Global High-Speed Camera Market Thriving: Projected to Grow at a CAGR of 10.2% in the Forecast Period
Published | 26 August 2021
The global high-speed Camera market is gaining traction because of factors such as growing application of high-speed camera in various sectors such as aerospace, media and entertainment, sports, manufacturing, etc...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global high speed Camera market was worth USD 450.2 million in the year 2020. The market is estimated to grow at a CAGR of 10.2%, earning revenue of around USD 876.6 million by the end of 2027. The growing application of high-speed camera in various sectors such as aerospace, media & entertainment, sports, manufacturing, etc., is expected to drive the growth of global high-speed camera market. However, high set-up cost in the industrial usage may act as a barrier for the growth of the global high-speed Camera market.
Emerging Applications of High-Speed Cameras Favoring the Market Growth
From a few thousand frames per second to millions of frames per second today, high-speed imaging has advanced vastly. Films have been displaced by digital sensors, processors, and storage media. With technological advancements, high-speed imaging has become more widespread in industrial operations and the scope of applications of high-speed cameras has been constantly expanding—from counting the exact number of tablets filled in a container in a pharmaceutical plant to ballistics research in the defense industry. Thus, the increasing utilization of high-speed cameras is boosting the demand for the product.
Increasing Demand for Lightweight and Small High-Speed Cameras is Driving the Market Forward
Sports cameras are becoming increasingly popular, due to their enhanced features such as higher resolutions, frame rates, and image processing capabilities. In addition to the growing use of high-speed cameras for thermal imaging applications, the high-speed camera market is also driven by the demand for light-weight, small high-speed cameras being used in automotive and transportation. Moreover, emerging applications of high-speed cameras in the intelligent transportation system (ITS) and the increasing adoption of high-speed cameras in the aerospace and defense industries provide lucrative opportunities for the market globally.
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Used High-Speed Camera Occupies the Major Share of The Global High-Speed Camera Market
Based on usage, the global high-speed camera market is grouped into rental high-speed camera, used high-speed camera & new high-speed camera. Among these segments, the used high-speed cameras segment is estimated to register the highest CAGR growth during the forecast period. Due to the exorbitant cost of new high-speed cameras, the market for used equipment is likely to grow at the highest rate. Companies that do not require imagery products based on the latest technology and have budgetary constraints generally adopt used high-speed cameras. This also helps create an extended value chain by allowing manufacturers, resellers, and distributors to extend the life of a product and extract more value from it. Used instruments are mostly ex-demonstration instruments sold to customers.
Global High-Speed Camera Market: Regional Insights
Geographically, the global high-speed camera market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region will maintain its dominance during the forecast period due to the increasing industrialization and evolution of manufacturing hubs, particularly China and India, which are expected to be the major drivers behind this growth. The manufacturing sector of this region is seeing increased investments from all over the world, which creates the need for more efficient production line monitoring. Additionally, initiatives like the ‘Make in India’ program to place India on the world map as a manufacturing hub and is expected to proliferate the domestic production of high-speed cameras. India is expected to become the fifth largest manufacturing country in the world by the end of the year 2021 stated by IBEF. Such initiatives will drive the high-speed camera market in the manufacturing sectors of the Asia Pacific region.
Impact of COVID-19 in the Industry
The emergence of the COVID-19 pandemic, a highly communicable respiratory disease, has now become a global issue. The pandemic has had a negative impact on the global high speed camera market. The global sales of high-speed cameras for key verticals such as research, design, and testing laboratories, and the entertainment & media industry are expected to decline by 10–15%during the forecast period, depending upon the progression of the virus in different parts of the world. A decline in the number of new research studies, design, and testing laboratory projects, as well as the temporary closure of production facilities, are limiting the growth of the high-speed camera market. Moreover, short-term supply chain disruptions are expected to affect market growth in key regions.
The key players in the global high-speed camera market are By Photron (Japan), Photron LTD. (Tokyo), nac Image Technology (Japan), Vision Research (US), PCO AG (Germany), Mikrotron (Germany), Optronis (Germany), Integrated Design Tools (US), Monitoring Technology (US), AOS Technologies (Switzerland), Fastec Imaging (US), Weisscamm GMBH I.L (Germany), Motion Engineering Company (US), DEL Imaging (US), iX Camera (UK), and Xcitex (US) & other prominent players.
The key players have been consistently adopting strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market share and gain a competitive edge in the market.
Don’t miss the business opportunity of the global high-speed camera market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global high-speed camera market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global high-speed camera market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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