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Thermal imaging market forecast to total US$5.8Bn by 2018
Thermal Imaging Market: Worldwide Market Forecasts (2013 - 2018) - a new market research report on 2014-03-24 03:20:02
Thermal Imaging Market worth $5.84 Billion by 2018. The major forces driving this market are growing horizontal adoption, price reduction, low environmental impact and Original Equipment Manufacturers (OEMs) differentiation. The significance of the Thermal Imaging has increased, due to emergence of integrated solutions such as within Closed Circuit Television (CCTV) cameras, automotives, smart phones and many others wherein Thermal Imaging can be leveraged. The increase in use of thermal imagers across a range of commercial applications in all regions of the world has been noted as one of the major factors behind continual increase in Thermal Imaging Market size.
Solution providers such as FLIR Systems, DRS Technologies, Sofradir, Danaher Corporation, and Axis Communications, BAE Systems, Thermoteknix Systems, Testo AG and many others are expected to provide integrated Thermal Imaging solutions and offer better competitive services. The companies in this industry must take advantage of the growing awareness of Thermal Imaging in the new markets such as Middle East and Africa (MEA) as well as Asia Pacific (APAC). The surveillance, automotives, intelligent transportation systems and services done via thermal imagers such as surveys are the applications having high growth rate in the market.
The Thermal Imaging Market is estimated to grow from $3.49 billion in 2013 to $5.84 billion in 2018. This represents a Compound Annual Growth Rate (CAGR) of 10.9% from 2013 to 2018. The surveillance segment continues to be the largest contributor for thermal imaging. In terms of regions, NA is expected to be the biggest market in terms of revenue contribution in 2013, whereas Europe and APAC are expected to experience increased market traction, in due course.
With the increase in number of application areas where thermal imaging can be leveraged, demand for such imagers as well as sensors used in an integrated form by Original Equipment Manufacturers (OEMs) in the commercial market has been increasing immensely. Growing competition, increase in manufacturing efficiency and technological developments such as optic technologies, decreased sensor die size, pyroelectrics, thermopiles and many others are expected to be the key factors behind continual reduction in price of thermal cameras owing to increase in adoption across multiple commercial markets.
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