The market for infrared and thermal imaging technology is set to see significant growth over the next few years, according to a new report from Research and Markets.
Currently, the infrared and thermal imaging market is valued at approximately US$3.35 billion. However, by 2019, Research and Markets predicts that this will have grown to nearly $5.22 billion.
That amounts to a global Compound Annual Growth Rate of 9.27 per cent – a figure that highlights the increasing popularity and versatility of this technology.
In a report summary, Markets and Research explained that infrared and thermal imaging solutions have become increasingly commercialised over the years, with a growing number of applications.
Although initially designed solely for military use, thermal imaging and infrared cameras and systems can now be used in a number of fields, including industry, building, security, thermography and transportation.
“Technological evolutions, outsourcing of work, and increased worldwide demand, helped the manufacturers to lower the prices of infrared and thermal imaging systems which made them economical and hence, opened doors for new applications,” reads the report summary.
There is now a wide range of commercial thermal imaging cameras available for contractor use, including in the fields of construction, building inspection, and maintenance.
Thermal imaging cameras can prove particularly valuable tools when it comes to detecting potential safety issues, such as leakages, cold bridges or overheated connections.
While Research and Markets expects that North America will remain the largest single contributor to market revenue in this industry, the regions with the highest growth rates are predicted to be the Asia-Pacific (including Australia) and the Middle East.
The full report – entitled Infrared and Thermal Imaging Systems Market by Technology, Subsector, Application, & by Geography – Forecasts & Analysis 2014-2019 – is available for purchase through the Research and Markets website.