Global GigE Camera Market - Segmented by Technology (CCD, CMOS), Type (Line Scan, Area Scan), End-User, and Region-Growth, Trends, and Forecast (2018 - 2023)
GigE Camera Market was worth USD 0.81 billion in 2017 and is projected to grow to USD 1.71 billion by 2023 at a CAGR of 13.60% during the period 2018 - 2023. The report discusses the various types of technologies used and camera provided to the end-users. While the regions considered in the scope of the report include North America, Europe, and various others. The study also emphasizes on how growing demand efficient data transfer coupled with faster transfer rates is affecting the market.
GigE cameras have applications in tasks that need multiple cameras; speedy data transfer rates, or long cable lengths. It is designed to interface with computer systems using GigE ports. It features high-speed data transfer rates up to 1000Mb/s making them suitable for many demanding imaging applications. In this technology, the cap on the number of interfaced devices is eliminated. Therefore, allowing a large number of networked imaging cameras to effectively function in any setting. Moreover, these cameras eliminate the need for frame grabbers, which is a necessary component when used with analogue technology or conventional cameras. Also, the installation cost of GigE camera setup is relatively low, which further drives its adoption.
Efficient Data Transfer Coupled With Faster Transfer Rates to Drive the Market
Since its inception in 2006, the GigE Vision standard has become one of the most popular camera interface standards, with hundreds of cameras being offered by numerous vendors worldwide. Moreover, it allows for seamless integration between machine vision hardware and software products. Hence, GigE reduces the tedious, time-consuming multi-vendor integration issues that slow down the machine vision industry. Also, GigE cameras offer high data rates and long cable lengths on a standard connection found on all modern computers.
Rising Demand from Automotive Sector to Augment the Growth
Nowadays modern image processing systems are used in applications related to quality control and process control. These control and inspection systems are used by not just carmakers, but also by their suppliers and automotive workshops. Moreover, digital cameras are used for example directly on the suppliers' lines to inspect O rings for use in ABS systems, and in workshops, systems for optical axis measurement are a major labor saver. The areas of these cameras in control technology, robot control, and positioning (Robot Guidance) include welded seams, clearance, and quality control, assembly tasks, and identification, as well as orientation.
Growing Demand from Asia-Pacific to Drive the Market
The demand for gigE cameras is expected to see a steady growth rate in the region owing to the growing end-user industries. In the automotive sector specifically, the growing investments in the region coupled with the growth in investments related to e-vehicles is further expected to propel the gigE camera market. For instance, General Motors has proposed USD 2.8 billion fresh investment in South Korea in 2018 over the next ten years as part of its plan to restructure its embattled unit in the country. Similarly, automakers are expected to invest USD 8-10 billion in India over the next three-four years to set up factories and expand production in a market that is set to become the third largest for passenger vehicles by the turn of the decade. With these many investments in the automotive industry, the demand for gigE cameras is expected to increase.
Key Developments in the Market