Panoramic Camera Market Size, Share, Growth, and Industry Analysis, By Type (Professional Camera, Entry-level Camera), By Application (Media & Entertainment, Commercial, Military & Defense, Automotive, Healthcare, Other), Regional Insights, and Forecast To 2030

Updated On: 08 April 2024

Panoramic Camera Market REPORT OVERVIEW

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The global panoramic camera market size was USD 16560 million in 2022. As per our research, the market is projected to touch USD 43790 million by 2028, exhibiting a CAGR of 17.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the global panoramic camera market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

One camera may cover a large area thanks to panoramic cameras. It can be used to keep an eye on activity, spot issues over wide areas, monitor traffic, and enhance local management. Additionally, installation and system costs are kept to a minimum because just one camera performs the duties of several. The growing need for immersive virtual reality experiences is what is driving the market CAGR for panoramic cameras. The need for panoramic cameras has increased as virtual reality (VR) has grown in popularity in recent years. These cameras are necessary for producing immersive VR content that gives users an immersive and realistic experience.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Moreover, the use of industrial robots is growing. 3D cameras are increasingly being used in robotics and drone technology. Robotics that uses 3D cameras can perform and operate more effectively in manufacturing and other industrial applications. Robots can be taught to carry out difficult jobs with more accuracy and precision, for example, by utilizing panoramic cameras to record precise information about the environment. In industrial contexts, this can result in more effectiveness, less waste, and higher safety. The IFR (International Federation of Robotics) reported that 517,385 new industrial robots were installed in companies around the world in 2021, which was a record-high.

Panoramic Camera Market SEGMENTATION

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• By Type

Based on type the global panoramic camera market is classified as professional camera, entry-level camera.

• By Application

Based on application the global panoramic camera market is classified as media & entertainment, commercial, military & defense, automotive, healthcare, other.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

The requirement for sophisticated monitoring systems in public places and the increased demand for security cameras as a result of an increase in crime are two factors driving the predicted growth of the worldwide panoramic camera market. Additionally, as panoramic cameras are commonly employed in this business for monitoring purposes, the expanding construction industry is predicted to increase demand for them. Additionally, with the introduction of cutting-edge technologies like virtual reality (VR) and artificial intelligence (AI), panoramic cameras are also being used for a variety of other applications, including mapping and navigation, which is further projected to fuel market expansion throughout the forecast period.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

The Panoramic Camera Market is primarily driven by a high supply of economically viable technology to support a developing sophisticated market in the photography sector, rising demand for the electronic photography sector, and rising supply of safety and security regulations in the public and private sectors. The market is comprehensively evaluated in the study on the global panoramic camera market. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements. A panoramic camera is a technological tool that can capture images with resolutions ranging from 180° to 360°. These cameras may either rotate the camera so that neighbouring film sections are exposed sequentially or rotate the lens so that the film is exposed through a small vertical slit.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

During the anticipated period, the panoramic camera market is anticipated to expand. The Panoramic Camera Market is being driven by the ease with which it takes footage of broad regions and the fact that one camera may replace several CCTV cameras. However, there are several factors that could function as a restraint for the panoramic camera market, including the necessity for a wide communication channel, a poor capacity to adapt to working at night, and ineffective work in rooms with low ceilings and a sizable number of partitions and doors. However, the Panoramic Camera Market is predicted to expand throughout the course of the anticipated year due to rising public concerns about safety and security.

Panoramic Camera Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. Due to the region's developing industrial sectors, new features and technological advancements, as well as the growth of the market for video surveillance cameras, the North American panoramic camera market will lead this one. Additionally, the US panorama camera market had the biggest market share, while the panorama camera market in Canada was expanding at the quickest rate in North America.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Samsung Electronics (South Korea)
• Ricoh (Japan)
• Nikon (Japan)
• Canon (Japan)
• Roundshot (Switzerland)
• Panono (Germany)
• Panasonic (Japan)
• D-Link (Taiwan)
• Sony (Japan)
• Immer Vision (Canada)
• LG Electronics (South Korea)
• GoPro (US)
• Bublcam (Canada)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.