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Event Camera Market Size, Share & Industry Analysis, By Product Type (Polarity Event Output, Intensity Event Output, and Others), By Application (Industrial Equipment, Drones, Aircraft, and Others), and Regional Forecast, 2024 – 2032
Report Format: PDF | Published Date: Nov, 2024 | Report ID: FBI110552 | Status : PublishedThe global event camera market size was valued at USD 219.4 million in 2023. The market is projected to grow from USD 224.8 million in 2024 to USD 293.8 million by 2032, exhibiting a CAGR of 3.4% during the forecast period.
The event camera operates asynchronously, responding instantly to changes in the visual scene. This enables them to capture high-speed events with low latency. With high temporal resolution, these cameras can detect and capture rapid changes in the scene. This makes them well-suited for applications requiring precise timing, such as robotics, autonomous vehicles, and fast-moving object tracking. The ability to provide extremely high microsecond resolution allows these cameras to capture rapid changes in the scene with microsecond precision. This feature is ideal for image processing tasks that require accurate timing, such as tracking fast-moving objects or capturing dynamic scenes.
The high temporal resolution of event cameras makes them less susceptible to motion blur, which can be crucial in fast-moving aerospace scenarios. Drones, in particular, may need to navigate through dynamic and quickly changing environments, and the reduced motion blur helps maintain clarity in captured images. In addition, event cameras can be more power-efficient compared to traditional cameras, with very less power consumption of ~1mW. This feature is valuable in applications with limited power resources, such as in battery-powered devices. With the emergence of electrically driven systems and solutions across a wide array of industries, power-efficient cameras might create a fair amount of traction of customers toward the products.
The COVID-19 pandemic showed a substantial impact on the market growth. The pandemic boosted the demand for the product in industrial automation, robotics, ADAS systems, and surveillance applications. Supply chain disruption and trade barriers slowed the manufacturing of event cameras and sensors. Due to the economic slowdown, the demand for automotive vehicles and AR/VR systems has all seen a substantial decline, ultimately impacting bio-inspired image sensors.
Event Camera Market Trends
Rising Applications of Event-based Cameras in the Medical Sector to Augment the Market Growth
Event cameras are gaining market traction across wide fields of application and one of the emerging applications include neuromorphic systems in the medical sector. These cameras provide dynamic vision during surgeries, help in the development of adaptive and faster responsive devices for visually impaired individuals, and aid in robot-assisted surgeries and patient monitoring. For instance, robot-assisted surgeries are experiencing strong growth across developed countries. This type of surgery requires real-time and precise visual data. Owing to the product’s rapid data tracking and low latency benefits, its demand is poised to surge and generate considerable opportunities for manufacturing companies.
Several medical device and surgical tool manufacturing companies are expected to introduce innovative imaging solutions that can help navigate and monitor patient’s health. Several health organizations and associated firms are heavily investing in and strengthening medical imaging technology. For instance,
- In June 2023, Canada’s Flywheel, a medical imaging AI company, raised about USD 54 million in partnership with NVIDIA to boost healthcare systems.
Dynamic vision sensors or event camera sensors allow surgeons to monitor remote places, increase safety, and provide real-time accurate tracking. These factors are projected to show steady demand for the product in the market.
Event Camera Market Growth Factors
Rising Demand for Autonomous Driving to Boost the Growth of the Market
Event-based cameras find their potential application in object recognition, autonomous vehicles, and driver monitoring. Computer vision has been an important part of autonomous vehicle technology as it works asynchronously and operates on pixel intensities, high dynamic range, and intelligent activation of pixels. Several manufacturing companies are focused on developing sensors that measure intensity changes at individual pixel levels. Autonomous vehicles require image sensor technology that can potentially boost the market. For instance, neuromorphic vision systems, unlike conventional cameras, follow a series of events that capture time, location, and asynchronous changes in individual pixel brightness at real-time duration.
OEMs have been striving to invest in vehicle automation, with unmanned and autonomous vehicles having experienced strong growth prospects over the past few years and are anticipated to witness increased demand during the forecast period. Vehicles with ADAS systems are gaining popularity due to rising safety concerns among end-users.
Several OEMs in the automotive sector are demanding neuromorphic vision systems to support ADAS applications and enhance autonomous driving functionality.
This emerging technology is constantly experiencing high growth in automotive applications owing to rising demand for driver assistance systems. Increasing accidents across geographies is one of the prominent factors creating potential growth for ADAS systems in vehicles. ADAS systems heavily rely on neuromorphic camera-based technology, as it helps in safe driving based on real-time image capture.
RESTRAINING FACTORS
Availability of Substitutes and High Manufacturing Cost May Hinder Market Growth
Though these cameras are innovative and offer several benefits, there have been limitations to their adoption across geographies as a result of limited infrastructure and ecosystem. Products require established infrastructure, such as standardized interfaces and software libraries for event-based data. Supply chain disruption and unavailability of raw materials such as silicon are further impacting the mass production of event-based cameras. The high dynamic range, long-range data-capturing capability, and massive cost of materials contribute to a high cost of ownership for end-users. These factors are expected to decline the event camera market growth in coming years.
The availability of CMOS cameras provides similar benefits as neuromorphic cameras. For instance, CMOS cameras offer high shutter speed, higher pixel density, and high dynamic range at a relatively lower cost. CMOS cameras gives a tough competition to these products, making them more preferred options for end-users.
Event Camera Market Segmentation Analysis
By Product Type Analysis
Diversity in the Product Offerings is Spurring Sales of Polarity Event Output Cameras
By product type, the market is segmented into polarity event output, intensity event output, and others.
Amongst these, polarity event output has gained wide adoption across the industry and leads the market. The availability of these cameras in the market, along with a diversified product portfolio from different manufacturers, is a crucial factor contributing to the noteworthy performance of polarity event output cameras.
The intensity event output has very moderate applications across the industries. This output mode is valuable in applications where distinguishing between brightening and darkening events is important, such as in motion tracking or certain computer vision community tasks.
By Application Analysis
Drones Segment to Dominate Owing to its Increased Adoption With Their Heightened Number of Applications
In terms of application, the market is classified into industrial equipment, drones, aircraft, and others (robotics).
The drones segment is expected to dominate the market and showcase the fastest growth over the forecast period. These cameras offer high-accuracy depth information, making them valuable for applications such as mapping, surveying, and inspection, where understanding the topography of the environment is crucial. These can enhance overall system reliability and robustness in aerospace applications when combined with traditional cameras, LIDAR, or radar, providing redundancy in sensing capabilities.
In the others segment, robotics is poised to gain substantial traction owing to the increasing popularity for robotics and automated solutions across multiple industries. Constant investments and operations in the R&D division of multiple stakeholders in the robotics industry are set to augment the integration of these products within this category.
REGIONAL INSIGHTS
In terms of geography, the market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Asia Pacific is expected to emerge as a leading region in terms of market share and demand for event cameras. It is also expected to develop at a substantial pace throughout the forecast period. The adoption of Industry 4.0 principles, focusing on smart manufacturing and connected systems, is driving the demand for state-of-the-art sensing technologies. These products can enhance efficiency and automation in manufacturing processes, promoting their use in manufacturing.
China, as a manufacturing hub, has a significant focus on industrial automation. These cameras can play a crucial role in enhancing automation processes, such as pick-and-place robotics, by providing efficient and real-time visual information.
Japan is particularly focused on autonomous vehicle technologies. Neuromorphic cameras’ ability to capture rapid environmental changes can be used for tasks such as object detection, tracking, and collision avoidance in autonomous vehicles, contributing to increased sales. Japan is known for its advanced technology innovation. If this technology is developed or adopted by key players in the Japanese tech industry, it could increase sales within the region.
North America is home to many leading research institutions and technology companies that actively contribute to developing emerging technologies. Ongoing research in computer vision, robotics, and artificial intelligence could lead to advancements in technology. The adoption of these cameras in various industries, including robotics, automotive, and consumer electronics, could grow in North America. The region has a strong presence of industries that could benefit from the unique features of products, such as low-latency sensing and efficient motion tracking. The adoption across all these diverse industry applications is expected to be critical in boosting and propelling sales during the study period.
Ongoing research and development efforts in European countries contribute to technological advancements. Public and private initiatives supporting innovation in computer vision and imaging technology can stimulate demand for these cameras. Collaborations between manufacturers, technology companies, and industry players are poised to contribute to the event camera market share. Partnerships may open up new opportunities and drive adoption in specific sectors. Public awareness of technology benefits, along with consideration to public perception regarding privacy and security, can influence the demand. Effective communication and education on the advantages and responsible use of these cameras may positively impact acceptance.
The Middle East is a significant hub for the oil and gas industry. Event cameras can be used in this industry for safety monitoring, asset protection, and process optimization, contributing to increased acceptance in industrial applications. The rising trend of Internet of Things (IoT) integration and connected systems in the Middle East may create opportunities for event cameras to be part of broader networks, enhancing overall efficiency and functionality.
Niche opportunities for the development of the manufacturing industries, limited presence of global market players in the region, and underdeveloped distribution channels for the market are the factors expected to lead to sluggish growth of South America over the forecast period. Notably, Brazil is expected to dominate the market share, with a moderate CAGR compared to other regional countries during the study period. The industrial landscape in South America may not favor the adoption of the product compared to regions with a strong focus on manufacturing, automation, or high-tech sectors.
KEY INDUSTRY PLAYERS
Companies Showcase Their Products in Exhibitions to Boost Brand Awareness
The event camera market is highly competitive and moderately consolidated, with a countable number of players competing in the global region. Prominent and established manufacturing companies across domestic and international levels have substantial market presence across geographies. Sony leads the market, followed by Samsung and other players, including Northrop Grumman, Omnivision, and Pepperl+Fuchs Pvt. Ltd., catering to about two-thirds of the market revenue. Companies are exhibiting their products in trade shows and exhibitions to increase brand presence and penetrate across a diverse set of industries. Established players such as Sony and Samsung have collaborated and partnered with emerging players such as Prophesee to widen their product portfolio through technological advancements, expansion of their market presence for event cameras, and strengthening their geographical footprint with the help of a robust dealer and distributor network.
List of Top Event Camera Companies:
- Samsung Electronics Co. Ltd. (South Korea)
- Sony Group Corporation (Japan)
- Pepperl+Fuchs Pvt. Ltd. (Germany)
- Northrop Grumman (U.S.)
- Imago Technologies GmbH (Germany)
- AlpsenTek GmbH (China)
- Prophesee (France)
- iniVation AG (Switzerland)
- Omnivision (U.S.)
- LUCID Vision Labs Inc. (Canada)
KEY INDUSTRY DEVELOPMENTS:
- June 2023: CenturyArks Co., Ltd. announced a new model of event-based vision camera in Tokyo named Silky EvCam. The company launched its Silky EvCam series in October 2020 for a variety of applications such as logistics, automotive, consumer electronics, medical research, and healthcare and revised its pricing in June 2023.
- October 2022: PepperL+Fuchs expanded its industrial vision product portfolio by introducing a new event camera. This advanced camera enables event-driven video recording up to 60 seconds before and after a trigger signal, with flexible use both indoors and outdoors.
- September 2022: Prophesee unveiled a collaboration at the Mobile World Congress Event with Qualcomm to integrate event-based Metavision technology into smartphone cameras. This partnership aimed to bring improved speed, efficiency, and high-quality images to mobile devices.
- September 2021: Sony Semiconductor Solutions, in collaboration with Prophesee, launched industrial sensors at the International Solid-State Circuits Conference. These event-based vision sensors have a range of 86dB and resolutions of 1,280 x 720 pixels (IMX636) and 640 x 512 pixels (IMX637).
- October 2020: Samsung introduced a 1.3 MP 1280×960 Dynamic Vision event-driven sensor with a 4.95-μm Pixel Pitch and Motion Artifact Minimization at the IEEE International Symposium on Circuits and Systems.
REPORT COVERAGE
The report provides a detailed analysis of the market and focuses on key aspects such as prominent companies, product types, and leading applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.
Report Scope & Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 3.4% from 2024 to 2032 |
Unit | Value (USD Million) |
Segmentation | By Product Type
By Application
By Region
|
Frequently Asked Questions
How much is the event camera market expected to be worth by 2032?
According to Fortune Business Insights, the market is projected to reach USD 293.8 million by 2032.
What was the value of the global event camera market in 2023?
In 2023, the market was valued at USD 219.4 million.
At what CAGR is the market projected to grow during the forecast period (2024-2032)?
The market is projected to grow at a CAGR of 3.4% during the forecast period.
Which is the leading product type segment in the market?
By product type, the polarity event output segment leads the market.
What is the key factor driving the market growth?
The rising demand for autonomous driving is considered to be a key factor driving market growth.
Who are the top players in the market?
Northrop Grumman, Omnivision, and Pepperl+Fuchs Pvt. Ltd. are the top players in the market.
Which region is expected to hold the highest market share during the study period?
Asia Pacific is expected to hold the highest market share during the study period.
Which application segment is expected to achieve the fastest growth during the assessment period?
By application, the drones segment is expected to attain the fastest growth during the study period.
- Global
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- 2019-2022
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