Thermal Imaging Market to Grow 6% Through 2020

12 June, 2015—Dublin, Ireland-based firm Research and Markets has released a new report analyzing the worldwide thermal imaging market that predicts a 6.6 percent growth rate through 2020. The report, “Thermal Imaging Market by Solutions, by Applications, by End-User – Global Forecast to 2020,” predicts that the market will reach US$9,998.9 million by 2020, up from US$7,252.0 million in 2015.

The report finds that the growth will be driven by increased acceptance of infrared (IR) cameras in ubiquitous devices in numerous applications from personal handheld smartphones to military. The cost of IR cameras has decreased, and will remain the key driver in the coming years for widespread adoption of the technology in more and more consumer applications.
 
Another factor driving the market is that the Asia-Pacific region has increasingly accepted thermal imaging in weapons and battle equipment in recent years. Challenges remain, including the decline in the defense budget in the United States and Europe. Surveillance applications are forecast to retain the largest market share through the next five years.