These cameras are highly expensive and their application is mostly restricted to certain highly specialized fields
Amid the COVID-19 crisis, the global market for high-speed cameras was estimated at US$401.6 million in the year 2020. The same, as per a report by Global Industry Analysts, is forecast to reach a size of US$648.3 Million by 2026, growing at a CAGR of 8.3% over the analysis period.
Below 2MP, one of the segments analyzed in the report, is projected to grow at a eight per cent CAGR to reach US$372.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the two to five MP segment is readjusted to a revised 8.9 per cent CAGR for the next 7-year period. This segment currently accounts for a 25.1 per cent share of the global High-Speed Cameras market.
“Some of the major factors driving growth in the market include growing application of high-speed cameras in research and development activities, rising adoption of high-speed cameras in the media and entertainment industry, increasing use of high-speed cameras in sports, and growing adoption of high-speed cameras in the transportation and automotive industry,” reads the report.
It continues,”Other major growth factors include rising demand for compact, efficient high-speed cameras and higher adoption of these cameras in manufacturing and aerospace.”
Over the past few years, industrial manufacturers have exhibited greater demand for highly sophisticated cameras capable of capturing images at frame rates of more than 100,000 frames/second. These cameras are highly expensive and their application is mostly restricted to certain highly specialized fields, including defense and aerospace, studying cancer cell metastasis and bubble movements in blood capillaries, particle image velocimetry, high-speed explosive studies, and wavefront propagation studies.
The high-speed cameras market in the U.S. is estimated at US$162.4 Million in the year 2021. The country currently accounts for a 38.47 per cent share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$78.1 Million in the year 2026 trailing a CAGR of 11 per cent through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1 per cent and eight per cent respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5 per cent CAGR while the rest of European market (as defined in the study) will reach US$86.9 Million by the close of the analysis period.