North America handheld imagers market to witness phenomenal growth over 2016-2023, security applications to boost the demand
Publisher : Fractovia | Published Date : 2017-04-28Request Sample
Increasing criminal nuisances and terrorists attack across the globe is pushing handheld imagers market. Driven by the rising security concerns especially in areas like railway stations and airports due to the heavy public pool, these upgraded imagers are widely implemented to combat the fierce potential threat. Technological advancements have also resulted in upgrading the product features which in turn is stimulating the overall market outlook. According to Global Market Insights, Inc., “Global handheld imagers market generated a revenue of USD 1.48 billion in 2015 and is slated to witness a lucrative CAGR of 12% over the period of 2016 - 2023.”
Europe Handheld Imager Market size, by application, 2012-2023 (USD Million)
Considering the product segment, handheld imagers market is mainly segmented into stud finder, millimeter waves scanner, microbolometer, and IR scanner. IR scanner market is anticipated to dominate the overall industry in coming years, owing to the benefits offered by these scanners such as inventory control, time saver, and error reduction.
Millimeter wave scanner handheld imagers market will also grow significantly at an annual rate of 17% over the coming six years. The growth can be credited to its growing implementation across the governmental and commercial sectors. Moreover, these products are also extensively used in airports to ensure passengers’ adequate security. This, in turn, is catalyzing global handheld imagers industry.
The primary application areas of handheld imagers market are security, medical, construction, and industrial. The market from medical applications is predicted to experience considerable growth in the years ahead, owing to its increasing requirement in monitoring patient’s health. Security applications dominated the market accounting for more than 35% of the total volume in 2015 and is expected to remain a leading application sector over the period 2016-2023. The increasing need for safety and security along with rapid urbanization will augment the industry growth in this sector. The government is investing heavily in the security systems at the high alert areas such as stations and airports to limit the terrorists attack.
Geographically, Europe handheld imagers industry will register substantial growth rate over the coming six years, owing to the growing usage of thermal detection technology such as silicon microbolometer.
Asia pacific handheld imagers market share will grow noticeably with an annual growth rate of more than 13%. The growth can be attributed to its surging demand for high security. China and India will contribute significantly toward the APAC regional revenue. Handheld imagerss are majorly used for military applications in these regions
North America handheld imagers market led the global landscape in 2015 and will exhibit substantial annual growth rate of around 12% over the period of 2016 to 2023, primarily driven by the implementation of strict governmental norms to install handheld imagers for the security purpose. U.S. is projected to be the prime revenue pocket for North America.
Handheld imagers industry is highly competitive with the growing number of new entrants in the business space. Product differentiation and competitive pricing will remain the two most distinguishing factors for the players to sustain their market position. The notable participants in handheld imagers market are Fluke Corporation, Robert Bosch GmbH, DRS Technologies, Zircon Corporation, FLIR Systems, Stanley Black & Decker, and ULIS IR.
