Global InGaAs Camera Market Forecasts, 2021-2022 & 2028: Increasing Adoption of InGaAs Camera in Medical Instruments and Scientific Research & Increasing Penetration of Industrial Automation - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "InGaAs Camera Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Camera Cooling Technology, Scanning Type and Application" report has been added to ResearchAndMarkets.com's offering.
InGaAs Camera Market is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
Rising Usage of Machine Vision Systems Drives Market Growth
Machine vision technology is used to provide imaging-based automatic inspection in various industries. This technology substitutes human visual sense and judgment capabilities with digital cameras and image processing to complement manual inspections and measurements.
Different industries incorporate this technology to automate their production and improve product quality and speed. The rising demand for high-quality inspection and automation in various industries is driving the need for machine vision, eventually bolstering the InGaAs camera market.
Furthermore, the need for vision-guided robotic systems across the automotive, food & beverage, pharmaceutical & chemical, and packaging sectors is increasing the usage of machine vision systems globally and aiding the market. Industrial vision systems need more robustness, reliability, and stability than academic/educational vision system applications at a low cost.
Moreover, the demand for machine vision systems for 3D inspection and vision-guided robots is further driving the InGaAs camera market's growth. Increasing research and development and the launch of new products by InGaAs camera market players are also propelling the InGaAs camera market substantially.
For example, Xenics NV offers a small, low-cost, uncooled InGaAs camera to increase the productivity of industrial machine vision systems. Thus, technological advancements in InGaAs cameras are driving the InGaAs camera market's growth.
The growth of the InGaAs camera market is attributed to the rising military expenditure in economies such as the US, China, India, the UK, and Saudi Arabia; growing applications related to machine vision, industrial automation, and medical instruments; and high investments in scientific research for drug discovery.
Additionally, owing to the border dispute between different economies and increasing tension in the South China Sea, governments in Asian countries allocate higher funds for their defense budget. Uncertainty concerning terrorist activities is a significant reason for the rising demand for integrated observation equipment, handheld thermal imagers, night vision equipment, and military laser systems.
For instance, in 2019, Singapore spent almost US$ 10.66 billion on military expenditure, which increased to US$ 10.85 billion in 2020. The surge in terrorist attacks on many countries worldwide is one of the notable factors driving the demand for InGaAs cameras. All the factors mentioned above are fueling the growth of the InGaAs camera market.
Key Findings of Study
APAC holds a significant share in the global InGaAs camera market, owing to the higher awareness among the end users. The North American market is segmented into the US, Canada, and Mexico. With the increasing demand for high-quality and efficient electronic devices among Americans, OEMs are focusing aggressively on developing advanced technological devices.
The North America InGaAs camera market is anticipated to grow in the coming years due to the presence of various prominent players in the military and defense, scientific research, and industrial automation sectors, such as Teledyne Technologies, FLIR Systems, and Sensors Unlimited. Sensors Unlimited is the leader of short-wave infrared InGaAs cameras, photodiodes, and arrays for night vision technology.
The company works with the Department of Defense of the US on various projects through the Defense Advanced Research Projects Agency (DARPA) and the Night Vision Laboratory (NVL) of the US Army. Moreover, the rising demand for short-wave infrared (SWIR) cameras in machine vision applications and developing night vision technologies in various APAC countries, such as China and Japan, are also contributing to the InGaAs cameras market's growth.
In addition, the presence of key InGaAs camera market players, such as Sensors Unlimited, Teledyne Technologies Incorporated, and Allied Vision Technologies GmbH, and continued product developments are projected to create lucrative opportunities for the InGaAs cameras market during the forecast period.
- Increasing Penetration of InGaAs Cameras in Military and Defense Sector
- Rising usage of machine vision systems
- Stringent Import and Export Regulations and High Cost of InGaAs
- Increasing Penetration of Industrial Automation
- Increasing Adoption of InGaAs Camera in Medical Instruments and Scientific Research
- Hamamatsu Photonics K.K.
- Allied Vision Technologies GmbH
- New Imaging Technologies
- Pembroke Instruments, LLC
- Polytec GmbH
- Raptor Photonics Limited
- Sensors Unlimited
- Swir Vision Systems Inc.
- Xenics Nv.
- Seiwa Optical America Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hmqzfm.
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