Global Imaging Radiometer Market - Investments Made in Military Upgrades to be a Major Trend |Technavio

Technavio has published a new market research report on the global imaging radiometer market from 2018-2022. (Graphic: Business Wire)

LONDON--()--Technavio’s latest market research report on the global imaging radiometer market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

According to Technavio analysts, the global imaging radiometer market will grow at a CAGR of close to 10% during the forecast period. The increasing activities of precision agriculture is a major factor driving the market’s growth.

Over the next three decades, the global population is expected to increase to more than 9 billion. Simultaneously, the demand for global food production needs to increase by more than 50% to serve the growing population. Preparing the soil, planting, and harvesting the farms at the right time and monitoring the extremely changing weather conditions will enhance the food production and help farmers and other stakeholders understand the variabilities in crop farming. Developed nations such as Europe and the US encourage smart farming through various initiatives by public and private funds.

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In this report, Technavio highlights the continuous investments in military upgrades as one of the key emerging trends driving the global imaging radiometer market:

Continuous investments in military upgrades

Post World War II, the global imaging radiometer market started growing. Countries such as the US, Russia, and Canada wanted to utilize this technology for warfare. The budget for military expenses increased from 1996 to 2011. In 2012, the expenses started reducing, but the worldwide military expenses accounted for USD 1,775 billion in 2014. In terms of procurement expenses, several countries have increased their budget.

“Players in the imaging radiometers market bet high on the market to have a high growth rate. Imaging radiometers are the primary requirements in all military and defense equipment. Countries such as the US, China, Russia, and India display the highest demand for imaging radiometers. Thus, the requirements for advanced imaging equipment are increasing, with the increasing military budget. This is further driving demand for imaging radiometers for military applications,” says a senior analyst at Technavio for research on embedded systems.

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Global imaging radiometer market segmentation

This market research report segments the global imaging radiometer market into the following applications (civil systems and defense systems) and key regions (the Americas, APAC, and EMEA).

The civil systems segment held the largest market share in 2017, accounting for nearly 55% of the market. The market share for this application is expected to increase nearly 6% by 2022.

The Americas was the leading region for the global imaging radiometer market in 2017, accounting for a market share of 56%. By 2022, EMEA is expected to witness the highest market growth of nearly 2%. APAC will also see growth as a high number of manufacturing plants in the region is increasing, which will require imaging radiometers for various applications.

 
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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio’s latest market research report on the global imaging radiometer market provides an analysis of the most important trends and drivers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com