GigE Camera Market Size, Dynamics, Growth and Forecast
According to a new report published by Allied Market Research, titled, “GigE Camera Market by Type, Technology, Spectrum, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global GigE camera market size was valued at $0.87 billion in 2020, and is projected to reach $2.32 billion by 2030, growing at a CAGR of 11.0% from 2021 to 2030. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by North America and Europe.
GigE is a camera interface standard that has been developed using the Gigabit Ethernet communication protocol. This camera allows fast image transfer using low-cost standard cables over very long lengths. GigE cameras are designed to send RAW image data to a computer as quickly as possible. This data is uncompressed, and image-processing software is able to conduct very precise analysis. In addition, the Gigabit Ethernet cameras are used in factories for product quality inspections and automating processes. Moreover, GigE cameras are widely used in several industries including automotive, military & defense, food & packaging, industrial, medical, and others.
Furthermore, GigE vision technology has become highly standardized under the supervision of the Automated Imaging Association (AIA) and has been able to leverage the continued evolution of Ethernet networking technology. The GigE vision standard unifies various protocols allowing better interconnectivity between hardware devices and software, resulting in high speed image transfer with the usage of low cost standard cables over very long distances. This has enabled it to grow into one of the most widely used interfaces in the machine vision industry.
The prominent factors that impact the GigE camera market growth are high usage of GigE camera in security & surveillance application, rise in demand for machine vision cameras, and surge in usage of GigE camera in military & defense industry. However, the excessive load on the CPU due to high speed and resolution capabilities restricts the market growth. On the contrary, increase in adoption of 3D vision technologies is expected to create lucrative opportunities for the market growth. Therefore, these factors are expected to definitely affect the global GigE camera industry during the forecast period.
Region-wise, the GigE camera market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific dominates the market and is estimated to grow rapidly during the forecast period, due to high infrastructural development and adoption of advanced technology. The overall GigE camera market analysis is determined to understand the profitable trends to gain a stronger foothold.
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Covid-19 Impact Analysis
The ongoing COVID-19 pandemic has abruptly re-shaped the global economy. Sudden decline in infrastructure development is expected to hamper the GigE camera market for industrial sector. The impact of COVID-19 on camera market appeared with the suspension of operations at production sites worldwide for both office equipment and cameras. Attributed to supply-chain disruptions, several companies could not avoid a decline in factory utilization rates in Asia, including Japan. As a result, companies faced a situation of tight product supply.However, slowdown in productions by OEMs and reduction in demand for GigE cameras have slightly pulled down the market. Shortages of components and materials have significantly impacted the global supply chains. In addition, reduction in various capital budgets and delay in planned projects have hampered the global economy.
Key Findings Of The Study
In 2020, the complementary metal oxide semiconductor (CMOS) segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 12.30% during the forecast period.
The monochrome camera segment accounted for more than 50% of the global GigE camera market share in 2020.
The security and surveillance segment witnessed highest growth rate during the forecast period.
UK was the major shareholder in the Europe GigE camera market revenue, accounting for approximately 26% share in 2020.
The key players profiled in the report include Allied Vision Technologies GmbH (Germany), Basler AG (Germany), Baumer Electric AG (Switzerland), IMPERX, Inc. (U.S.), Sony Corporation (Japan), Teledyne DALSA Inc. (Canada), Toshiba Corporation (Japan), Qualitas Technologies (India), Matrox imaging (Canada) and Omron Corporation (Japan). These players have adopted various strategies, such as partnership, agreement, expansion, and product launch, to expand their foothold in GigE camera industry.
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