Thermal Imaging Market Surveillance and Security, Maintenance and Monitoring, Traffic Monitoring, Healthcare, Automobiles, Research and Development, and Others (Firefighting and Personal Vision) Forecast 2013 - 2019

Global thermal imaging market was valued at USD 3,192.5 million in 2012 and is expected to grow at a CAGR of 9.76% from 2013 to 2019. Thermal imaging devices find widespread applications in surveillance and security, maintenance and monitoring, traffic monitoring, automobiles, healthcare, research and development and others (firefighting and personal vision).

Thermal imaging is a process of enhancing the visibility of objects in dark settings by detecting the infrared radiation of the object and creating an image based on it. This feature of thermal imaging is the primary factor responsible for its high demand from the defense sector. The proliferation of thermal imaging devices in diverse applications is estimated to fuel the growth of the market in the near future. In addition, the introduction of thermal imaging in smartphones and PCs has further increased the potential of this market in the coming years.

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By application, the global market for thermal imaging has been categorized into research and development, surveillance and security, healthcare, maintenance and monitoring, automobiles, traffic monitoring, and others (such as personal vision and firefighting). In 2012, the maintenance and monitoring segment and the surveillance and security segment collectively held a 44.7% share in the overall market.

By end use, the global market for thermal imaging has been segmented into the residential sector, the defense and military sector, the commercial sector, and the industrial sector. In 2012, the defense and military sector led the market, holding a 45.04% share in the global thermal imaging market, owing to the growing investment by several countries on modernization of armed forces.

By geography, the global market for thermal imaging has been divided into Asia Pacific, North America, Europe, and Rest of the World. In 2012, North America accounted for the largest share in the overall thermal imaging market, followed by Europe. This region is anticipated to remain in the lead throughout the forecast period thanks to the increased adoption of thermal imaging devices for commercial security and law enforcement activities.

However, the decreasing expenditure on defense by Canada and the U.S. is expected to curb the growth of the market. On the other hand, Asia Pacific and Europe are estimated to increase their expenditure on defense, which is projected to augment the growth of the thermal imaging market in these regions.

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This release was published on openPR.