Uncooled thermal cameras find their application in security and surveillance purposes of large localities. Hence, thermal cameras are expected to witness robust from countries such as China, Russia and the i.e., countries with a massive military base, complex, infrastructures and utilities. Application of the thermal camera for purpose of surveillance & security is likely to grow in coming time.
According to a report published by Future Market Insights (FMI), sales revenue of rugged thermal cameras for surveillance & security purposes crossed US$ 1.3 Billion in 2016. Over 2027 this segment is estimated to reach a valuation of over US$ 3 Billion in the global market for rugged thermal cameras, expanding at a compound annual growth rate (CAGR) of more than 8% between 2017 and 2027.
The Constant rise in Defence Expenditure Anticipated to Fuel the Demand for Thermal Cameras for Surveillance & Security Purposes
Increasing risk of civil was on account of political instability in various regions and ideological and territorial disputes are anticipated to increase global defence spending to a significant level. Particularly, countries in the South China Sea and the Middle East region is expected to present strong demand for rugged thermal cameras, as security and safety remain a major in these parts. Meanwhile, some of the Eastern European nations have scaled up their defence budget exponentially as a majority of nations in the region account for high defence budgets. In Asia, countries such as Lithuania, Iraq, Philippines, Vietnam, Japan, India and China continue to present strong demand for thermal cameras.
FMI report Identifies Asia Pacific as a Lucrative Region in terms of Market Revenue
Most of the countries in Asia region are exhibiting a sharp increase in the defence budget, irrespective of the ongoing global economic stagnancy. This can primarily be linked to the territorial disputes in South China region and the unrest in the Middle East. Recently, China has announced a rise in its defence spending by 7%, which will take it to a figure of more than US$ 150 Billion. This move came following India’s 5% hike in its overall defence budget that saw it reach a figure just under US$ 40 Billion. Apparently, most of the countries in the region feel necessary to react and respond to the defence activities happening in the neighbouring country which is inevitably creating a domino effect.
India and China will Stay at the Forefront of the Rugged Thermal Cameras Market APEJ
The rugged thermal cameras market in China stood at around US$ 350 Million in 2016 and expected to grow to over US$ 950 Million by the end of 2027, reflecting a CAGR of over 9%. The country’s market is expected to create an incremental dollar opportunity of close to US$ 580 Million between 2017 and 2027. Meanwhile, the market in India was valued roughly around US$ 50 Million in 2016, however, is projected to witness a strong Y-o-Y growth of over 9%. By the end of 2027, India’s rugged thermal cameras market is likely to cross US$ 140 Million in value, expanding at over 10% CAGR.