New York, US, April 26, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “InGaAs Camera Market” information by Scanning Type, by Camera Cooling Technology, by Application and Region – Forecast to 2027” market size to reach USD 167.4 million, growing at a compound annual growth rate of 8.26% by 2027.
Market Scope:
Increasing adoption of ingaAs cameras in industrial automation across the world will offer robust opportunities for the market over the forecast period. This is due to the growing use of machine vision systems that use these cameras to capture & analyze images. InGaAs cameras are also increasingly being used in vision-guided robots to boost their efficiency & overall value to the company.
Dominant Key Players on InGaAs Camera Market Covered are:
- Hamamatsu Photonics K.K.
- Sensors Unlimited
- FLIR Systems
- Xenics
- New Imaging Technologies
- Teledyne Technologies
- Allied Vision Technologies
- Photon Etc.
- Raptor Photonics Limited
- Oxford Instruments
- Kappa Optronics
- GuoHui OPTO-electronic (GHOPTO)
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Market USP Exclusively Encompassed:
Market Drivers
Increasing Penetration in Military and Defense to Boost Market Growth
The expanding use of InGaAs cameras in the military and defense sector to see through tough circumstances including fog, haze, smoke, and water vapor has led in greater use in numerous military and defense applications like maritime intelligence, vision enhancement, and surveillance. Furthermore, an increase in military spending will drive market growth.
Stringent Export and Import Regulations to act as Market Restraints
Stringent export and import regulations may act as a market restraint over the forecast period. This legislation restricts InGaAs camera manufacturers based in the United States from growing their reach outside the country, as well as manufacturers headquartered outside the United States from expanding their reach in this country, affecting their global reach.
High Cost to act as Market Challenge
The high cost of these cameras may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global IngaAs camera market is bifurcated based on application, camera cooling technology, and scanning type.
By scanning type, area scan camera will lead the InGaAs camera market over the forecast period.
By camera cooling technology, the uncooled camera will dominate the InGaAs camera market over the forecast period.
By application, military and defense will spearhead the InGaAs camera market over the forecast period.
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Regional Analysis
North America to Command IngaAs Camera Market
In 2016, North America had the highest proportion of the global InGaAs camera market, with the United States being one of the largest contributors in terms of market size. The presence of various military and defence equipment manufacturers, as well as breakthroughs in the fields of scientific research & medical technology, are some of the key reasons for North America's leadership position. The rising deployment of robotics, including as UAVs and UGVs, in military and defense applications is likely to increase demand for InGaAs cameras in the North American area. Machine vision systems will be produced more frequently as a result of government efforts such as the Advanced Manufacturing Partnership, which aims to encourage business, universities, and the federal government to invest in future automation technology. The InGaAs camera market in this region is expected to develop at a healthy rate over the forecast period, thanks to a steady increase in demand for innovative and efficient imaging systems from various end-users operating in the region. Because of the huge number of InGaAs camera providers in the region, North America is likely to dominate this market during the projection period. The global InGaAs camera market in North America is dominated by the presence of major companies as well as the increasing use of InGaAs cameras in medical instruments and scientific research in this area. Furthermore, thanks to technological improvements, North America has become extremely competitive, with the United States being a developed country that accepts current technology electronic equipment. Several technical behemoths in the region invest heavily in the development of new technology. OEMs are focusing on developing innovative technological devices in response to the growing demand for high-quality and efficient electronic devices among Americans.
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Due to the existence of significant players in scientific research, military and defense, and industrial automation, such as FLIR Systems, Teledyne Technologies, and Sensors Unlimited, the North American InGaAs camera market is expected to rise in the future years. Furthermore, according to the World Bank's collection of development indicators, military spending in the United States in 2020 was roughly 3.74 percent of GDP, based on officially recognized sources. As a result, rising military and defense spending is likely to boost the market in North America even further over the forecast period. The presence of several key players, along with the increasing use of InGaAs cameras in medical instruments and scientific research, is driving the target market's expansion in this region. Furthermore, the target market in North America is predicted to develop due to high defense budgets, particularly in the US, as well as the adoption of technologically advanced equipment for military purposes.
COVID-19 Impact on the Global InGaAs Camera Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the ingaAs camera market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
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