The Global Thermal Imaging Market size was valued at USD 3.2 billion in 2012 and is poised to reach USD 6.50 billion by 2020, with a CAGR of 9.1%. High demand of thermal imaging across residential and commercial sector is expected to fuel market growth. Cost effective cameras are available easily due to mass production. Moreover, wide scale use of cameras across diverse range of application is expected to drive market growth over the forecast period.
Technological innovation leading to development of micro bolometers is expected to open up several growth opportunities over the forecast period. Micro bolometers have led to high commercialization of thermal imagers and is projected to fuel demand for global thermal imaging market.
Request Sample Copy of this Market Research @
Growing need of cameras in surveillance and security applications across public and private sectors is expected to drive market growth. Moreover, with the need for increased security among citizens, the market is expected to experience substantial growth over the forecast period. High investment in infrastructure development along with growing demand for professional surveillance is projected to bolster growth for the industry. However, decline in defence budgets of many countries such as Italy, France, U.S., and Canada would hinder the market growth over the forecast period.
Thermal imaging is primarily used in industrial, residential, commercial and military & defence applications. Thermal imagers are used to monitor critical manufacturing processes, detect hot spots in mechanical or electrical installation in industries. Commercial applications comprise of building diagnosis and airport security. Furthermore, it is widely used in numerous security applications. Residential sector is expected to witness substantial growth owing to availability of low cost devices and high product penetration. Thermal imaging helps in reduce time-consuming and costly investigations and is used to conduct detection of moisture in walls, ceiling, roofs, plumbing leaks or blockages and energy audits.
North America is expected to emerge as the dominant regional market owing to high demand for thermal imaging devices across several law enforcement activities. Furthermore, growth across both commercial and industrial sectors is projected to drive product demand over the forecast period. Rising demand in surveillance and security applications is projected to fuel demand in Europe. Owing to rising defense budget in Asia-Pacific, the region is projected to grow substantially.
Browse Full Research Report @
Some of the major players in the industry are Raytheon Company, FLIR system Inc., BAE systems Inc., and DRS technologies Inc. Constant price wars and high competition among the companies is a characteristics of the market. High importance is laid on developing advanced and cost effective apartments by companies. Product differentiation also forms a key part of business growing strategy. FLIR systems Inc. expanded its portfolio by introducing smartphone with thermal imaging ability. Other players in the industry are Axis Communications, Honeywell, Nippon Avionics, Safran, Lockheed Martin, Sofradir EC Inc., Ulis, Testo AG, and Thermoteknix Systems Ltd.
Manufacturer focus primarily on innovation of new technologies and unique products, global deployment, and building capacities to design for large volumes and also reduce production cost. Vertically integrated operations help companies to emphasize on enhancing control on multiple production inputs, customer service and rapid product development cycle. The industry is also characterized by high degree of vertical integration between manufacturers and suppliers.
Companies are able to maintain control over component technologies using vertical integration. Moreover, an integrated approach enables manufacturers in achieving lower improved functionalities and lowering costs. This approach minimizes dependency on third party suppliers for critical components facilitating companies to meet critical deadlines. FLIR system built a manufacturing model which was vertically integrated in order to optimize its manufacturing output and reduce dependence on third party vendors for supply of critical components.
Manufacturers emphasize on vertically integrating operations including global deployments such as designing large production volumes, innovating new technologies and differentiated products and simultaneously lowering production costs by providing better customer service, rapid development cycles and controlling multiple production inputs. Vertical integration in companies offer better control over key component technologies in addition to lowering manufacturing costs and refining operational competencies.
This adds value to supply chain operations by making it much more efficient. It also companies in delivering products in a timely and cost effective manner thereby reducing dependency on third party suppliers that deliver critical components aids in minimizing the dependence of manufacturers on third-party supplier for critical components. A vertically integrated manufacturing model was built by FLIR systems to achieve the above mentioned goal.
See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/technology