Thermal Imaging Market (Airborne, Maritime, Land) Expected to grow at a CAGR of 10.9% - Report by MarketsandMarkets
(PRWEB) November 23, 2014 -- The report “Thermal Imaging Market by Solutions, Applications, End Users & Regions - Worldwide Market Forecasts to 2018”, defines and segments the global market into various sub-segments. The thermal imaging market is estimated to grow from $3.49 Billion to $5.84 Billion. This represents a Compound Annual Growth Rate (CAGR) of 10.9%.
Browse 82 market data tables and 14 figures spread through 153 pages and in-depth TOC on " Thermal Imaging Market by Solutions, Applications, End Users & Regions - Worldwide Market Forecasts to 2018"
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MarketsandMarkets has segmented the Thermal Imaging Market
• By Regions: North America, Asia Pacific, Europe, Middle East and Africa and Latin America
• By Applications: Surveillance, Threat Detection, Surveys, Automation, Radiology, Intelligent Transportation Systems, Commercial and Residential Security, Personal Vision, Firefighting, Research and Development (R&D), Veterinary and Others
• By Type of Solutions: Hardware, Software and Services
• By End users: Military and Defense and Commercial
Originally developed for defense applications, usage of thermal cameras were traditionally restricted to applications such as protection of critical infrastructure sites and military installations but with the continual technological developments in thermal imaging coupled with an increasing need in various commercial applications, deployment of thermal cameras and imaging services is expected to get widened via horizontal way. The market for thermal imaging is expected to get matured in the coming years because of continual increase in usage of thermal imaging for applications such as forensic and Hazardous Materials (HAZMAT) detection, checkpoint security, public places security, optical gas imaging, tank level inspections, refrigeration, law enforcements and many others in the coming years.
Continual decrease in prices of thermal cameras is expected to remain the key driver behind increase in adoption of thermal imaging technology in the coming years. Prices of thermal cameras have been reducing at 12%-15% per annum for the last five years and the trend is expected to continue in the near future, eventually resulting in increased commercial adoption. Introduction of a thermal camera under $2,000 initiated by DRS and followed by FLIR in 2012 coupled with Research and Development (R&D) such as wafer level packaging, pixel size miniaturization is expected to continue being one among the major trends behind reduction in detector cost and will remain the strategic issue for new players to successfully enter the market.
The need to reduce energy usage coupled with the growth in energy costs for environmental and sustainability reasons is expected to remain one among the key factors behind increase in adoption of thermal imaging for security control across borders and various critical perimeters. Thermal cameras offer several advantages such as reduction in number of camera installations, cost effective way of providing excellent vision in harsh environments and many others as compared to traditional technologies. For instance, thermal imaging cameras by Irysys can detect body heat up to 4km away, regardless of lighting conditions. Deployment of thermal cameras within the Closed Circuit Television (CCTV) sector is expected to increase significantly in the coming years and majority of the manufacturers are expected to come up with the thermal option resulting in lower environmental impact.
Thermal imaging cores and components provided by companies such as ULIS, FLIR and many others are increasingly being used by several Original Equipment Manufacturers (OEMs) as a way of differentiating their products in the market. Deployment of thermal cameras in applications such as smart phones, automotives, automation, CCTV cameras are expected to continue being one among the major drivers behind increase in adoption of thermal imaging technology.
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