Industrial Camera Market to Reach $4.6 billion, Globally, by 2032 at 7.6% CAGR:Allied Market Allied Market Research
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Prime determinants of growth
Increase in automation in industries and technological advancements in the camera have led to applications of industrial cameras across various industries such as automotive, electronics, pharmaceuticals, food & beverages, and logistics. This is expected to drive the growth of the global industrial camera market. However, the high cost of industrial cameras restricts the market growth. Moreover, technological advancements & innovations in industrial camera represent new opportunities in the coming years.
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The area scan camera segment to maintain its leadership status throughout the forecast period
By type, the area scan camera segment held the highest market share in 2020, accounting for nearly three-fifths of the global industrial camera market revenue, and is estimated to maintain its leadership status throughout the forecast period. Area scan cameras are versatile and suitable for a wide range of applications, including quality inspection, part identification, barcode reading, object recognition, and surveillance. They are commonly used in industrial automation, automotive manufacturing, electronics inspection, pharmaceuticals, food and beverage processing, and many other industries where fast and accurate image capture is required. However, the other segment is projected to manifest the highest CAGR of 9.0% from 2023 to 2032. The 3D camera and infrared smart cameras are included in other segments. The growing emphasis on 3D cameras in various industrial processes is driving the market growth.
The GigE and 5GigE segment to maintain its leadership status throughout the forecast period
By interface type, the GigE and 5GigE segment held the highest market share in 2020, accounting for more than one-thirds of the global industrial camera market, and is estimated to maintain its leadership status throughout the forecast period. Both GigE and 5GigE interfaces provide high-speed data transfer rates, allowing for rapid image acquisition and transmission. This interfaces support long cable lengths, enabling flexibility in camera placement and installation. However, the CoaXPress segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032. CoaXPress supports Power over CoaXPress (PoCXP), allowing cameras to receive power directly through the same coaxial cable used for data transmission. This simplifies cabling and reduces the need for additional power supplies, contributing to a more streamlined setup and reduced installation costs.
The factory automation segment to maintain its lead position during the forecast period
By application, the factory automation segment accounted for the largest share in 2020, contributing to nearly half of the global industrial camera market revenue, and is projected to maintain its lead position during the forecast period. The same segment is expected to portray the largest CAGR of 8.2% from 2023 to 2032. The rising adoption of automation in various industries is a primary driver behind the growing demand for industrial cameras. Industrial automation relies heavily on machine vision systems equipped with cameras to perform tasks such as quality inspection, robotic guidance, and process monitoring.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global industrial camera market revenue, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 8.6% from 2023 to 2032. Countries in Asia-Pacific such as India, China, Vietnam, and Indonesia are witnessing growth in industrialization, which, in turn, drives market growth.
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Leading Market Players: -
The report provides a detailed analysis of these key players in the global industrial camera market. These players have adopted different strategies such as new product launches, and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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