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What's Driving the Handheld imagers Market Growth? Key Companies DRS Technologies, FLIR Systems, Fluke, Franklin Sensors, General Dynamics, Newport, Raytek, Sago Systems, Stanley Black & Decker

03-20-2020 02:58 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Handheld imagers Market

Handheld imagers Market

Based on product trends, handheld imagers market is fragmented into IR scanner, millimeter wave scanner, stud finder, and microbolometer. IR scanner industry is forecast to dominate the industry in the years ahead, driven by the excellent characteristics of these scanners such as inventory control, high-quality output, and time-efficiency. In addition, IR scanners, which are used for scanning and printing output codes from the computer will further fuel market demand, especially in the construction sector. Stud finder industry is also expected to witness substantial growth rate at a CAGR of 17% CAGR over 2016 -2023.

Increasing criminal nuisances and terrorists attack across the globe is pushing handheld imagers market. Driven by the rising security concerns especially in areas like railway stations and airports due to the heavy public pool, these upgraded imagers are widely implemented to combat the fierce potential threat. Technological advancements have also resulted in upgrading the product features which in turn is stimulating the overall market outlook.

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Millimeter wave scanners, which help sense objects hidden in an individual's clothing through electromagnetic radiation will also lucratively contribute to market growth. Airport security is one sector where these scanners are increasingly used for sensing any possible threat. Millimeter wave scanner handheld imagers industry is projected to grow heavily at an annual rate of 17% over 2016-2023.

The primary application areas of handheld imagers market are security, medical, construction, and industrial. The market from medical applications is predicted to experience considerable growth in the years ahead, owing to its increasing requirement in monitoring patient's health. Security applications dominated the market accounting for more than 35% of the total volume in 2015 and is expected to remain a leading application sector over the period 2016-2023. The increasing need for safety and security along with rapid urbanization will augment the industry growth in this sector.

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North America handheld imagers industry accounted for the largest share in terms of revenue in 2015, and is poised to grow significantly at a CAGR of 12% over the period 2016-2023. High prevalence of criminal activities will prompt handheld imagers market to prosper in this region. Strict regulatory framework regarding security concerns at airports will stimulate U.S. handheld imagers industry.

Handheld imagers industry is highly competitive with the growing number of new entrants in the business space. Product differentiation and competitive pricing will remain the two most distinguishing factors for the players to sustain their market position. The notable participants in handheld imagers market are Fluke Corporation, Robert Bosch GmbH, DRS Technologies, Zircon Corporation, FLIR Systems, Stanley Black & Decker, and ULIS IR.

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