Uncooled Thermal Imaging Market is expected to increase at 10.10% CAGR to register revenue of $5025.44 million by 2023
Uncooled Thermal Imaging Market
(2015 - 2023)”
America dominates with major share and growth in the Uncooled Thermal Imaging Market
America is the leading market, due to its diversifying geographic which held maximum share in 2017. This region contributed revenue of $1297.80 million in 2017 to the global uncooled thermal imaging systems market and is forecast to grow at a CAGR of 8.8% to reach revenue of $2311.70 million by 2023. By country, North America holds a major share in Americas Uncooled Thermal Imaging Market with 66.9% of overall share. The highest growth rate will be observed in Europe and Asia-Pacific with estimated CAGR of 18.08% and17.87%, respectively between 2018 till 2023. The market in Europe will increase from $642.61 million in 2017 to $1248.16 million by 2023; while in APAC, the market is evaluated to increase from $701.12 million to $1354.50 million by 2023.
Selected Spectrum Range Analysis done in the full Report:
The market for Uncooled thermal imager have been segmented on the basis of different infrared spectrum ranges in which they operate. The grouping for spectrum range includes Long Wave Infrared (LWIR), Mid-Wave Infrared (MWIR) and Short-Wave Infrared (SWIR) based uncooled thermal imaging systems. Among all, Long wave Infrared (LWIR) held a significant position in the global uncooled thermal imaging market with 92% share in 2017, followed by Short Wave Infrared (SWIR) and Mid-Wave Infrared (MWIR) with 6% and 2% share, respectively. The LWIR market uncooled market will grow at a CAGR of 9.1% to reach revenue of $4220.23 million by 2023 from $2502.58 million in 2017. MWIR based uncooled thermal imaging market is forecast to record highest CAGR of 23.6% that will boost its market from $89.62 million to register $319.53 million revenue by 2023.
Excerpts on Market Growth Factors
- Increasing demand in industrial and commercial applications under great modernization programs help in driving the growth of global uncooled thermal imaging market.
- Availability of advanced technology with enhanced image quality, has recorded to increase at high rate for past some years. The vendors are launching the integration of uncooled thermal imaging technology with smart phone and tablets are one of the major factors behind the success.
- Growing action of crime has lifted the high adoption of infrared camera products market. Specifically for the security and surveillance application, has led to the dominance of this vertical in this market.
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