In 2014, the infrared and thermal imaging market is estimated at a value of US$3,350 million, and by 2019, the industry is forecasted to expand to a total of US$5,219.21 million. During the period of 2014 to 2019, the global market is expected to grow at a CAGR of 9.27%.
The infrared and thermal imaging systems market mainly depends on the military sector. But the military budget cuts in the U.S. and Europe, and issues with procurement timings in various defense programs such as soldier modernization programs, have resulted in a market push towards the commercial sector.
Infrared and thermal imaging cameras and systems were intended for the military sector, but later got commercialized due to their wide range of applications in the fields of transportation, surveillance and security, and thermography.
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.
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