Sarasota, FL, Oct. 12, 2016 (GLOBE NEWSWIRE) -- 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.
North America is by far the largest in the global thermal imaging market and is set to continue to dominate the world marketplace over the forecast period. Thermal imaging market is mainly driven by growing demand from the automotive industry, rising technological advances, and growing market penetration in developing countries. Furthermore, the popularity of a few key players with competencies, process technologies, equipment and intellectual property related to thermal imaging technology flourishes the market in the years to come. In 2015, North America accounted for more than 30% of total revenue of thermal imaging market. U.S. played a significant role in driving the thermal imaging market in North America. However, challenges such as decreased spending on defense by countries such as the U.S. and Canada is hampering the market growth.
Browse through 42 Market Tables and 28 Figures spread over 110 Pages and in-depth TOC on “Global Thermal Imaging Market: By Component, Application, Services, Scope, Size, Trends and Forecast 2015-2021”.
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North America was followed by Europe and Asia-Pacific in 2015. Asia Pacific is one of the fastest growing regional markets for thermal imaging due to rise in technology penetration and high defense spending. Government organization provides funding to support several research projects in this field. Asia Pacific is expected to have significant growth during the years to come owing to increased investments on the innovation of armed forces by countries such as China, Japan and India and others.
Europe is expected to show moderate growth during the forecast period due to technological advancement, rising consumer goods industry and adoption of thermal imaging devices in new applications. The considerable economic growth of countries such the UK, the Netherlands, Germany, and France is projected to drive the thermal imaging market in the years to come. Increased use in commercial and industrial applications is expected to drive the thermal imaging market in this region.
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Latin America, Middle East, and Africa are likely to have considerable growth for thermal imaging market during the estimated five years. Low cost of solutions is the major factor to drive the growth of thermal imaging in this region.
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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This report segments the global thermal imaging market as follows: Global Thermal Imaging Market: Component Segment Analysis
- Hardware
- Software
- Services
Global Thermal Imaging Market: Application Segment Analysis
- Surveillance & Security
- Maintenance & Monitoring
- Automotive
- Traffic Monitoring
- Healthcare
- Others
Global Thermal Imaging Market: End-User Segment Analysis
- Military & Defense,
- Commercial
- Residential
- Industrial
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Global Thermal Imaging Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East & Africa
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