Handheld Imager Market size to exceed revenue of USD 3.77 billion by 2023, at 12% CAGR by 2023
Global Handheld Imager Market size is expected to reach USD 3.77 billion by 2023; as per a new research report by Global Market Insights, Inc.
Uncooled infrared imaging technology advancements and efforts to lower handheld imager market price trend will drive growth in the coming years. Improving price-performance characteristics creates and promotes migration from traditional devices such as laser scanners to camera-based imagers. Wide range of diverse applications integrating this technology is also anticipated to be a key driver.
Rise in R&D activities have brought higher yield and lower production costs through improvements in manufacturing techniques and material science, and have significantly augmented handheld imager market size. Thermal imaging technology is widely used in law enforcement tasks such as fugitive searches, officer safety, surveillance activities, accident investigation, marine patrolling, and locating evidence.
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Major trends include high product demand in surveillance and security applications across the private and public sector. Revenue generated from security applications is poised to approach USD 1.4 billion by 2023.
Growing micro bolometer usage in numerous commercial products for fire and rescue missions, automotive night vision, thermography, etc. will drive consumption. The global micro bolometer market size is estimated to reach USD 250 million by 2023. Growth opportunities lie in application areas such as veterinary science, maritime vessel inspection, food distribution & service, etc.
Product functionality and usability is limited in certain environments such as those characterized by extreme temperatures, which may restrain growth over the next few years.
Browse key industry insights spread across 84 pages with 37 market data tables & 29 figures & charts from the report, “Handheld Imager Market Size By Application (Medical, Security, Industrial, Construction), By Product (Millimeter Wave Scanner, IR Scanner, Stud Finder, Microbolometer), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Global IR scanner market size was over USD 1.3 billion in 2015, and is forecast to grow at 11.4% CAGR from 2016 to 2023. Purchase decision is dependent on factors including hardware capability, software, product cost, quality and the associated technical support and service.
- These devices determine when and where maintenance is needed in order to take preventive action and avoid expensive production breakdowns, which will contribute to handheld imager market size.
- Construction applications will grow at 12.8% CAGR from 2016 to 2023. Developing infrastructure and rising need for implementing imaging solutions that are in line with other operations and processes are projected to fuel growth.
- Medical applications were valued at just over USD 200 million in 2015. Considerable scope in patient diagnosis and monitoring will be responsible for expected growth across the sector.
- U.S. handheld imager market share was over 25% of the global revenue in 2015. Asia Pacific is expected to grow at the fastest rate over the forecast timeline.
- Use cases in the petrochemical industry include accurate and rapid diagnosis for furnace maintenance, condenser fin diagnosis and refractory loss management.
- Major competitors accounting for handheld imager market share include Zircon Corporation, FLIR Systems, and ULIS. As a part of their growth strategy, FLIR emphasizes on facilitating customer application through innovation and expanding presence into new markets by investing in product development and improving sales capabilities. ULIS emphasizes on innovation in order to offer compact and low-cost products, thereby enabling it to address new trends in energy efficiency.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such a chemicals, advanced materials, technology, renewable energy and biotechnology.