The InGaAs camera market was valued at US$ 107. 99 million in 2021 and is expected to reach US$ 183. 35 million by 2028; it is estimated to grow at a CAGR of 7. 9% from 2021 to 2028. The penetration of Industry 4.
New York, April 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "InGaAs Camera Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Camera Cooling Technology, Scanning Type, and Application" - https://www.reportlinker.com/p06270012/?utm_source=GNW
0 has increased automation in various verticals that allow companies to capture the long-term value from their operations, reduce human involvement and waste, increase flexibility, and optimize the decision-making process. In addition, the emergence of connected enterprises, government initiatives to support industrial automation, and the uptake of emerging technologies, such as IoT and AI, in industrial environments is expected to propel automated industries during the forecast period. Thus, the rising uptake of industrial automation is likely to increase the demand for InGaAs cameras for machine vision and create an opportunity for the InGaAs camera market in the years to come. Moreover, these InGaAs cameras help improve the accuracy of manufacturing operations, thereby reducing the cost and increasing the productivity and quality of the production process. The increasing emphasis on industrial automation is expected to boost the InGaAs camera market soon. InGaAs cameras used in the industrial automation system can image objects in the short-wave infrared (SWIR) range and attract interest in the food & beverages, pharmaceuticals, and other industries. The SWIR imaging with InGaAs-based cameras is well suited to non-destructive identification of materials, their composition, coatings, and other characteristics. Thus, the rising uptake of InGaAs cameras in the industrial sector is projected to contribute significantly to the InGaAs camera market’s growth over the next few years.
Moreover, due to the advancements in technology, North America has been highly competitive, with the US being a developed country accepting modern technology electronic devices.The region has several technological giants that invest significant amounts in developing advanced technologies.
With the increasing demand for high-quality and efficient electronic devices among Americans, OEMs focus on developing advanced technological devices. The North America InGaAs camera market is anticipated to grow in the coming years due to the presence of prominent players in military and defense, scientific research, and industrial automation, such as Teledyne Technologies, FLIR Systems, and Sensors Unlimited, Moreover, according to the World Bank collection of development indicators, the military expenditure in the US was around 3.74 % of its GDP in 2020, which is compiled from officially recognized sources. Therefore, the increasing spending on military and defense is further expected to propel the market in North America during the forecast period.
The COVID-19 pandemic had a significant impact on the electronics & semiconductors industry in 2020.France, Russia, and the UK have seen a comparatively modest decrease in their development activities across the security sector in 2020.
With a negative economic growth rate in 2020, the European economy is projected to contract.The imbalance in the demand and supply side of security and surveillance solutions negatively impacted the InGaAs camera market in 2020 and 2021.
However, the requirement of continuous surveillance for military operations has driven the market across European countries.Moreover, some countries across Europe are also disclosing their plans for the acquisition and investments in defense technologies across their respective armed forces, which is also expected to aid in the InGaAs camera market growth during the forecast period.
Moreover, most of the Asia Pacific countries have lost a lot of revenues from their respective defense companies. For instance, Indian defense companies had already lost ~ US$ 3 billion in revenues between March and May in FY 2020, which has also affected 100 large defense firms and nearly 4,000 small and medium aerospace and defense businesses. Additionally, the labor shortage in these countries has hindered the manufacturing sector. However, increase in the advancement of military technology and high penetration of industrial automation post COVID-19 pandemic scenario would bolster the growth of the InGaAs camera market during the forecast period.
The InGaAs camera market is segmented on the basis of camera cooling technology, scanning type, and application.Based on camera cooling technology, the market is segmented into uncooled camera and cooled camera.
In 2021, the uncooled camera segment led the market and accounted for a larger market share.Based on scanning type, the market is segmented into area scan camera and line scan camera.
In 2021, the area scan camera segment led the market and accounted for a larger market share.Based on application, the InGaAs camera market is segmented into military & defense, industrial automation, and scientific research.
In 2021, the industrial automation segment led the market and accounted for the largest market share. Geographically, the InGaAs camera market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). In 2021, APAC accounted for a significant share in the global market.
Hamamatsu Photonics K.K.; Allied Vision Technologies GmbH; New Imaging Technologies; Pembroke Instruments, LLC; Polytec GmbH; Raptor Photonics Limited; Sensors Unlimited; SWIR Vision Systems Inc.; and Xenics N.V. are among the key players operating in the global InGaAs camera market and profiled in the market study
The overall global InGaAs camera market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the InGaAs camera market.
The process also serves the purpose of obtaining an overview and forecast for the InGaAs camera market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the InGaAs camera market.
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