VALLEY COTTAGE, New York, April 12, 2017 /PRNewswire/ --
Awareness about benefits of thermal imaging continues to be driven by effective application of rugged thermal cameras across various industrial verticals. Technological advancements have also led to development of consumer electronics equipped with thermal cameras. Future Market Insights' recently published report on the global market for rugged thermal cameras considers rising applicability of rugged thermal cameras as a key driver for boosting their global sales. According to the report, defence and military sectors across several regions will be collectively observed as the world's largest end-users of rugged thermal cameras. In 2017 and beyond, more than 60% of rugged thermal cameras sold across the globe will be used for military and defence purposes.
Increasing defence budgets of several countries is, thus, cited to become a crucial factor fuelling the global sales of rugged thermal cameras. At present, Future Market Insights values the global rugged thermal camera market at US$ 3.5 Bn, and anticipates it to reach US$ 8.5 Bn by the end of 2027. During this forecast period, the global rugged thermal camera market is likely to soar at an impressive CAGR of 9.1%. Key excerpts of the report indicate the impact of multiple factors on expansion of global rugged thermal camera market.
At the outset, rising defence expenditure and growing military budgets serves as a major booster, driving the global demand for rugged thermal cameras. The market is also projected to grow at a steadfast pace due to declining costs of manufacturing thermal cameras at commercial scale. Cost-effectiveness attained during large scale production of rugged thermal cameras is also a key benefit for manufacturers. The report has profiled leading manufacturers of rugged thermal cameras and their contribution to global market. These include Leonardo SpA, SKF, Bosch Security Systems, Flir Systems, Inc., BAE Systems, L3 technologies Inc., Thermotecknix Systems Ltd., Axis Communication, Raytheon Company, and Danaher Corporation.
Effective application of rugged thermal cameras in fire-fighting departments, surveillance of commercial & residential settings, and medical diagnostics has also become a key driver for market's growth. Although, high prices of rugged thermal cameras continue to be a major stumbling block for their use in certain applications. According to the report findings, over one-third of global rugged thermal camera revenues are concentrated at surveillance & security applications. In 2016, more than US$ 1.3 Bn worth of rugged thermal cameras were accounted by surveillance & security purposes. Meanwhile, application of rugged thermal cameras in production of electronics is expected to register fastest revenue growth at 10% CAGR.
A regional analysis of global rugged thermal camera market in the report forecasts that throughout the forecast period, North America will remain dominant region. North America's rugged thermal cameras market, however, will witness a marginal dip in terms of global revenue share. While the US defence budget remains to be among the world's largest defence budgets, the government there is expected to lower its military spending in the years to come. The region will account for nearly 40% of global rugged thermal camera revenues throughout the forecast period. On the other hand, the rugged thermal camera sales in Asia-Pacific excluding Japan (APEJ) region are projected to record a speedy growth. The APEJ rugged thermal camera market will be soaring at 9.8% CAGR to reach US$ 1.46 Bn value by the end of 2027.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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SOURCE Future Market Insights