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Surveillance and Security to be the biggest market driver throughout the forecast period
Un-cooled thermal cameras are primarily used in surveillance and security for securing larger compounds. Therefore, rugged thermal cameras are witnessing increased demands from nations such as the U.S, China and Russia i.e., countries having a large military industry complex, utilities, and infrastructure development. In the year 2016, the Surveillance & Security application segment recorded a revenue of slightly more than US$ 1.3 Bn. By the end of the year 2027, this segment is anticipated to reach a market valuation of more than US$ 3 Bn, representing a CAGR of 8.3% for the decadal study. An incremental dollar opportunity of almost US$ 1.8 Bn can be hoped to be achieved from the Surveillance & Security segment for the period between 2017 and 2027.
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Sharp rise in defence expenditure expected to benefit the Surveillance & Security segment
Global uncertainty and volatility on account of civil wars and territorial and ideological disputes are predicted to boost global defence spending on a massive scale. Countries in the Middle East and South China Sea region in particular should drive the demand for rugged thermal cameras as they would require these cameras for surveillance and security purposes. Eastern European nations have hiked their defence budget substantially and seven of the 10 countries with the highest defence budgets are either Asian or Eastern European. A few examples include Iraq, Lithuania, Philippines, Japan, Vietnam, China and India.
Asia Pacific to be the most important region in terms of revenue growth of the Surveillance & Security segment
Asian countries are recording sharp hikes in their defence spending, the global slowdown notwithstanding. This can largely be attributed to the unrest in the Middle East along with territorial disputes in the South China Sea region. In March 2017, China announced an increase of 7% in its defence budget, taking the figure to just over US$ 150 Bn. In the month before that, its neighbouring nation India also increased its defence budget by a substantial 5% to take its total to slightly under US$ 40 Bn. This has led to an inevitable domino effect where all the countries of the region feel compelled to respond and react. The countries will logically require rugged thermal cameras and the Surveillance & Security segment is predicted to be a major beneficiary of this.
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China and India to lead the way in the APEJ rugged thermal cameras market
In the year 2016, the China rugged thermal cameras market was valued at around US$ 350 Mn and this should increase to more than US$ 950 Mn by the year 2027 with a CAGR of 9.7% during this 10 year period. An incremental dollar opportunity of nearly US$ 580 Mn can be anticipated for the period 2017-2027. The India rugged thermal cameras market was worth roughly US$ 50 Mn in the year 2016 but is expected to show a rapid Y-o-Y growth of more than 9%. By the end of the forecast period, the India rugged thermal cameras market is predicted to be slightly more than US$ 140 Mn in value with a CAGR of 10.4% during the study period. An incremental dollar opportunity of approximately US$ 90 Mn is likely to be witnessed within the period from 2017 to 2027 in the India rugged thermal cameras market.
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