The report forecasts the global infrared thermography market to grow at a CAGR of 10.4% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend that will boost market growth is the continuous investment in military upgradation. The global IR thermography market was at its growth stage post the second world war, as many countries like USA, Russia, Canada and other leading countries wanted to deploy this technology in their military systems. The budget for military expenses experienced growth from 1996 to 2011. Since 2012, countries have started to cut down their military expenses. In 2014, the worldwide military expenses were $1,775 billion. However, the procurement expenses in many countries have increased.
According to the report, a key growth driver is the development of crystal growth techniques. IR thermography used in military applications has to operate in a wide band ranging from SWIR to VLWIR (0.3 to 30 microns). Also, low cost and high performance detectors are required for commercial applications. As a result, manufacturers with in-house manufacturing facility are focusing on the development of crystal growth technologies, where large diameter wafers are being produced with low defect densities.
Further, the report states that one challenge that could hamper market growth is the lack of awareness about the product and its underlying technology.