With increasing usage across the industries, the Thermal Imaging Systems Market is estimated to grow at a CAGR of 12.15% over the period 2014-2020.
Latin America region is investing heavily in military because of various reasons. Ranging from border control to anti-piracy operations to fighting organized crime and drug cartels, various countries in the region are increasing their military budget. Thermal imaging helps the forces in various ways like tracing small movements at the borders be it on land or sea. With big events like 2014 FIFA World Cup and 2016 Summer Olympics about to take place in Brazil, security of the tourists, athletes, journalists etc. is very important.
We are living in an ever evolving world. New technologies are being developed, while old ones are being relegated. The changing consumer preferences and innovations are increasing. The line which used to separate different industries is becoming blurred with technology being modified for different entities across the industries.
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.
Thermal imaging is one such technology which found its origin in military applications and is now being used across different industry verticals. Thermal imaging is changing the world with the 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 are easy to use and generate high-resolution images. With some of the major players like Flir, Bae Systems, L-3 Communications are already present in the thermal imaging systems market. 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. Day is not far when this technology will be in use everywhere with handheld devices taking over complex thermal imaging systems.
The factors driving the thermal imaging systems market are:
The other factors restraining this market are the declining military market as its applications are mostly prominent in the military market and the lack of regular support services might also hinder the progress of the thermal imaging systems market.
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