Global IR and Thermal Imaging Systems Market Growth Analysis Forecast Period unto 2019 | MarketsandMarkets

Currently, the global infrared and thermal imaging systems market value is estimated at US$3,350 million and is expected to touch $5,219.21 million by 2019 at a CAGR of 9.27%. The sector demands cheaper hand-held products and a drive towards the commercial infrared and thermal imaging sector in the coming years.

The defense budget cuts in the U.S. and Europe have affected the growth rate of this market, affecting the major players in the market, as well. But, the growth continues to be stabilized in spite of global-political instabilities such as the conflicts in the Middle East and APAC, soldier modernization programs, and the boost in the commercial sector.

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The commercial sector mainly consists of the transportation sector, security and surveillance, thermography, and other applications. The improved acceptance of integrated solutions for closed circuit television cameras, transportation, and smart phones, has fuelled the sales and demand for thermal imaging systems within these sectors that ultimately helped increase revenues.

The top players in the infrared and thermal imaging market are FLIR Systems, DRS Technologies, Raytheon Company, L-3 Communications, BAE Systems, and others. These players are now competing to penetrate the market by providing low-cost compact systems in the commercial and military sectors. The fuelled demand in thermal imaging within the Middle East and Africa, as well as Asia-Pacific, has helped them penetrate further into the market.

North America is expected to be the largest contributor to the market share in terms of revenue, in 2014. Even though North America is the largest contributor, its annual growth rate is low when compared to other regions like Asia-Pacific or the Middle East, which shows tremendous growth.

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This report presents a complete analysis of the Infrared and Thermal Imaging Systems Market over the next five years. It analyzes the factors driving the market, the challenges faced by the industry, and factors restraining growth of the market.

The global infrared and thermal imaging systems market is estimated at a value of $3,350 million in 2013 and is expected to touch $5,219.2 million in 2019 at a CAGR of 9.27%.

This report categorizes the global market on the basis of technology, subsector, applications, region, and country. On the basis of technology, the market is divided into two: cooled and uncooled infrared and thermal imaging systems. Based on the sub-sector, the market is further divided into the commercial and military market. Transportation, security and surveillance, thermography, military vehicle vision, soldier portable vision, unmanned vehicles, and others, are the application-wise classifications of this market. The regions discussed in the report are North America, Europe, Asia-Pacific, the Middle East, and Latin America.

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