Thermal imaging or infrared thermography detects radiation in the range of infrared in the electromagnetic spectrum. This technology them reflects the radiation images in the form of thermograms. With rapid rise in the number of essential applications, thermal imaging market is expecting a healthy growth in terms of revenue and business potential. Increasing demand for these imagers and sensors is a strong driver for the industry. Growth in the competition also plays key role in the current and projected conditions of the industry in the long run.
Segmentation in Thermography Market
Global market of thermal imaging is segmented on the basis of the types of solutions, applications, end users and regions. Hardware, software, and services are the three basic types of solutions provided by the market. Applications of these solutions include personal vision, threat detection, surveillance, radiology, commercial and residential security, automation, firefighting, intelligent transportation systems, veterinary, research and development, and so on. Military and defense users, commercial users, and cameras shipments are the basic sub-segments in the end-user segment of the industry. Based on geographic regions, the market is segmented into Middle East and Africa, North America, and Latin America. Analysis of all these segments provides clear picture about the future market trends.
Drivers and Forecasting
The cameras enabled with thermal imaging improve visibility through smoke and darkness with the ability to detect the difference in temperatures. Initially segregated for the defense purpose of United States of America, the technology is broadening its applications segment to various other commercial and residential applications. As a result, shrinking demand from American defense organizations failed to have string impact on the thermal imaging market. Growth in applications, great competition, and continual price reduction, rapid rate of horizontal adoption, original equipment manufacturers, and low environmental impact are some major drivers for the industry. As a result of all these reasons, the industry is expected to maintain healthy growth rate.
According to the recent market research reports, thermal imaging market is estimated to record a steady CAGR of over 10% from 2013 to 2018. At the projected compound annual growth rate (CAGR), the industry is estimated to rise from $3488.3 million in 2013 and reach past $5840.5 million by the end of 2018. Rising demand and equally growing competition amongst the existing industry players are some of the strong drivers contributing to the growing size and influence of the thermography market on other supporting industries.