Press release
Industrial Camera Market Growing at a CAGR of 7.6% from 2023 to 2032 | By Application Factory & Logistic Automation
According to the report, the global industrial camera market generated $1.9 billion in 2020 and is projected to reach $4.6 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.
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Prime Determinants of Growth
The surge in industrial automation and advancements in camera technologies have driven the adoption of industrial cameras across industries such as automotive, electronics, pharmaceuticals, food & beverages, and logistics. This trend is expected to fuel the growth of the global industrial camera market. However, the high cost of industrial cameras remains a significant barrier to widespread adoption. On the other hand, continuous technological innovations and advancements in industrial cameras are anticipated to present new growth opportunities in the coming years.
Key Market Drivers:
Growing adoption of automation in various industries.
Expansion of the semiconductor industry.
Opportunities:
Advancements in industrial camera technology.
Restraints:
High initial costs of industrial cameras.
The COVID-19 pandemic had a temporary adverse impact on the global industrial camera market due to the closure of manufacturing facilities during lockdowns. The production and sale of industrial cameras were hindered, particularly during the early phases of the pandemic. However, with the gradual reopening of economies and the resumption of industrial activities, the market is recovering and is expected to witness steady growth in the coming years.
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Segment Analysis:
By Type:
The area scan camera segment dominated the market in 2020, accounting for nearly three-fifths of the total revenue, and is expected to maintain its leading position throughout the forecast period. Area scan cameras are versatile and widely used for applications such as quality inspection, part identification, barcode reading, and surveillance in industries like automotive, electronics, pharmaceuticals, and food & beverages. These cameras offer fast and accurate image capture, making them essential in industrial automation.
Meanwhile, the "Others" segment, which includes 3D cameras and infrared smart cameras, is projected to grow at the highest CAGR of 9.0% from 2023 to 2032. The increasing emphasis on 3D imaging in various industrial processes is contributing to the growth of this segment.
By Interface Type:
The GigE and 5GigE segment held the largest market share in 2020, accounting for more than one-third of the total revenue, and is projected to continue its dominance throughout the forecast period. GigE and 5GigE interfaces are favored for their high-speed data transfer capabilities and long cable lengths, which enhance flexibility in camera placement and installation.
On the other hand, the CoaXPress segment is anticipated to register the highest CAGR of 8.3% from 2023 to 2032. CoaXPress technology supports high-speed data transfer and Power over CoaXPress (PoCXP), which simplifies cabling and reduces installation costs by enabling power supply through the same cable used for data transmission.
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By Application:
The factory automation segment contributed nearly half of the global industrial camera market revenue in 2020 and is expected to maintain its lead during the forecast period. This segment is also projected to grow at the highest CAGR of 8.2% from 2023 to 2032. The rising adoption of automation in various industries is a major driver of demand for industrial cameras, which are integral to machine vision systems used for tasks such as quality control, robotic guidance, and process monitoring.
Regional Analysis:
Asia-Pacific accounted for the largest share of the industrial camera market in 2020, contributing nearly two-fifths of the total revenue, and is expected to maintain its dominance by 2032. The region is also projected to register the highest CAGR of 8.6% during the forecast period. Countries like China, India, Vietnam, and Indonesia are witnessing rapid industrialization and increased adoption of automation, which is fueling the demand for industrial cameras.
Leading Market Players:
Prominent players in the global industrial camera market include:
Basler AG
Allied Vision Technologies GmbH
Teledyne DALSA
FLIR Systems, Inc.
Cognex Corporation
Chromasens GmbH
IDS Imaging Development Systems GmbH
JAI A/S
Omron Corporation
Baumer Group
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the report
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