Key Market Trends

Security and Surveillance to Occupy a Major Share

• Globally, there is a growing trend of rising crimes and violence. This factor has raised the budgets of the homeland security forces to procure the advance protective systems and gadgets. Modern warfare has become more asymmetric with an increasing number of non-lethal and lethal weapons.
• The ongoing battles with the ISIS conflict in the Middle East, the Indo-Pak conflict over Jammu and Kashmir, and the Syrian war are just some of the examples. In addition, the increasing tensions across the borders and countries have led to an increase in the demand for IR and thermal imaging long-range surveillance in low-light conditions.
• According to SIPRI, the world military expenditure has reached USD 1.8 trillion in 2018, which is 2.6% higher than the previous year and 5.6% higher than in 2009. The drive for military modernization program includes the application of thermal imaging systems.
• The terrorist attacks have been seen increasing for damaging critical infrastructure in many countries. To avoid such incidences, the governments are investing for stringent surveillance with infrared and thermal imaging security systems.

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North America to Hold the Largest Market Share

• The major driver behind the investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, the industrial, transportation, security, and surveillance systems applications in North America are expected to gain popularity in the next five years.
• As various research activities indicated that equipping thermal imaging system will make the autonomous driving safer, ADAS (Advances Driving Assistance Vehicle) and AV (Autonomous Vehicle) platforms are expected to become the future of the automotive industry. In addition, the declining production cost of thermal imaging systems with mass manufacturing is expected to create the demand for thermal imaging systems in the near future.
• The market-leading companies, such as DRS technologies, PixonImaging, and FLIR are situated in North America. FLIR invested 10% of its revenue on research and development in FY2018. It's primary research and development includes the project of a thermal imaging system for autonomous vehicles.

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