The global microbolometer market was valued at US$573.531 million in 2018 and is expected to grow at a CAGR of 6.70% over the forecast period to reach a total market size of US$846.227 million by 2024. The global microbolometer is expected to propel during the forecast period owing to their growing demand due to their low power consumption, which is cheaper, reliable, and lightweight in comparison to their substitutes.
A growing trend of the adoption of low power consumption devices will also bring a positive impact on the growth of the global microbolometer market during the forecast period. Investments in R&D for detector materials like Vanadium Oxide and Amorphous Silicon among other materials used in the microbolometers is further driving the market growth in the forecast period. On the basis of materials, the market is categorized as Vanadium Oxide and Amorphous Silicon, where Vanadium Dioxide is expected to hold a dominant share followed by Amorphous Silicon.
Geographically, North America and Europe are expected to hold a substantial market share due to the safety regulations for utilization of thermal cameras in passenger and commercial vehicles are further driving the market growth in these regions. Also, the early adoption of technology and investments in R&D is further providing an opportunity for the market to grow here during the forecast period.
Some of the companies like Seek Thermal are bolstering their product portfolio by introducing microbolometer technology in designing thermal imaging cameras for smartphones and tablets. This has transformed these devices (smartphones and tablets) into a professional thermal imaging tool which is portable, light in weight, and convenient to use. Furthermore, the market is being driven by the desire to see in complete darkness or through smoke and fog leading to the development and adoption of this imaging technology by various manufacturing and end-use industries.
The “Global Microbolometer Market – Forecasts from 2019 to 2024” aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by materials, applications, and geography.
The global microbolometer market on segmented based on materials, application, and geography. Based on materials the market has been segmented into Vanadium Oxide (VOx), and Amorphous Silicon (a-Si). By application, the market has been classified into Aerospace and Defense, Automotive, Video Surveillance, and Thermography. On the basis of geography, the market is segmented into North America (USA, Canada, and Mexico), South America (Brazil, Argentina, and Others), Europe (Germany, France, United Kingdom, and Others), Middle East and Africa (Saudi Arabia, South Africa, and Others), and the Asia Pacific (China, Japan, India, and Others).
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 13 major countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the global microbolometer market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the global microbolometer market.
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