Commercial applications comprise of building diagnosis and airport security. Furthermore, it is widely used in numerous security applications. Residential sector is expected to witness substantial growth owing to availability of low cost devices and high product penetration. Thermal imaging helps in reduce time-consuming and costly investigations and is used to conduct detection of moisture in walls, ceiling, roofs, plumbing leaks or blockages and energy audits.
Regional Insights North America is expected to emerge as the dominant regional market owing to high demand for thermal imaging devices across several law enforcement activities. Furthermore, growth across both commercial and industrial sectors is projected to drive product demand over the forecast period. Rising demand in surveillance and security applications is projected to fuel demand in Europe. Owing to rising defense budget in Asia-Pacific, the region is projected to grow substantially.
Competitive Insights Some of the major players in the industry are Raytheon Company, FLIR system Inc., BAE systems Inc., and DRS technologies Inc. Constant price wars and high competition among the companies is a characteristics of the market. High importance is laid on developing advanced and cost effective apartments by companies. Product differentiation also forms a key part of business growing strategy. FLIR systems Inc. expanded its portfolio by introducing smartphone with thermal imaging ability. Other players in the industry are Axis Communications, Honeywell, Nippon Avionics, Safran, Lockheed Martin, Sofradir EC Inc., Ulis, Testo AG, and Thermoteknix Systems Ltd.
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Manufacturer focus primarily on innovation of new technologies and unique products, global deployment, and building capacities to design for large volumes and also reduce production cost. Vertically integrated operations help companies to emphasize on enhancing control on multiple production inputs, customer service and rapid product development cycle. The industry is also characterized by high degree of vertical integration between manufacturers and suppliers.
Companies are able to maintain control over component technologies using vertical integration. Moreover, an integrated approach enables manufacturers in achieving lower improved functionalities and lowering costs. This approach minimizes dependency on third party suppliers for critical components facilitating companies to meet critical deadlines. FLIR system built a manufacturing model which was vertically integrated in order to optimize its manufacturing output and reduce dependence on third party vendors for supply of critical components. Manufacturers emphasize on vertically integrating operations including global deployments such as designing large production volumes, innovating new technologies and differentiated products and simultaneously