The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
The global handheld imagers market is segmented and analyzed for demand and supply by product into IR scanners, stud finders, millimeter wave scanners, and microbolometers. Among these segments, the stud finders segment is anticipated to capture the largest market size in the global handheld imagers market owing to the increasing demand for finding the right base and strength for houses. Stud Finder is a portable device used to find studs by detecting variations in the density of the wall, such as drywall on wood structures. Moreover, product developments and advancements are further expected to drive segment growth. For instance, a stud finder manufacturer, Zircon Corporation, launched the SuperScan K2, K4, and ExitPoint XL500 Through-Hole Drill Guides at the International Hardware Fair 2022 in Köln.
Regionally, the global handheld imagers market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. With increasing government regulations on aviation security and terrorist threats, the demand for handheld imagers is expected to rise in the region during the forecast period. For instance, the U.S. Department of Homeland Security is raising the baseline for aviation security internationally. There are over 280 last-point-of-departure airports in 105 countries offering direct commercial flights to the U.S. Moreover, rising criminal activities and security concerns in the region are also anticipated to drive market growth during the forecast period.
The global handheld imagers market is further classified on the basis of region as follows:
Our in-depth analysis of the global handheld imagers market includes the following segments:
Teledyne FLIR LLC, introduced the Neutrino LC CZ 15-300, designed for integrated solutions that require crisp, long-range MWIR imaging in SD or HD.
Robert Bosch GmbH introduced the GLM 100-25 C and the GLM 150-27 C, a series of precision laser measures with cameras, which provide high accuracy over distances up to 150 meters.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Rising terrorism and criminal attacks along with widespread use in various industries such as security, medical, construction and industrial areas are the major factors driving the growth of the handheld imagers market.
Ans: The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2023 – 2033.
Ans: Inability to perform efficiently in high temperatures along with availability of non-branded handheld imagers are challenges expected to hinder market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Zoro Tools, Inc, Fluke Corporation, Teledyne FLIR LLC, Leonardo DRS, Inc., General Dynamics Corporation, BAE Systems., Robert Bosch GmbH, Raytek-Direct, Zebra Technologies Corp., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, application, and by region.
Ans: The stud finders segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.