The handheld thermal imaging equipment is expected to register a CAGR of 9.34%, during the forecast period (2018-2023). Unlike the ordinary night vision gadgets, Handheld Thermal Imaging equipment or infrared cameras don’t rely on amplification of light. Hence, are able to produce a crisp images in the darkest areas or areas with visual camouflage or any other factor that may obstruct the vision, say fog or smoke. The scope of the report is segmented by industry and region
Evolving Technology is acting as Major Driver for the Market
Military equipment and resources can have larger applications other than war, as by becoming the early adopters of the technology, the army, allows them to go into mass production. Such has been the case with Handheld Thermal Imaging Equipment.
First developed for military applications in the 1950, bulky and expensive in the beginning, the commercial version was introduced in the 60’s for power line inspections. It was only in the 70’s that they were made portable, the technology during that period, required the camera to be filled with liquid nitrogen to cool down the infrared detector integrated in the system. In the late 90’s micro bolometer arrived, with almost no moving parts and less break downs, providing large array of applications in the commercial world. Today, they can be attached to a smartphone and also have 3D version.
The dramatic rise in volume sales in the thermal imaging sector is being witnessed due to the technological advancements that have helped to bring the prices down. Such as the use of chalcogenide glass over the expensive crystalline materials, like germanium, zinc selenide, or zinc sulphide that need costly grinding and polishing, roughly dropping the prices by 10%. Also there has been a considerable drop in prices due to miniaturization of the microprocessors and microcontrollers, and also have grown in (bit) size with reference to memory. One of the other reason also has been the introduction of Driver vision enhancement in the car by manufactures like the BMW and Audi, and the integration in Unmanned Arial Vehicles (UAV).
Defense has a Major Market Share in the Market
The market in the defense end-user industry is now mature and slowly getting stagnant. But, soldier modernization programs in other regions especially Asia and Africa will provide impetus to this equipment market and gain market share, as the struggle is to enable forces with fast paced decision-making through effective situational awareness, intelligence gathering, and targeting action.
Asia - Pacific is expected to grow at the Highest CAGR
There has been a rapid shift of industries, such as manufacturing, construction, and mining into the developing countries, especially the Asian countries. The Handheld Thermal Imaging Equipment market in major economies, like China, India, Australia, Japan, and other countries in the region are expected to see a high growth rate.
The Make India Campaign and the pressure to modernize the troops due to the domination from China and the growing tensions in Jammu and Kashmir is going to boost the market in India.
Key Developments in the market:
- August 2017: Fluke announced addition of Fluke 3550 Thermal Imaging Sensor to Condition Monitoring system. Fluke Condition Monitoring is a cloud-based software platform in combination with electrical, temperature, and power quality monitoring sensors to support condition-based maintenance programs
The major players include: Flir Systems Inc., BAE Systems PLC, DRS Technologies, Raytheon Company, Danaher Corporation, L-3 Communications Holdings Inc., Thales Group, American Technologies Network, Sofradir Group, Thermoteknix Systems Ltd, Ideal Industries, Inc., and Elbit Systems Ltd, among others.
Reasons to Purchase This Report
- Current and future Handheld Thermal Imaging Equipment Market outlook in the developed and emerging markets
- Analysing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet in excel
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Evolving Technology
4.2.2 Reduction in Price
4.3 Factors Challenging the Market
4.3.1 Drop in Military Budget
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter's Five Industry Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
5. Global Handheld Thermal Imaging Equipment Segmentation
5.1 By Industry
5.1.2 Fire Department
5.1.3 Local Securities
5.1.6 Health Care
5.2 By Geography
5.2.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of the Europe
220.127.116.11 South Korea
18.104.22.168 Rest of the Asia-Pacific
5.2.4 Latin America
22.214.171.124 Rest of the Latin America
5.2.5 Middle East & Africa
126.96.36.199 United Arab Emirates
188.8.131.52 Saudi Arabia
184.108.40.206 Rest of the Middle East & Africa
6. Competitive Intelligence – Company Profiles
6.1 Flir Systems Inc.
6.2 BAE Systems plc
6.3 DRS Technologies
6.4 Raytheon Company
6.5 Danaher Corporation
6.6 L-3 Communications Holdings Inc.
6.7 Thales Group
6.8 American Technologies Network
6.9 Sofradir Group
6.10 Thermoteknix Systems Ltd
6.11 Ideal Industries, Inc.
6.12 Elbit Systems Ltd
7. Investment Analysis
8. Future Outlook of Handheld Thermal Imaging Equipment Market