Global Handheld Imagers Market Overview
The global handheld imagers industry is driven by the improving manufacturing process and advancements in technology. Companies invest enormously in research and development operations for offering innovative products to sustain in the handheld imagers market. Companies are focusing on improving and ensuring robust distribution channel and enhanced technical services in order to achieve maximum profits. Handheld imagers provide various benefits such as barcode scanning, age verification and document scanning. The companies provide different types of handheld scanners that suit the requirement of the users. The most prominent among them is the handheld thermal imager. They are very popular in many industries and applications as a non-contact temperature measurement device including HVAC, automotive, building, inspection, energy audits, plant maintenance, electrical contractors, insulation experts and many more. These handheld imagers provide various features such as voice annotation, video output, and resolution and image refresh rate.
Declining handheld imager market price trend is anticipated to increase the demand across several industry verticals. Increasing R&D investments have also contributed to low production cost thereby improving manufacturing technique. Product miniaturization to address the growing demand for light portable devices will drive the industry growth over a forecast period.
Market Size and Forecast
The global handheld imagers market was valued at USD 1.6 billion in 2016 and is expected to reach USD 5 billion in 2024, growing at a CAGR of 13% during the forecast period. The major reasons that will drive the growth of the market include the escalating terror attacks and criminal nuisances across the globe. The 9/11 attack have significantly impacted the demand for the handheld imagers. Moreover, security concerns, especially at airports and stations due to the heavy crowd, are propelling the demand for handheld imagers across the globe. Moreover, the advancements in technology such as infrared imaging will push the market to the global level.
North America will dominate the market due the adoption of millimeter wave technology, followed by Asia Pacific and Europe. The Europe and Asia Pacific will witness substantial growth over the forecast period owing to growing security concerns across the regions. Asia Pacific with the highest number of patents for microbolometers is anticipated to witness considerable growth over the forecast period. The Asia-Pacific market is growing with robust growth rate, as compared to other regions for microbolometer IR detector market due to its continuous economic growth and large manufacturing base.
Our in–depth analysis of the global handheld imagers market includes the following segments:
The Global Handheld Imagers are further classified on the basis of region as follows:
Growth Drivers and Challenges
The growth of the global handheld imagers market is driven by its growing adoption in untapped application areas. New innovative products have significantly offered the scope for handheld images in several application sectors such as security, medical and industrial areas. Further, the increasing demand across security industry is likely to push the market to the global level. The increasing demand is accredited to the rising security concern in areas including government and airports. Moreover, the ability to locate, track and capture criminal in adverse conditions may drive the market demand. Increasing scope of applications including medical, industrial and security is anticipated to drive the demand for handheld imagers during the forecast period. The rising terrorism threat and criminal activity are influencing the market growth. The abilities of the imager in sector to diagnose patient’s body, inner ears or the health of the patients’ retina may increase the demand across the medical space. Further, technological innovation has led miniaturization and development of lightweight handheld managers, which is expected to positively impact the market growth over the forecast period. Availability of cost-effective handheld imagers due to mass production and a wide range of special applications integrating this technology will lead to the growth of the market. Moreover, the high investment for the development of camera based scanners also contributing towards the growth of handheld imagers market. The advanced and competitive barcode reader scanner has industrial features to increase accuracy, productivity and user friendly operation. Camera-based solutions provide high price-performance ratio and are user-friendly. This is further anticipated to provide new avenues for market growth in the forecast period. However, the technical misspecification regarding handheld imagers is expected to pose a challenge to market growth.
Infrared scanner market share is expected to dominate the market over the forecast period accredited to the high degree of usage among various applications. Features such as error reduction, inventory control and time savings may increase the adoption over the forecast period.
Scope and Context
Overview of the Parent Market
The Global Handheld Imagers Market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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