The military and defence budgets of several advanced nations in North America and Europe have begun to be cut. The local thermal imaging market has suffered as a result. For instance, the United States and a few European nations, particularly France and Italy, have cut back on their military spending. These nations account for a larger portion of the global market for thermal imaging, and budget cuts there for the modernization of weapons and other equipment are negatively influencing market expansion. Thus, throughout the forecast period, these factors are anticipated to hinder the growth of the worldwide thermal imaging market.
The export of some Thermal Imaging products is subject to tight regulations in several nations. The export of night vision equipment made in the United States without a valid export licence is absolutely forbidden, according to the U.S. Department of State Office of Defense Trade Controls. The limitations are in conformity with Title 22, Code of Federal Regulation, Parts 120 to 130 of the International Traffic in Arms Regulations (ITAR). Thus, during the course of the forecast period, these factors are anticipated to restrain the expansion of the worldwide thermal imaging market.
