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Sunday, 14 April 2024
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3D Surveillance Camera Market is expected to reach US$ 7.92 billion by 2030

3D Surveillance Camera Market is expected to grow at a CAGR of 20.7% during 2022-2030, to surpass US$ 7.92 Billion by 2030, from US$ 1.75 Billion in 2022

By The Insight Partners

Growing Demand for Industrial Robots to Provide Opportunities for 3D Surveillance Camera Market During 2022–2030

According to our latest market study on "3D Surveillance Camera Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Product Type, Technology, and Application," the market was valued at US$ 1.75 billion in 2022 and is expected to reach US$ 7.92 billion by 2030; it is estimated to record a CAGR of 20.7% from 2022 to 2030.

Many key players in the 3D surveillance camera market are adopting advanced innovative solutions, including automated solutions, to catalyze their business growth. The demand for automation and robotics to boost production output has been gaining traction in several industries, boosting the growth of the 3D surveillance camera market. The adoption of industrial robots is increasing owing to the rise in automation in the warehouse and manufacturing industries. In warehouses, industrial robots are used to move inventory from one place to another. Also, in manufacturing industries, they are used to carry out various production processes. To carry out the above operations, industrial robots or robotic arms are equipped with 3D cameras, which help them map their environment in 3D and accordingly make movements by perceiving and identifying objects to avoid collisions. Thus, the growing use of industrial robots in warehouse and manufacturing industries is expected to fuel the 3D surveillance camera market growth during the forecasted period.

3D Surveillance Camera Market — by Geography, 2022

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00037812

Source: The Insight Partners Analysis

Furthermore, players are expanding their businesses to cater to the demand for robotics in various applications. For example, in March 2023, ABB Robotics invested US$ 20 million in the expansion of its robotics facility in Michigan, North America. The expansion aims to boost the factory’s production output by 70% to meet the increased demand for automation in industries such as electric vehicles, healthcare, packaging, and logistics in the US. Thus, such expansion projects are likely to support R&D activities and help market players develop technologies for various industry-specific applications, which will further create an opportunity for the 3D surveillance camera market growth.

According to the ITA, the mining industry in Australia accounted for 10% of the country’s GDP in 2020. The country is the largest lithium producer globally and is among the top five producers of gold, lead, zinc, iron ore, and nickel globally. As per the Australian Bureau of Statistics, in 2021, the mining industry earnings grew to US$ 54.3 billion, which was an increase of 32.7% from 2020. The growing mining in the country is expected to raise the demand for surveillance cameras to monitor the mining site. Also, the mining industry in Saudi Arabia is witnessing a significant expansion in recent years. In 2022, the country had ~377 mining complexes. These mining complexes provide over 20 types of minerals, including gold, iron, copper, gravel, granite, and marble. In addition, the Saudi Ministry of Industry and Mineral Resources (MIM) announced in 2022 that the mineral belts in the country had reached 35 belts. These belts represent ~75% of Saudi Arabia’s mineral deposits, which are estimated to be US$ 1.33 trillion (SAR 5 trillion). The presence of such a large number of mines in the country is expected to raise the demand for 3D surveillance cameras to provide real-time monitoring at the mining site and further provide alerts in case of any danger, further fueling the growth of the 3D surveillance camera market.

Hexagon AB, 3dEYE Inc, Honeywell, Robert Bosch GmbH, Panasonic Holdings Corporation, LG Electronics, CBC Group, Teledyne FLIR LLC, Hangzhou Hikvision Digital Technology Co Ltd, and GeoVision Inc are among the key 3D surveillance camera market players profiled in the report. Several other major 3D surveillance camera market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The 3D surveillance camera market report provides detailed market insights, which help the key players strategize their growth.

In January 2023, various new refineries were constructed in the Gulf. Al Zour New Refinery is a US$ 16 billion project by Kuwait Integrated Petroleum Industries Co (KIPIC). It is designed to process heavy crudes and has three crude distillation units (CDUs). The operations of the first CDU started in November 2022, and the second CDU is expected to begin its operation in the second quarter of 2023. Further, an investment of US$ 3.5 billion was made in ADNOC’s Crude Flexibility Project to enhance the processing capabilities of ADNOC’s refinery in Ruwais. Oman’s Duqm Refinery project, one of the largest refining and petrochemical projects, is expected to start operation by the end of 2023. The project is a 50–50 joint venture between state-owned Oman’s OQ Group and Kuwait Petroleum International (KPI). Once operational, the refinery will increase the country’s refining capacity by 230,000 barrels of crude oil products per day. The growing construction of new refineries will raise the need for surveillance cameras to monitor and track the operation at the site, further fueling the growth of the 3D surveillance camera market.

Various global companies in the 3D surveillance camera market are also expanding their business by constructing new production facilities in APAC. In April 2021, Sanofi, a France-based company, announced the construction of a new vaccine production facility at Tuas Biomedical Park in Singapore. The facility is expected to be operational in Q1 of 2026. Similarly, in August 2022, Baker Hughes announced the opening of a new oilfield services chemicals manufacturing facility in Singapore. The facility will manufacture, store, and distribute chemical solutions for downstream, upstream, midstream, and adjacent industries. Through this, the company will be able to support regional customers and boost Baker Hughes's localization efforts. Thus, the growing expansion of chemical production facilities in the above countries will raise the demand for surveillance systems, as they can help prevent accidents at the plant, fueling the growth of the 3D surveillance camera market.

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