According to a new market research report of "Infrared and Thermal Imaging Systems Market by Technology (Cooled, Uncooled), by Subsector (Commercial, Military), by Application (Transportation, Security & Surveillance, Thermography, Military Vehicle Vision, Soldier Portable Vision, & Unmanned Systems), & by Geography (North America, Europe, Asia-Pacific, the Middle East, Latin America & ROW) - Forecasts & Analysis (2014–2019)" published by MarketsandMarkets, The Market is estimated to be valued at $3,350 Million in 2014 and is expected to reach $5,219.2 Million by 2019 at a CAGR of 9.27%.
Browse more than 63 market data tables with 25 figures spread through 276 pages and in-depth TOC on "Infrared and Thermal Imaging Systems Market by Technology (Cooled, Uncooled), by Subsector (Commercial, Military), by Application (Transportation, Security & Surveillance, Thermography, Military Vehicle Vision, Soldier Portable Vision, & Unmanned Systems), & by Geography (North America, Europe, Asia-Pacific, the Middle East, Latin America & ROW) - Forecasts & Analysis (2014–2019) "
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asia-pacific is definitely a favorable market for infrared and thermal imaging system manufacturers. The growing economies like China, India, Indonesia, Australia, Japan, and other countries, are expected to register a high growth rate. Commercial sector applications such as transportation and thermography are expected to show tremendous growth in this region. Likewise, the effort of China to dominate the region has forced India and other countries to maintain their defense expenditure and modernize their troops by various soldier modernization programs. The threats from Somalian pirates, Illegal migration, dispute over water boundaries, and other issues, have also forced the Asia-Pacific countries to invest more in infrared and thermal imaging systems to provide superior fight capabilities in the day or night.
The Middle East is one of many regions that have registered the highest growth rate. The oil-rich nations in the region have doubled their defense expenditure and are undergoing noteworthy soldier modernization programs. Similarly, the threats from Iran, the conflicts between the Arab countries and Israel, the Arab Spring Movement, terrorism, and other pressing issues, have forced major powers in the region to modernize their troops. The commercial sector is also expected to register a tremendous growth rate in the region. The FIFA World Cup 2012 in Qatar, and efforts of Emirate nations to promote them as a hub of Asia, have resulted in tremendous growth in infrastructure and facilities which makes it a favorite pool as an infrared and thermal imaging systems manufacturer.
North America is a major contributor to the revenue, but the Middle East and Asia-Pacific show exceptional growth and are thus high-growth regions. Similarly, countries such as India, Saudi Arabia, China, and other countries in the region, have high growth.
The increased use of integrated solutions and services for closed circuit television cameras, the automotive sector, and smartphones, have boosted the demand for infrared and thermal imaging systems within these sectors, and eventually, boosted the revenue of the infrared and thermal imaging systems market.
Even though the military budget cuts in the U.S. and EU, and the global financial crisis have affected the infrared and thermal imaging systems market, the market has slowly gained stability and is on the verge of a tremendous rise. The main reason for this boost is due to the increased worldwide demand for commercial applications in the transportation and thermographic sector. Similarly, border disputes, terrorism, internal insurgencies, soldier modernization programs, and other issues, have resulted in increased sales of infrared and thermal imaging systems in those regions. The threats from Iran, border issues, and the conflict between Israel and Arab countries, have forced major Arab countries to modernize their troops, which in turn has made the region favorable to infrared and thermal imaging system manufacturers.
Technological evolutions in microbolometers, outsourced work, increased production lines, and increased worldwide demand, has helped manufacturers lower the prices of infrared and thermal imaging systems which in turn plays a major role in the wide acceptance of these systems in the commercial as well as military market. The top players in the infrared and thermal imaging market such as FLIR Systems, DRS Technologies, Raytheon Company, L-3 Communications, BAE Systems, and others, are now contending to break into the commercial market by introducing cheaper devices.
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