Industrial Cameras Market - Growth, Future Prospects and Competitive Analysis, 2023

Description

List of Tables

The global market for industrial cameras is projected to expand at a CAGR of 6.5% during the forecast period of 2023 to 2031. The worldwide industrial camera market is being propelled by the expansion of manufacturing and automation activities across several industry verticals. Industrial camera systems are commonly used in factory automation for inspection purposes. The establishment of the intelligent industry has resulted in the development of increasingly sophisticated networking systems. This is offering significant business opportunities for industrial camera producers on the global market. Concern for the safety and security of people working in hazardous environments, such as mining and construction, is fuelling the market for industrial cameras further. Market participants are tracking the trends in the industrial camera sector to increase their revenue.

In numerous end-use sectors, industrial cameras are employed in demanding environments such as high temperature, pressure, and vibration. These cameras can regulate the production cycle in industries such as industrial manufacturing, automotive, oil & gas, and medicine. Global demand for industrial borescopes is increasing. Industrial cameras with advanced technology are gaining popularity in the manufacturing sector. Several sectors are also rapidly using industrial security cameras. Thus, the rise in demand for industrial cameras is predicted to have a favorable impact on the worldwide industrial camera market in the near future.

Advancements in Industrial Camera Technology

Intelligent camera technology is a comprehensive solution for industrial automation and inspection. Due to its precision and adaptable flexibility, this intelligent camera system is gradually becoming an industry standard for a variety of global firms. In addition, smart cameras provide integrated software packages and a variety of options for applications such as measurement, quality control, and inspection.

According to the industrial camera industry forecast report, global market demand for robotic vision cameras is increasing. The robotic vision camera has a big workspace that is customizable, has a wide field of view, and resistant to ambient light and reflections. It can be built utilizing synchronized laser scan technology, allowing for high-speed stability. Hence, technological advances are predicted to drive the growth of the industrial camera market in the coming years.

Need for Quality Automation and Inspection to Rise

Increasing growth in the industrial manufacturing sector has led to an increase in the use of industrial cameras for quality assurance and inspection, measurement, positioning and guidance, and other reasons in applications such as the production of machinery, food, and electronic components. This is expected to contribute to market demand for industrial cameras throughout the forecast period.

In the near future, the demand for zero-error tolerance, digital networking, artificial intelligence, and deep learning systems is anticipated to increase the size of the industrial camera market. Diverse end-use industries are investing in the improvement of their equipment and machinery, which is a crucial factor driving the growth of the industrial camera market. Over the projected period, the market is anticipated to be further propelled by a rise in the propensity for the ownership of various industrial cameras kinds among various business verticals.

Increase in Demand for USB 3.0 Interface Standard

According to interface standard research of the worldwide industrial camera market, the USB 3.0 sector will likely lead the global industry in the near future. This is due to its straightforward connectivity and fast bandwidth. GigE Vision, Camera Link, CoaXPress, and FireWire are also gaining popularity as a result of their low-cost, rapid data transfer in many synchronizations.

APAC Expected to be the Global Leader During the Forecast Period

Over the projection period, Asia-Pacific is anticipated to have the lion's share of the global market. Manufacturing sector expansion in China, India, and Japan is anticipated to have a beneficial impact on regional market statistics in the near future. In 2022, Europe and North America dominated the global market. Companies operating in these locations have increased their investments in innovative manufacturing equipment.

Market to be Dominated by Large Players

The market is consolidated, with a handful of huge corporations controlling a significant part. Industry participants are concentrating on developing programmable smart cameras for AI applications. Several sectors are progressively embracing AI-based solutions, which is projected to increase demand for smart cameras over the forecast period.

Industrial camera market leaders include Allied Vision Technologies GmbH, FLIR Machine Vision, IMPERX, Inc., Industrial Video & Control Co., JAI, Jenoptik, Keyence Corporation, PixeLINK, Teledyne DALSA, and The Imaging Source.

Key market developments include the following:

Allied Vision Technologies GmbH announced the launch of their new Alvium CSI-2 camera in May 2022. The new GenICam for CSI-2 access is compatible with the Vimba SDK and offers a comprehensive set of GenICam features.

In February 2022, Basler AG announced its intention to add stereo cameras to its 3D range. Every camera would be equipped with pre-installed, flexible onboard software that can be utilized for common robotics tasks like item detection and bin selection.

Jenoptik revealed its intention to expand its optical production facilities in June 2021. For this reason, the company invested in a high-tech production building and a new office complex in Airport Park Dresden in May 2021. It is also expected that the expansion will increase the production of its medical-use cameras.

Teledyne DALSA announced the debut of a new line camera series in June 2021. These cameras are available in 4K and 2K resolutions and are developed primarily for machine vision applications.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Cameras market are as follows:

Research and development budgets of manufacturers and government spending

Revenues of key companies in the market segment

Number of end users and consumption volume, price and value.

Geographical revenues generate by countries considered in the report

Micro and macro environment factors that are currently influencing the Industrial Cameras market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS

Research Period 2021-2031

Base Year 2022

Forecast Period 2023-2031

Historical Year 2021

Unit USD Million

Segmentation

Product

Area Scan Camera

Line Scan Camera

3D Camera

Others (Thermographic Camera, Microscopy Camera, etc.)

Interface Standard By Application

GigE Vision