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Handheld Imagers Market Analysis by Product (IR scanners, Stud Finders, Millimeter Wave Scanners, and Microbolometers); and by Application (Construction, Industrial, Security, Medical, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 02, 2022:  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  

  • April 11, 2022: A series of precision laser measures with cameras have been introduced by Robert Bosch GmbH, the GLM 100-25 C and the GLM 150-27 C. They provide high accuracy over distances up to 150 meters.

Global Handheld Imagers Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Handheld Imagers Market CAGR

The global handheld imagers market is estimated to garner significant revenue by the end of 2031 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. Further, the market generated modest revenue in the year 2021. The growth of the market can be attributed primarily to the advancements in technology and improved manufacturing processes. It was observed that nearly 82% of manufacturers cited smart factories as a key to their future success in 2021. The manufacturing industry is increasingly embracing new technologies, such as robotics in R&D and computer vision in warehouses. This factor enhances the manufacturing of advanced digital products on a large scale, which is expected to enlarge global handheld imagers market during forecast period. 

Handheld Imagers Market Region

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Handheld imagers have many advantages, including the ability to scan barcodes, verify a person's age, and scan documents. An infrared (IR) camera captures images by using infrared radiation and thermal energy to obtain information about things in low-light environments. Moreover, in order to provide innovative products, companies invest a lot in research and development operations. For instance, a combined amount of USD850 billion was spent on R&D by the Top 1000 Companies in 2018. R&D expenditures by the Top 1000 companies represented about 35-40% of all global R&D spending. To maximize profits, companies focus on improving and ensuring robust distribution channels and technical services. Furthermore, security concerns, advancements in technology along with increasing adoption in a variety of applications such as security, medical, construction and industrial areas are other factors anticipated to drive global handheld imagers market during forecast period.

Global Handheld Imagers Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Crime and Terror Attacks Worldwide - It was observed that nearly 10,170 terrorist attacks were reported around the world in 2020, a rise from 2017 when about 7000 terrorist attacks were recorded. The major reason that is expected to drive the growth of the market consists of rising terror attacks and criminal activities globally. The 9/11 attack has significantly affected handheld imagers demand. The handheld imager is capable of locating, tracking, and capturing criminals in adverse weather conditions. As a result of this technology, a virtual display is created displaying the thermal signatures of things in the field of view. 
  • Increasing Exports of Handheld Imagers Worldwide - According to the statistics by the International Trade Center (Trademap), the global value of exports of handheld imagers in the year 2021 was recorded to be USD 11,490,832 thousands, which was an increase from USD 10,102,125 thousands in the previous year.
  • Rapid Growth in The Security Industry - For instance, in the United States, the security industry has already grown to be a market worth approximately USD 340 billion with USD 280 billion invested by private companies and USD 68 billion invested by the government.
  • Globally Increasing Prevalence Of Rheumatoid Arthritis (RA) - It was observed that 70 people are diagnosed with RA every year out of every 100,000 people. Approximately 1.5 million Americans suffer from RA. Women have a lifetime risk of developing RA of 3.5 %, and men have a lifetime risk of 1.3%.The chronic autoimmune disease, rheumatoid arthritis affects the shoulders, hands, wrists, feet, and knees. Physicians use thermography to evaluate and monitor inflammation caused by the early stages of arthritis by examining the temperature of arthritic joints. For instance, the FLIR E60bx thermal scanning camera was used at an academic institution to analyze images and reveal statistically significant differences between inflamed and healthy tissue. Physicians could potentially use the results to assess the severity of inflammation in patients with rheumatoid arthritis.
  • Growing Demand for Diagnosing Tungiasis, a Skin Disease - In a study, it was found that IRT is effective at diagnosing tungiasis. A FLIR T660bx camera was used to capture thermographic images of a person with tungiasis. Results showed that this technique can be used to detect hidden and atypical symptoms of infections such as tungiasis and other diseases of the skin.

Challenges

  • Inability To Perform Efficiently In High Temperatures 
  • Availability Of Non Branded Handheld Imagers 
  • High Cost Associated With The Product 

The global handheld imagers market is segmented and analyzed for demand and supply by product into IR scanners, stud finders, millimeter wave scanners, 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. 

Major Macro-Economic Indicators Impacting the Market Growth

Handheld Imagers Market Chart

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.

Global Handheld Imagers Market Regional Synopsis

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 2031. 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.  

Handheld Imagers Market Regional Synopsis

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The global handheld imagers market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global handheld imagers market includes the following segments:

By Product

  • IR scanners
  • Stud Finders
  • Millimeter wave scanners
  • Microbolometers

By Application

  • Construction
  • Industrial
  • Security
  • Medical
  • Others
 

Top Featured Companies Dominating the Global Handheld Imagers Market

  • Zoro Tools, Inc

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Fluke Corporation
  • Teledyne FLIR LLC
  • Leonardo DRS, Inc.
  • General Dynamics Corporation
  • BAE Systems
  • Robert Bosch GmbH
  • Raytek-Direct
  •  Zebra Technologies Corp.
  • Opgal Optronic Industries Ltd. 

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