The thermal imaging market to grow from USD 7.71 Billion in 2016 to USD 10.27 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5.9%
In the last 5 years, thermal imaging solutions have significantly evolved due to their increased adoption in the commercial sector for providing improved visibility during difficult conditions such as night, smoke, and fog. The market is driven by factors such as surging demand for thermal cameras in smartphones and their declining prices.
The scope of this report covers the thermal imaging market by component, application, end user, and region. The hardware segment is expected to have the largest market share and dominate the market from 2016 to 2021. This is because the hardware segment consists of various devices such as cameras, sensors, lenses, and detectors which are being increasingly deployed in various industries for surveillance, threat detection, firefighting, personal vision, research and development, and many other such applications. The services segment is expected to play a key role in changing the thermal imaging landscape and is expected to grow at the highest CAGR during the forecast period.
Thermal imaging is a boon to the military & defense sector due to its day-night working capability and good performance in all weather conditions. Therefore, the military and defense end-user segment is expected to dominate the thermal imaging market and is expected to contribute to the largest market share, whereas the industrial, commercial, and residential end-user segment is expected to grow at the highest rate during the forecast period.
The thermal imaging products and services are being increasingly adopted in various application areas, such as automotive, veterinary, threat detection, and commercial & residential security, which has led to the growth of the market across the globe. In the automotive application, thermal cameras are used for enhancing night vision which reduces the risks of driving at night or in smoke/fog conditions due to which this segment is estimated to grow at the highest CAGR during the forecast period.
Thermal cameras are used for detecting places, people, or both and for collecting more useful information from the captured video data and are primarily deployed by military and defense for border patrolling and border security. This has led the surveillance application segment to dominate the thermal imaging market with the highest market share in 2016.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Thermal Imaging Market Analysis, By Component
8 Thermal Imaging Market Analysis, By Application
9 Thermal Imaging Market Analysis, By End-User
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
13 Key Innovators
- AXIS Communications
- BAE Systems
- DRS Technologies, Inc.
- Flir Systems, Inc.
- Honeywell International, Inc.
- L-3 Communications Holdings, Inc.
- Raytheon Company
- Testo AG
- Thermoteknix Systems Ltd.
- Fortive Corp
For more information about this report visit http://www.researchandmarkets.com/research/3pdtb5/thermal_imaging
Related Topics: Optoelectronics
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