ID: MRFR/SEM/6049-HCR | 100 Pages | Author: Aarti Dhapte | May 2023
The global Plenoptic Camera Market is Expected to grow USD 2,108.5 Million at a CAGR of 18.4% by 2027
Globally, the size of the Plenoptic Camera Market is set to grow at a CAGR of 18.4% to hit USD 2,108.5 Million by 2027 driven by the increasing demand for surveillance systems. The plenoptic camera industry has been prone to splendid, widespread, and reliable demand since its introduction and evolution over the years. During the historic forecast period in 2017, the global market was closed at a final valuation worth USD 785.5 million.
Public and private places experience a high degree of safety and security concerns, and hence, there is a rising requirement for installing these devices. These devices help in real-time surveillance and, hence, help project a higher degree of safety and ensure quality services and means of protection. Furthermore, most of the plenoptic cameras installed at places of work, social places, and homes are equipped with features like video conferencing. They are thus, undergoing demand from the entertainment industry to relate to the idea of visual marketing. Also, to capture and record live events, these devices have a vital role and thus, promise profitable returns for the plenoptic camera industry during the forecast period that ends in 2023.
With the arrival of the novel coronavirus pandemic, the market is witnessing itself being exposed to newfound struggles, implications, risks, and threats. There is a lack of resources to produce globally and meet the market demand. But, this is not only leading to a disrupted market mechanism and non-maintenance of the market equilibrium but there is a decline in employment opportunities and implementation of strategies and solutions that make excellent use of technology. For example, plenoptic cameras are usually installed at homes, corporate entities, and business units to ensure security, check the visitors, and record any mishap that might help decode future issues and contingencies. However, to decrease the positivity rate at which the pandemic spread, there has been a decline in the usage of plenoptic cameras at business and corporate units. However, there has been an increase in the demand for the same on the domestic front owing to security and safety issues.
Hence, to keep up with the domestic demand and considering that the lockdown restrictions will reduce that will change trends again backed with the opening of offices which will penetrate the demand for plenoptic cameras on a global scale once again, the market players are investing in research and development areas that will help the plenoptic camera industry devices to act as a combination of trending features that ensure safety and security on a large scale.
The global plenoptic camera market trends are witnessing an increasing demand for surveillance systems that help in enhancing the security and safety degree in various places, outlets, companies, and business entities. This is one of the significant factors that will drive the global demand for the plenoptic camera market operations, thus, making way for the market to grow as per the predicted CAGR and reach the expected market valuation. In addition, there is an increasing demand for automated guided vehicles (AGVs) alongside unmanned aerial vehicles (UAVs) in both the private and commercial sectors. This is likely to render deep support for the plenoptic camera market's global growth.
However, the growing and expanding market share is likely to witness various issues during the forecast period that will be ending in 2023. The plenoptic camera market has multiple issues on the way to its growth, like the inadequate availability of network connectivity and low bandwidth, which renders results distorting both the audio and visuals and the related user-friendly experience. Also, the cost of operation and implementation might not suit the target audience's budget allocation for the market products and services.
The growing demand for the market devices is helping the market share grow and expand during the forecast period in 2027. These market devices are gaining momentum and emerging as a vital tool in business communication that belongs to various industries and as a part of the corporate world. The global plenoptic camera industry operations very well present the option of assimilation of video that helps feed into the computer systems and, hence, enhances the growth prospects available during the ongoing forecast period. The market devices and services can transmit both audio and visuals across the communication network to streamline the process and thus, maintain quality and efficiency. Also, using the devices rendered by the market operations facilitates the participants for better interaction and communication in a synchronized manner. The plenoptic camera market products and services surpass all geographical barriers and help the market grow as predicted during the forecast period of 2018-2023.
The plenoptic camera market by type is one of the market segments that help expand the global market operations during the ongoing forecast period in 2023. As a result, the market segments have the potential to both enhance and reduce the market valuation by the end of the forecast period in 2023. Therefore, the plenoptic camera market has been segmented based on the following:
The market based on product has been segmented as standard plenoptic cameras, focused plenoptic cameras, and coded aperture cameras. The standard plenoptic camera segment will hold the largest share in the market's growth as they have a microlens array located in front of the image plane of a sensor to allow a fast, efficient capture of the light field.
Based on the market application, the plenoptic camera market has been segmented into healthcare, defense, media, building, industry, and others. However, the industry segment will hold the largest share in the market's growth due to the increasing adoption of products for applications such as industrial robotic vision, astronomy, and industries where the depth information of each pixel is useful.
The plenoptic camera market analysis shows that the North American region is expecting the highest growth during 2018-2023. The main reason for the region to enjoy dominance is that there has been widespread adoption of plenoptic cameras for security and safety reasons. Also, the US is home to cross-boundary culture; hence, during the pandemic, the devices are employed to capture live events and happenings.
The APAC region, followed by the European nations, is also likely to witness significant growth. As a result, many lucrative opportunities are lined up that push the manufacturers to develop and produce these devices on a large scale.
The prominent market players that are looking for innovative product development and enhancement are as follows:
The global plenoptic camera market report helps in providing market valuables in the form of insights and dynamics that foster predictions for the forecast period that ends in 2023. The report discusses the impact of the pandemic on the plenoptic camera market operations and the numerous ways undertaken by the players in the form of recent developments to help the market grow. Also, the report discusses the potential of the functional market segments and the competitive degree that prevails in the plenoptic camera market during the forecast period of 2018-2023.
|Market Size||USD 2,108.5 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Lytro Inc (US), Apple Inc. (US), Pelican Imaging Corp. (US), Rebellion Photonics Inc. (US), Raytrix GmbH (Germany), Panasonic Corporation (Japan), Canon Inc (Japan), OTOY Inc. (US), Sony Corporation (Japan), and Samsung Electronics Co. Ltd. (South Korea)|
|Key Market Opportunities||The number of travellers around the world have increased tremendously which gives an opportunity to the companies who are associated with this industry.|
|Key Market Drivers||
The plenoptic Camera Market is set to grow at a CAGR of 18.4% to hit USD 2,108.5 Million by 2027
Lytro Inc (US)Apple Inc. (US)Pelican Imaging Corp. (US)Rebellion Photonics Inc. (US)Raytrix GmbH (Germany)Panasonic Corporation (Japan)Canon Inc (Japan)OTOY Inc. (US)Sony Corporation (Japan)and Samsung Electronics Co. Ltd. (South Korea)
North America is leading the global plenoptic cameras market and is projected to uphold the momentum over the review period. Europe and the Asia Pacific are also anticipated to witness the fastest growth during the forecast period.
The global market for the plenoptic camera has been segmented based on the product, and the application.
Key Questions Answered
Why Choose Market Research Future?