The global market for 4K camera has the potential to touch a valuation of close to USD 31 billion by the end of the forecast period, reveals Market Research Future (MRFR). MRFR also says that the market is expected to achieve a remarkable growth rate of 20% during the forecast period, which is 2017-2023.
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Top Drivers and Main Challenges
The high-quality images, as well as videos provided by 4K cameras, can boost its demand in the near future. Its demand can also grow in the coming years, as it offers a resolution of 4096 x 2160 pixels, which is nearly four times higher than the conventional high definition (HD) ones. The growth of the 4K technology market can bring about significant changes in the 4K camera industry, in addition to the technological advancements in the broadcasting system. 4K technology is expected to make its presence felt in multiple digital media sectors including system monitors, digital cameras and TV screens.
Frequent technological innovations combined with the soaring demand for high-resolution pictures are projected to induce market demand during the review period. Also, 4K acquisition will soon be made mandatory for cameras in the market in the next few years. 4K cameras are also gaining momentum in the sports sector like tennis, cricket, and football, among others. To illustrate, during the ICC Cricket World Cup 2015, ultra-high-resolution models were used, supported by different creative shooting methods. It made use of several ultra-high-resolution versions like ultra-motion, drones model, and spider cams.
Furthermore, continuous innovation in this field is expected to gain the attention of more photographers and videographers. Emergence of low-priced and portable mirrorless devices that help capture HD still photos and high-quality videos can also boost the worldwide market in the forthcoming years. Rising use of handheld mobile devices along with disposable crash models that helps attain superior resolution videos and also operate 100 meters underwater can help induce the product demand in the facilitate media and broadcasting industries. This equipment is also expected to gain favor in specific scenarios where a wide area needs to be monitored, such as airports, casinos, train stations, and parking structures.
The worldwide 4K Cameras Market has been segmented based on type and application.
Depending on the application, the market includes consumer electronics, retail, education, entertainment, defense and aerospace as well as advertisement, among others. Out of these, entertainment is the largest segment in the market, on account of the rising demand for these devices in the sport sector including tennis, cricket, and football, among others.
Application-wise, the market segments are retail, consumer electronics, education, defense and aerospace, entertainment, advertisement and others.
North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW) are the primary markets for 4K camera identified in the MRFR report.
The APAC region forms the biggest market for 4K camera and benefits majorly from the rising adoption of latest technologies and the intensifying competition between the players. The strong market demand in the region is also influenced by the proliferating use of these devices, especially in developing countries like India and China. These countries are expected to incorporate technological breakthroughs and also enhance the standards for latest video production.
North America can gain better prominence from 2017to 2023, given the technological upgradations, and mounting demand for enhanced picture quality. The region is also known for being the most prominent importer for 4K cameras across the world, which also helps with the market growth. Increasing use of 4K cameras in the media and entertainment industry along with high per capita income results in strong market growth in the region.
Leading companies that make massive contribution to the growth of the global 4K camera market are Panasonic Corporation (Japan), Blackmagic Design Pty. Ltd (Australia), Skyworth Digital Holdings Ltd (China), Canon Pvt Ltd (Japan), Occipital, Inc (U.S.), Schneider Electric (France), Axis Communications AB (Sweden), Sharp Corporation(Japan), Sony Corporation (Japan), Infineon Technologies AG (Germany), to mention a few.
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