Mary-Louise Hoffman
The use of thermal imaging technology for multiple applications has helped create a $3.1 billion industry as of 2012, according to a market analysis report by Research and Markets.
Research and Markets said Wednesday the thermal imaging market is forecast to enjoy a compound annual growth rate of 9.76 percent from 2013 to 2019.
The report indicated that organizations increasingly use thermal imaging cameras for surveillance, maintenance and security purposes.
Market growth will also be driven by efforts to upgrade weapons and other defense equipment in countries such as China, India, Japan and the U.K., according to the research firm.
BAE Systems, DRS Technologies, L-3 Communications, Raytheon, FLIR Systems, Danaher and Axis Communications are among key industry players featured in the report.
