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.
This region is home to one of the biggest spenders on military and that is United States of America. In 2013, USA spent $640 billion which was 2.4% of the GDP. The amount that USA spent was more than three times of China which was second to spend the most on military. Even Canada spent more than $20 billion on military. USA is involved in various operations around the world be it peace keeping missions or helping various governments. As USA gets involved in various small battles, skirmishes around the world the need for good technology protecting the troops is very important. The USA and Canadian forces have battled in the dark and in tough conditions where small advancement in technology helps the forces in a big way. Thermal imaging technology have helped the forces fight the enemy and terrorists fight in the dark and eliminate the threat.
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 and at the same time changing consumer preferences. 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 but 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 low cost of solutions, increasing usage across the industries, and finally, its low impact on the environment. Integrating the thermal imaging technology with the smartphones is also a major contributor to this market given the growing smartphones market.
The declining cost of solutions and users demanding cheaper products, the market is heading towards extensive competition on price. Companies are striving hard introduce low cost devices with maximum features.
The other factors restraining this market are the declining military market as its applications are mostly prominent in the military market and apart from this, the lack of regular support services are also might hinder the progress of the thermal imaging systems market.
WHAT THE REPORT OFFERS
North America Thermal Imaging Systems Market Overview with information on drivers and restraints
In-depth North America Thermal Imaging Systems Market Analysis and its applications in the industry
Identification of factors responsible for changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on global and regional scale
Extensively researched competitive landscape with profiles of major companies along with their market shares
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information