Plenoptic Camera Market Expected to Reach $5.87 Billion By 2030

According to a recent report published by Allied Market Research, titled, “Plenoptic Camera Market by Product type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”. The global plenoptic camera market was valued at $1.08 billion in 2020, and is projected to reach $5.87 billion by 2030, growing at a CAGR of 18.5% from 2021 to 2030.

Because there is less need to focus the lens before taking a picture, a plenoptic camera can capture images more quickly than conventional point-and-shoot digital cameras. In the last few years, the number of travelers around the world has increased tremendously which gives an opportunity to the companies who are associated with this industry. High trends towards adventure sports for high focus images are inviting many people which is creating demand for plenoptic cameras. However, high initial investments and unstable demand are some of the factors that hamper the industry.

By product type, the plenoptic camera market is fragmented into Standard Plenoptic Camera, Focused Plenoptic Camera and Coded Aperture Camera. The coded aperture camera segment was the highest contributor to the market, with $418.8 million in 2020, and is estimated to reach $1,709.3 million by 2030, at a CAGR of 15.2% during the forecast period.

By application, the plenoptic camera market is divided into Individual, Enterprise and Industrial. The industrial segment was the highest contributor to the market, with $493.9 million in 2020, and is estimated to reach $2,123.8 million by 2030, at a CAGR of 15.9% during the forecast period. However, the focused plenoptic camera segment is expected to witness the fastest growth at a CAGR of 21.3% during the forecast period.

By region, the plenoptic camera market outlook is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America plenoptic camera market share was valued at $388.2 million in 2020, and is projected to reach $1,709.9 million by 2030, registering a CAGR of 16.1%. U.S. was the highest revenue contributor with $310.0 million in 2020, and is estimated to reach $1,318.5 Million by 2030, registering a CAGR of 15.7%.

COVID-19 Impact Analysis

COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partnersacross the globe.

Demand from the IT & telecommunication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.

Some of the plenoptic camera manufacturers have witnessed temporary delays in production, increased costs, and revenue lossesdue to the pandemic.

The manufacturing sector witnessed severe loss, and thus no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and plenoptic camera market trends are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the plenoptic camera market growth is facing major obstacles from the emergence of COVID-19 pandemic.

The pandemic is impacting production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.

Key Findings Of The Study

• The coded aperture camera segment is expected to generate the highest revenue during the forecast period.
• The industrial segment is expected to register the highest revenue during the forecast period.
• North America is expected to register the highest revenue during the forecast period.

The key players profiled in the report include Canon Inc, Apple Inc., Sony Corporation, Panasonic Corporation, Samsung Electronics, Raytrix GmbH, OTOY Inc., Pelican Imaging Corp., Rebellion Photonics Inc. and Lytro, Inc. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership &collaboration, and business expansion, to increase their footprint in the plenoptic camera industry during the forecast period