Handheld Imager Market size to exceed revenue of USD 3.77 billion by 2023

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Handheld Imager Market size likely to exceed revenue of USD 3.77 billion
by 2023: Global Market Insights Inc.
Handheld Imager Market size was USD 1.49 billion in 2015, with revenue forecast to cross
USD 3.77 billion by 2023, at 12% CAGR from 2016 to 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 m anufacturing 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.
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 r each 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.
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U.S. handheld imager market share, by product, 2012-2023 (USD Million)
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 O utlook, Application
Potential, Price Trends, Competitive Market Share & Forecast, 2016 2023 in detail
along with the table of contents:
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.
Key insights of Handheld Imager Market:
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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.
Global Market Insights has segmented the handheld imager market on the basis of product,
application, and region:
Handheld Imager Product Analysis (Revenue, USD Million, 2012 - 2023)
o Stud Finder
o I R Scanner
o Millimeter Wave Scanner
o Microbolometer
Handheld Imager Application Analysis (Revenue, USD Million, 2012 - 2023)
o Construction
o I ndustrial
o Security
o Medical
o O thers
Handheld Imager Regional Analysis (Revenue, USD Million, 2012 - 2023)
o Nort h America
o Europe
o Asia Pacific
o Lat in America
Segmentation of Handheld Imager Market: