Market Research Future (MRFR) in its recently published study report asserts that the global 3D sensor market is projected to register a staggering double-digit CAGR of 27.88% throughout the forecast period (2018 – 2023). The increasing integration of these sensors in vehicles defines the market landscape for the 3D sensors.
Additional factors that help boost the growth of the market include the rising adoption of 3D sensing technology in virtual reality applications and gaming, the increasing demand for high-end security and surveillance products, and the growing demand for 3D-enabled devices in consumer electronics such as smartphones and tablets.
Simultaneously, 3D sensors are also used by engineers and architects for designing a 3D model based on 2D data. Also, the 3D sensors are increasingly being implemented for 3D sensing for automotive control functions & logistics. Moreover, substantial investments in research and development of 3D sensing by various key players are impacting the growth in the market.
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For ease of understanding, the analysis has been segmented into four key dynamics:
By Technology: Projected-light / Structured-light, Stereo Vision, Time-of-flight, and Ultrasound among others.
By Type: Acoustic Sensor, Accelerometer Sensor, and Image Sensor among others.
By End-User: Industrial, Automotive, Logistics, Aerospace & Defense, Consumer Electronics, Healthcare, and Medical Devices among others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
The Asia Pacific region, heading with the extensive uptake of 3D Sensors in its burgeoning automotive market, dominates the global 3D sensor market. The rapidly improving economy that is increasing consumers’ purchasing power and the inclination of consumers towards high-end luxury cars are some of the key driving forces pushing up the growth of the 3D sensor market in the region.
Huge technological advancements in ubiquitous technologies such as artificial intelligence and other similar technologies, especially in India, China, and Japan is a key driving force leading the growth in the regional market. Stringent government regulations and influential car designs that can upgrade the safety provision are expected to influence the market, positively.
The 3D sensor market in the APAC is expected to grow with a considerable CAGR due to the increasing demand for low-end automobiles. Moreover, factors such as the rising applications of 3D Sensor in gaming, medical device manufacturing, automobiles, logistics, transportation, and consumer electronics are fostering the market growth in the region.
Also, factors such as the high vehicle production and continuous implementation of regulations on fuel emission are expected to help the region to witness significant growth over the forecast period. In the years 2017, the APAC 3D sensor market has valued at USD 403.5 MN, slicing the largest as in 35.9% of the market share. The market is further expected to register 31.2% CAGR during the forecast period.
The 3D sensor market in the North American region accounts for the second-largest market, globally. The increasing number of populations with high disposable income is a major driving force behind the growth of the 3D sensor market in this region. Furthermore, factors like the stringent government regulations on vehicles’ safety, the steady increase in vehicle production & sales, and the continued demand for safety and comfort features drive the market growth in these regions.
Also, factors such as the growing application area of 3D Sensor in gaming, medical device manufacturing, and transportation are fostering 3D Sensors Market growth in the region. The US market dominates the 3D sensor market in the region. In the year 2017, the 3D sensor market in North America had valued at USD 332.1 MN. The market is estimated to grow at a CAGR of 28.3% throughout the forecast period.
The European 3D sensor market is another profitable market globally. Factors such as the increasing adoption of these sensors in the well-established automotive sector and the rapid technological development are some of the key driving forces behind the growth of the regional market. Undoubtedly, the resurging economy is playing a vital role in the growth of the market in the region. The growing passenger cars markets in Germany, the UK, France, and Italy will majorly support the market growth in the region.
Highly competitive, the 3D sensor market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch in order to maintain their positions and to gain a competitive advantage in this market.
The competitive nature of the market is envisaged to intensify as more 3D sensors enter into the market, which is inevitable in the wake of increasing government regulations and consumer demand for advanced automotive safety features.
These players focus on new product development initiatives and geographical expansion. The global 3D Sensor market is anticipated to witness relentless innovations and development of new products, eventually result in intense competition among the 3D Sensor manufacturers.
Key players leading the global 3D sensor market include Sony Corporation (Japan), Microsoft Corporation (US), ST Microelectronics NV (Switzerland), Intel Corporation (US), Infineon Technologies AG (Germany), Microchip Technology, Inc. (US), Texas Instruments Incorporated (US), Qualcomm Technologies Inc. (US), Asustek Computer Inc. (Taiwan), AMS AG (Austria), Sick AG (Germany), Finisar Corporation (US), Cognex Corporation (US), Xovis AG (Switzerland), and Occipital Inc. (US) among others
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