Thermal Imaging Market, Size, Share, Analysis, Trends and Forecast to 2020 by Grand View Research, Inc

The global thermal imaging market (http://www.grandviewresearch.com/industry-analysis/thermal-imaging-market) is expected to reach USD 6,499.5 million by 2020, according to a new study by Grand View Research, Inc. Surging demand for cost effective thermal imaging devices across a diverse range of applications is expected to serve as a key market driver over the next six years. Commercialization of thermal imagers owing to the development of microbolometers is also expected to favorably impact market growth over the forecast period.

The thermal imaging market is characterized by constant price wars, which is a result of intense competition. In addition to growing demand from commercial and industrial applications, thermal imaging devices are used extensively across several security & surveillance applications. Reduced defense spending in developed markets is expected to restrain the industry over the next six years. Emergence and increased adoption of integrated solutions across commercial applications provides avenues for market growth. The use of thermal imaging technology in smartphones and high resolution cameras is also expected to be a sizable opportunity for industry participants.

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Further key findings from the study suggest:

• Military & defense emerged as the most dominant application segment, and accounted for over 40% of the thermal imaging market in 2013. Ground forces in the military depend on thermal cameras, night vision goggles and related equipment in order to improve situational awareness. Thermal imaging application in the commercial segment is also expected to witness growth over the next few years. This can be attributed to the rise in use of thermal imaging devices across an array of applications including security & surveillance, transportation systems and thermography.

• North America was the largest regional market in...