
Imaging Market, by End-users:
Defense
and military sector
Industrial
sector
Commercial
sector
Residential
sector
Thermal
Imaging Market, by Geography:
North
America
Europe
Asia
Pacific
RoW
(Rest of the World)
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