According to a new market report Title “Thermal Imaging Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, the global thermal imaging market is forecast to reach USD 6,098.8 million by 2019. The market growth is driven by emergence of new applications and increased investment on modernization of armed forces across emerging markets.
Global thermal imaging market was valued at USD 3,192.5 million in 2012 and is expected to grow at a CAGR of 9.76% from 2013 to 2019. Rising penetration of thermal imaging devices in industrial and commercial sector is driving the growth of this market. Industrial sector is using thermal imaging devices for manufacturing process monitoring and to find hot spot in mechanical and electrical installation. Commercial sector is deploying thermal imaging devices for building diagnosis and security of airports and estates etc. In addition, reduction in the price of thermal imaging devices has increased penetration in the residential sector.
However, decreasing military spending by major countries such as U.S., Canada, Italy and France are hindering the growth of thermal imaging market. Among the various end-user segments, defense and military is the largest sector and accounted for 45.04% of market revenue share in 2012. The defense and military sector is expected to dominate the market over forecast period due to the increasing.
