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Photographic And Photocopying Equipment Market Growth, Key Drivers, Segmentation, And Forecast To 2033
Photographic And Photocopying Equipment Market Growth
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According to The Business Research Company's, The photographic and photocopying equipment market size has grown strongly in recent years. It will grow from $40.54 billion in 2023 to $43.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to film-based photography, printing and reproduction needs, analog photography, consumer photography, business document management.
The photographic and photocopying equipment market size is expected to see strong growth in the next few years. It will grow to $53.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to digital photography and imaging, office automation and digitization, sustainability and eco-friendly equipment, remote work and hybrid offices, professional and creative photography. Major trends in the forecast period include mirrorless cameras and dslrs, 3D printing and scanning, compact and portable printers, AI and image recognition, high-speed and high-resolution printing.
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Market Drivers and Trends:
Increasing demand for digital cameras and accessories is anticipated to fuel the growth for photographic and photocopying equipment market. Digital cameras and accessories refer to a range of electronic devices and supplementary equipment used for capturing, storing, and processing digital images and videos. Photographic and photocopying equipment complements digital cameras by enabling users to print, scan, copy, edit, and enhance digital images and documents, serving various personal, professional, and creative purposes. For instance, in August 2023, according to the Camera & Imaging Products Association, a Japan-based organization, mirrorless cameras achieved a remarkable 20% year-on-year growth, reaching 253 billion yen ($17 billion) in the first half of the year, marking a third consecutive record high. Further, China witnessed the most significant increase at 44%, while Japan and Europe registered growth of 30% and 9%, respectively. Therefore, the increasing demand for digital cameras and accessories is expected to propel the growth of the photographic and photocopying equipment market.
Major companies operating in the photographic and photocopying equipment market are focused on developing advanced photographic equipment such as CRANE 4, to gain a competitive advantage and enhance their product offerings. CRANE4 is an exceptional gimbal, enabling creative freedom in filmmaking. For instance, in July 2023, Guilin Zhishen Information Technology Co., Ltd. (Zhiyun-Tech), a China-based electronic equipment manufacturer, launched the CRANE 4 Gimbal for DSLRs and cinema cameras, aiming to empower filmmakers and content creators worldwide. Notable features include built-in balance indicator lights for quick motor balance assessment and Bluetooth connectivity, enabling direct shutter control for compatible cameras, eliminating the need for cables, and allowing remote recording to start/stop and photo capture activation.
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Major Key Players of the Market:
Canon Inc., Ricoh Group, Sony Corporation, Sharp Corporation, Nikon Corp, Fujifilm Corporation, Panasonic Corporation, Logitech International S.A., GoPro Inc., Olympus Corporation., Samsung Electronics Co., Xerox Corporation, Avid Technology Inc., X-Rite Inc., Eastman Kodak Company, Konica Minolta Inc., Polaroid Corporation, Leica Camera AG, Victor Hasselblad AB, Mamiya Digital Imaging Co. Ltd., Pentax Ricoh Imaging Company Ltd., Sigma Corporation, Tamron Co. Ltd., Tokina Co. Ltd., Schneider Kreuznach, Carl Zeiss AG, Fujinon Corporation, Rodenstock GmbH, Sinar AG, Linhof & Studio Ltd., Horseman Co. Ltd.
Photographic And Photocopying Equipment Market 2024 Key Insights:
• The photographic and photocopying equipment market size is expected to see strong growth in the next few years. It will grow to $53.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Demand For Digital Cameras Boosts Photographic And Photocopying Equipment Market
• Innovation In Photographic Equipment Revolutionizes Filmmaking
• Asia-Pacific was the largest region in the photographic and photocopying equipment market in 2023
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