HOME › Research Insight › Technological Growth of Infrared and Thermal Imaging Systems Market in Industry
Technological Growth of Infrared and Thermal Imaging Systems Market in Industry
According to Anasbin T.P, research associate, Aerospace and Defense business unit at MarketsandMarkets, the infrared and thermal imaging systems market is expected to be $3,350 million in 2014 and is expected to grow at a CAGR of 9.27% to touch $5,219.21 million by 2019.
North America is a major contributor to the revenue, but the Middle East and Asia-Pacific show exceptional growth and are thus high-growth regions. Similarly, countries such as India, Saudi Arabia, China, and other countries in the region, have high growth.
The increased use of integrated solutions and services for closed circuit television cameras, the automotive sector, and smartphones, have boosted the demand for infrared and thermal imaging systems within these sectors, and eventually, boosted the revenue of the infrared and thermal imaging systems market.
Even though the military budget cuts in the U.S. and EU, and the global financial crisis have affected the infrared and thermal imaging systems market, the market has slowly gained stability and is on the verge of a tremendous rise. The main reason for this boost is due to the increased worldwide demand for commercial applications in the transportation and thermographic sector. Similarly, border disputes, terrorism, internal insurgencies, soldier modernization programs, and other issues, have resulted in increased sales of infrared and thermal imaging systems in those regions. The threats from Iran, border issues, and the conflict between Israel and Arab countries, have forced major Arab countries to modernize their troops, which in turn has made the region favorable to infrared and thermal imaging system manufacturers.
Technological evolutions in microbolometers, outsourced work, increased production lines, and increased worldwide demand, has helped manufacturers lower the prices of infrared and thermal imaging systems which in turn plays a major role in the wide acceptance of these systems in the commercial as well as military market. The top players in the infrared and thermal imaging market such as FLIR Systems, DRS Technologies, Raytheon Company, L-3 Communications, BAE Systems, and others, are now contending to break into the commercial market by introducing cheaper devices.
Infrared and Thermal Imaging Systems Market by Technology (Cooled, Uncooled), by Subsector (Commercial, Military), by Application (Transportation, Security & Surveillance, Thermography, Military Vehicle Vision, Soldier Portable Vision, & Unmanned Systems), & by Geography (North America, Europe, Asia-Pacific, the Middle East, Latin America & ROW) - Forecasts & Analysis 2014–2019
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252