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Asia-Pacific is Definitely a Favorable Market for Infrared and Thermal Imaging System Manufacturers
In the case of the infrared and thermal imaging systems market, North America and Europe are one of the early adopters of the system, as the technology is already mature. Similarly, the aforementioned regions are undergoing strict defense budget curtailing programs and a financial crisis, which conclude that the growth for North America and Europe will be comparatively low or steady.
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 estimated to record a CAGR of 9.27% to touch $5,219.21 million by 2019. The commercial sector is expected to outrun the military sector due to the high growth rate in commercial applications such as transportation, security and surveillance, and thermography.
asia-pacific is definitely a favorable market for infrared and thermal imaging system manufacturers. The growing economies like China, India, Indonesia, Australia, Japan, and other countries, are expected to register a high growth rate. Commercial sector applications such as transportation and thermography are expected to show tremendous growth in this region. Likewise, the effort of China to dominate the region has forced India and other countries to maintain their defense expenditure and modernize their troops by various soldier modernization programs. The threats from Somalian pirates, Illegal migration, dispute over water boundaries, and other issues, have also forced the Asia-Pacific countries to invest more in infrared and thermal imaging systems to provide superior fight capabilities in the day or night.
The Middle East is one of many regions that have registered the highest growth rate. The oil-rich nations in the region have doubled their defense expenditure and are undergoing noteworthy soldier modernization programs. Similarly, the threats from Iran, the conflicts between the Arab countries and Israel, the Arab Spring Movement, terrorism, and other pressing issues, have forced major powers in the region to modernize their troops. The commercial sector is also expected to register a tremendous growth rate in the region. The FIFA World Cup 2012 in Qatar, and efforts of Emirate nations to promote them as a hub of Asia, have resulted in tremendous growth in infrastructure and facilities which makes it a favorite pool as an infrared and thermal imaging systems manufacturer.
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
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