The global Thermal Imaging Market size was valued at USD 3.2 billion in 2012 and is poised to reach USD 6.50 billion by 2020, with a CAGR of 9.1%.
High demand of thermal imaging across residential and commercial sector is expected to fuel market growth. Cost effective cameras are available easily due to mass production. Moreover, wide scale use of cameras across diverse range of application is expected to drive market growth over the forecast period.
Technological innovation leading to development of micro bolometers is expected to open up several growth opportunities over the forecast period. Micro bolometers have led to high commercialization of thermal imagers and is projected to fuel demand for global thermal imaging market.
Growing need of cameras in surveillance and security applications across public and private sectors is expected to drive market growth. Moreover, with the need for increased security among citizens, the market is expected to experience substantial growth over the forecast period. High investment in infrastructure development along with growing demand for professional surveillance is projected to bolster growth for the industry. However, decline in defence budgets of many countries such as Italy, France, U.S., and Canada would hinder the market growth over the forecast period.