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Thermal Imaging Market - Increased investments on modernization the armed forces
The market is sub-segmented on basis of applications, end-users and geography. Among the applications segments, the surveillance and security segment dominated the thermal imaging market in 2012.
This was due to increased investments on modernization the armed forces by countries such as China, Japan and India and others. Among the end user segments, commercial and industrial sectors are the fastest growing segments with collective revenue share of 49.6% in 2012.
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This growth is attributed by the rising adoption of thermal imaging devices in these sectors due to their decreasing cost.
Geographically, North America dominated the global thermal imaging market in 2012 followed by Europe.
North America is anticipated to retain its dominance throughout the forecast period owing to the growing usage of thermal imaging devices for law enforcement activities and for commercial security.
However, confronts such as decreased spending on defense by countries such as the U.S. and Canada is hindering the market growth.
Global thermal imaging market has many renowned players such as FLIR Systems Inc., DRS Technologies, Inc., Axis Communications AB, L-3 Communications Holdings, Inc., BAE systems Ltd, Raytheon Company, Testo AG and Danaher Corporation among others. Of these, FLIR Systems Inc. and DRS Technologies Inc. are considered to have dominant position in the market.
These major players focus on technological developments and strategic alliances which help them to maintain their leading market position.
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