Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. In 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the high use of GigE cameras in diverse sectors in the region, such as, security & surveillance, transportation, and medical diagnostics. Along with this, early adoption of advanced technologies by the public as well as the government, is also expected to contribute to the market growth in the region.
Alternatively, the market in Europe is also anticipated to occupy a significant share in the GigE camera market on account of its proven success in technology adoption and focus on developing public transport infrastructure. The presence of well-developed transport infrastructure invariably raises the need to maintain it to cater requirements of the increasing population, and resultantly, the GigE camera market is expected to witness growth.
The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about the advancement of technology and increase in investment associated with the manufacturing of electric vehicles in the region.
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The global GigE camera market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global GigE camera market includes the following segments:
October 2020: Teledyne DALSA announced the extension of its Teledyne DALSA Genie Nano-1G Camera Series & Teledyne Lumenera Lt Series USB3 cameras. These cameras offer better performance and image quality for general machine vision applications such as high-speed factory automation.
September 2020: Baumer launched new LXT cameras to provide high-speed with integrated JPEG image compression, which saves bandwidth, CPU load, and storage capacity.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The fast video transmission abilities of GigE cameras and the capacity to connect with multiple devices are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: The extensive load on CPU due to high speed & resolution and necessity for universal drivers to make use of data are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about the technology and increase in investment associated with the manufacturing of electric vehicles in the region.
Ans: The major players dominating the GigE camera market are Basler AG, Allied Vision Technologies GmbH, Teledyne DALSA, and Toshiba Teli Corporation, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: With respect to end-user, the security & surveillance segment is anticipated to hold the largest market share owing to the growing use of GigE cameras to safeguard the growing transport infrastructure and security.