Market Forecast EmergApplication, Technology and Analysis Report Forecast to 2027 | COVID-19 Effects
Market Analysis
The global InGaAs camera market is predicted to touch USD 146.4 million at a healthy 9.86%CAGR between 2018- 2024, states the recent Market Research Future (MRFR) analysis. InGaAs camera or indium gallium arsenide camera helps to broaden the utility of shortwave infrared or near infrared imaging and spectroscopy. InGaAs, simply put, is a ternary alloy of indium arsenide and gallium arsenide that has excellent photosensitivity. These cameras are used to offer imaging, which is shortwave or near infrared rage and easily visible to the eyes.
Various factors are propelling the global InGaAs camera industry share. According to the recent MRFR report, such factors include the growing adoption of such cameras for machine vision applications, rising penetration in military and defense, growing use in firefighting, surveillance, and security, and constant technological advancements, and the rising automation in industrial applications.
On the contrary, a slump in demand due to the on-going COVID-19 pandemic and strict export and import regulations on these cameras may limit the global InGaAs Camera Market Trends growth over the forecast period.
COVID-19 Impact Analysis
The pandemic has had a substantial impact on the global market, especially sectors thatare sensitive to economic cycles. However, the spending in military and defence sector holds key to fast recovery owing to its potential to create jobs; and in turn, recovery measures can support the sector’s transformation towards sustainability and digitalization. Many companies in the industrial automation sector are going through a financial recession, so companies are offloading their workforce. Overall, the technology industry has undergone a dipdue to factors including weak demand, supply disruptions, global financial shocks, factory shutdown, and reduced discretionary spending.
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Key Players
Key players operating in the global InGaAs Camera market include 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, and GuoHui OPTO-electronic (GHOPTO).
Segment Analysis
The global InGaAs Camera market has been segmented on the basis of scanning type, camera cooling technology, application, and region.
On the basis of scanning type, the global InGaAs Camera market has been segmented into area scan, and line scan. The area scan segment accounted for the larger market share in 2020; and is expected to register a CAGR of 7.45% during the forecast period. The line scan segment however; is projected to register the higher CAGR of 9.32% by 2027.
By camera cooling technology, the InGaAs Camera market has been categorized into cooled, and uncooled cameras. Cooled camera systems employ indium gallium arsenide (InGaAs) focal plane arrays (FPAs) amplify and broaden the utility of NIR/SWIR imaging and spectroscopy, and are expected to witness higher CAGR by 2027. However, uncooled cameras occupied the larger market share in 2020.
Based onapplication, the global market isbifurcated into military & defense, industrial automation, surveillance, safety, and security, scientific research, spectroscopy, and others. The military & defense segment accounted for the largest market share in 2020, with a CAGR of 6.73% during the forecast period. The industrial automation segment was the second-largest market in 2020, it is projected to exhibit a CAGR of 7.83%. However, the scientific research segment is expected to register the highest CAGR of 10.53%.
Key Findings of the Study:
The global InGaAs Camera market is projected to reach a value of USD 167.4million by 2027, with a CAGR of around 8.2%d uring the forecast period from 2021 to 2027.
North Americaa ccounted for the largest market share in 2020; this is due to the increased military and defence in the region on account of improving economic conditions and increasing population.
Asia Pacificis expected to be the second-fastest-growing regional market registering a CAGR of over 9%.
Focus on energy efficiency in construction activities is a key opportunity in this market.
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