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Handheld Imager Market in Stud Finder Product Segment is Excepted to Grow At A CAGR of 17% by 2023

Author : Ronak Bora | Published Date : 2019-03-26 

Handheld Imager Market is set to grow at a CAGR of over 12% during the forecast timespan and is attributed to the increase in security concerns and rapid need for document scanning around the globe. These devices have high application in the security and defense sector as they aid in the detection of contraband and explosives in airports and other high security locations. This equipment reduces the discomfort of the person being scanned and is more convenient for usage than magnetometers for usage at airports.

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The rising trend of miniaturization and need for increasing the range of these equipment has led to rapid development in the handheld imager market to cater to this demand. Technological advancements have led to the rise of infrared imaging, and the ability to use this equipment in the dark and smoke. The usage of cost-efficient raw materials such as amorphous silicon in the manufacturing of these devices is also expected to fuel the decline in the overall market prices and propel market.

Based on product trends, handheld imager market is fragmented into IR scanner, millimeter wave scanner, stud finder, and microbolometer. IR scanner industry is forecast to dominate the industry in the years ahead, driven by the excellent characteristics of these scanners such as inventory control, high-quality output, and time-efficiency. In addition, IR scanners, which are used for scanning and printing output codes from the computer will further fuel market demand, especially in the construction sector. Stud finder industry is also expected to witness substantial growth rate at a CAGR of 17% CAGR over 2016 -2023.

High demand for handheld imager in security applications is a major factor contributing to the 35% market share in 2015. The surge in demand is due to government mandates for the prevention of terrorist and criminal activities in high risk areas. Penetration of these technologies in the healthcare segment is attributed to the growing shift towards Electronic Health Records (EHR) and the product’s capabilities to analyze the patient's body, ears and the retinas is predicted to heighten the demand.

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North America Handheld Imager Market accounted for the largest share in terms of revenue in 2015, and is poised to grow significantly at a CAGR of 12% over the period 2016-2023. High prevalence of criminal activities will prompt handheld imagers market to prosper in this region. Strict regulatory framework regarding security concerns at airports will stimulate U.S. handheld imagers industry.

Asia Pacific market is anticipated to witness noteworthy growth at an annual CAGR of 13% over 2016 -2023. High-security requirements will also enhance the regional demand. Moreover, the rising need to synchronize the scanning process to achieve overall cost reduction will result in substantial growth in India and China handheld imagers industry. Ability to detect weapons, explosives, and other dangerous objects will also propel the regional demand.

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Some of the notable players of the handheld imager market include Bosch, DRS Technologies, Zircon Corporation, Fluke Corporation, FLIR, Stanley Black & Decker and ULIS.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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