Thermal Imaging Market worth USD 10.31 billion and CAGR 6% by 2021,Globally

Zion Research has published a new report titled “Thermal Imaging Market by Component (Software, Hardware and Services), Application (Surveillance & Security, Maintenance & Monitoring, Automotive, Traffic Monitoring, Healthcare, and Others) for Military & Defense, Industrial, Residential, and Commercial End-Users- Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021.” According to the report, global thermal imaging market was valued at around USD 7.27 billion in 2015 and is expected to generate revenue of USD 10.31 billion by end of 2021, growing at a CAGR of slightly above 6% between 2016 and 2021.

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Thermal imaging cameras are used across the various range of industries including defense, automotive, aerospace, industrial, medical, and much more. Thermal imaging cameras are primarily used for military and defense applications. Such cameras are also used in commercial applications such as firefighting, personal vision, residential surveillance, and security.

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Thermal imaging market is segmented on the basis of different components into software, hardware, and services. In 2015, hardware was the largest segment of the thermal imaging market and accounted for largest share of the total market. The software was another key outlet for this market in the same year. Thermal imaging market includes the application such as surveillance and security, maintenance and monitoring, automotive, traffic monitoring, healthcare, and others. In 2015, surveillance and security, maintenance and monitoring dominated the global thermal imaging market in terms of revenue and accounted for over 44 % share of the overall market.

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By end-user, military and defense segments dominated the market of thermal imaging with over 45% shares of the overall market in 2015. Industrial was the second largest application segment of thermal imaging market. The residential and industrial segment is expected to exhibit considerable growth in the next few years due to the availability of low-cost devices.

Thermal imaging market is mainly driven by demand from industrial and commercial sectors and growing security, surveillance and automobile industry. Increasing demand for thermal cameras in smartphones due to decreased cost is expected to be the major driver for the global thermal imaging market. However, lack of awareness and reduced defense budget in developed regions may curb the demand for thermal imaging in the near future. Moreover, decreasing military spending by major countries such as Canada, U.S., Italy, and France are hindering the growth of thermal imaging market. Nonetheless, increasing demand for thermal imaging services is projected to open new growth opportunities for thermal imaging in the years to come.

Demand for thermal imaging was highest in North America, with around 30% of the market share in 2015. North America was followed by Europe and Asia-Pacific in terms of demand. In terms of revenue, Asia Pacific was the fastest growing region in the forecast period. Europe is expected to grow at a moderate rate owing to the increased adoption of thermal imaging devices for commercial security and law enforcement activities.

Some of the key players in the global thermal imaging market include Flir Systems, Danaher, L-3 Communications Holdings, Inc., Drs Technologies, Raytheon, Bullard, BAE Systems Inc., Axis, Thermoteknix, Sofradir Group, Testo Ag, CI Infrared Cameras, Inc., Nippon Avionics Co. Ltd., Honeywell International, Inc., and Infratec.

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