According to the latest research report titled "InGaAs Camera Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 107.99 million in 2021 to US$ 183.35 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
Rising Usage of Machine Vision Systems Drives Market Growth
The use of machine vision technology for automated inspection in various industries has gained popularity as it eliminates the need for human judgment and instead uses digital cameras and image processing. Industries across different domains have started incorporating this technology to enhance their production processes and improve the quality of their products while increasing the speed of operations. This rising demand for high-quality automation and inspection in various industries is driving the need for machine vision, which is eventually bolstering the InGaAs camera market.
Additionally, the need for vision-guided robotic systems in sectors such as automotive, food & beverage, pharmaceutical & chemical, and packaging is further increasing the usage of machine vision systems globally, and hence supporting the market growth. It is essential for industrial vision systems to have a robust, reliable, and stable design at an affordable cost, which is why this technology is gaining prominence in industrial settings compared to academic or educational vision system applications.
Moreover, the growing demand for machine vision systems for 3D inspection and vision-guided robots is further fueling the growth of the InGaAs camera market. Furthermore, the launch of new products and increasing investments in research and development by InGaAs camera market players are propelling the market growth. For instance, Xenics NV has launched a small and low-cost uncooled InGaAs camera designed to increase the productivity of industrial machine vision systems. Therefore, technological advancements in InGaAs cameras are driving the growth of the InGaAs camera market.
The global COVID-19 pandemic has had a negative impact on various industries and economies worldwide. The severity of the outbreak in different countries has led to various levels of lockdowns, resulting in disrupted supply chains and production activities of components, equipment, controllers, and raw materials used in InGaAs cameras. This disruption, along with a decline in demand from end-user industries, has adversely affected the overall InGaAs camera market revenue in 2020 and 2021. Despite this, the United States, which has the highest military expenditure globally and is a major market for advanced military technologies, saw a growth of nearly 4% in military spending after the pandemic. The pandemic has also led to a decrease in the GDP, which has negatively affected the growth of the InGaAs camera market. Manufacturers of technology have faced challenges such as delivery delays, order cancellations or rescheduling, labor shortages, and other issues due to the pandemic, resulting in disruptions to their businesses' operations and an increase in order backlogs. On the other hand, the pandemic has had a positive impact on the adoption of automation technology in various industries for contactless inspection of systems to comply with safety regulations and social distancing norms. From mid-2021, the supply chains of InGaAs camera players began to stabilize, and the market began experiencing growth from 2022.
The InGaAs camera market is experiencing growth due to various factors such as increasing military expenditure in countries including the US, China, India, Saudi Arabia, and the UK. There is also a growing demand for machine vision, industrial automation, and medical instruments, along with high investments in scientific research for drug discovery. Furthermore, the rising tension in the South China Sea and border disputes between economies in Asia have led to higher defense budgets. The increasing incidence of terrorist activities is also driving demand for integrated observation equipment, handheld thermal imagers, night vision equipment, and military laser systems. For example, Singapore's military expenditure increased from US$10.66 billion in 2019 to US$10.85 billion in 2020 due to such security concerns. All of these factors are contributing to the growth of the InGaAs camera market
Key Findings of Study
The global InGaAs camera market is divided into five main regions, namely North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). APAC has a significant share in the global InGaAs camera market due to the increased awareness among end-users. The North American market is further segmented into the US, Canada, and Mexico. With the growing demand for advanced electronic devices that are high in quality and efficiency, original equipment manufacturers (OEMs) are aggressively focusing on developing advanced technological devices in North America. 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, the North America InGaAs camera market is expected to grow in the coming years. Sensors Unlimited is the leader in short-wave infrared InGaAs cameras, photodiodes, and arrays for night vision technology. Furthermore, the rising demand for SWIR cameras in machine vision applications and night vision technologies' development in APAC countries like China and Japan are also contributing to the growth of the InGaAs camera market. Additionally, the presence of key market players, such as Sensors Unlimited, Teledyne Technologies Incorporated, and Allied Vision Technologies GmbH, and their continued product developments are expected to create lucrative opportunities for the InGaAs camera market during the forecast period
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