The Asia-Pacific thermal imaging systems market is expected to grow at a CAGR of 12.15% over the period 2017-2022 as a result of the increasing usage across industries. This region has witnessed several geopolitical tensions between countries. The military budget along with the economy is growing in this region. In 2013, China was second on the list of the biggest military spenders. India is on a buying spree for military hardware. There are a lot of regional disturbances between the countries and also in the countries. New technologies like thermal imaging can help the forces defend the borders. They can also be used for night operations by the armed forces for special operations against domestic terrorists.
Asia-Pacific Thermal Imaging Systems Market-Market Dynamics
We are living in a fast-changing world. New technologies are being developed while old ones are being relegated. The changing consumer preferences and innovations are increasing. The line that used to separate different industries is becoming blurred with technology being modified for different entities across the industries. The Internet, radar, and jet engines were some of the technological innovations created specifically for the military but the same technologies are now being used for commercial or personal purposes.
The factors driving the thermal imaging systems market are:
There are, however, some factors restraining the market as well. These include:
Thermal imaging is one such technology that had found its origin in military applications and is now being used across different industry verticals. Thermal imaging is changing the world with applications ranging from military to personal handheld cameras and smartphones. Though it has multiple uses, some of the uses related to saving lives have been game changers. These systems have now become compact and easy to use and generate high-resolution images. New startups like Bounce Imaging are challenging the existing players with their innovative products. Companies such as Flir and Vummi have introduced smartphones with thermal imaging capability. The day is not far when this technology will be in use everywhere with handheld devices taking over complex thermal imaging systems.
Some of the key players mentioned in the report include:
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