3D Sensor Market – Rising Demand from End-User Industries and Incorporation of Advanced Technologies
The global 3D Sensor market is projected to witness a CAGR of 12.64% over the forecast period to reach a total market size of US$5.576 billion by 2027, from US$2.423 billion in 2020.
The increasing use of smart devices by individuals all over the world is expected to be the primary key driver of the growth of the 3D sensor market. Furthermore, the rising integration of 3D sensor systems with technologies prominent in many industries such as automotive engineering, healthcare, and so on is likely to drive the market even further. Several companies have launched innovative products to integrate 3D sensors into their company’s product range. Due to this reason, this market is anticipated to grow in the coming years. For instance, in 2019, AMS AG launched a new ASV technology product line that enables makers of consumer, computer, and industrial goods to incorporate facial recognition systems and other 3D sensing applications simply and affordably. AMS has added Active Stereo Vision software solutions to its portfolio based on considerable 3D experience to target additional and diverse 3D sensing applications while reaching lower price points in the mobile market. Furthermore, the company has announced a cooperation with SmartSens Technology. Through this agreement, AMS enhances its portfolio of three 3D technologies, including Time-of-Flight, Activated Stereo Vision (ASV), and Structural Light, while also shortening the time to market for its new products.
The increasing demand for 3D sensors in the automotive industry will drive market demand
As a result of the rising automotive industry and the implementation of 3D sensors into the market will impact the segment positively by increasing sales and productivity. Therefore, the presence of integrating 3D sensors into the automotive industry and the development of technological advancements will boost the profitability of the automotive segment which will primarily impact the market for 3D sensors.
In addition, subscriptions of alternatively powered cars, for example, have steadily increased by 46.2% in the European Union. By July 2022, 110,630 electric cars (EVs) had been licensed, a 51.8 percent increase over the previous year, as per the European Union. Furthermore, vehicles nowadays are outfitted with several 3D sensors, necessitating the synchronization of multiple device-specific operating systems. Advanced driving assistance systems (ADAS), dash cams, side mirror substitution, night vision, LiDAR driver surveillance, and gesture recognition systems are some of the applications for these sensors in vehicles. Parking support, obstacle detection, and warning of lane departure are all provided by ADAS integrated with image sensors.
Several companies have incorporated products with 3D sensors to provide better performance and efficiency, therefore, creating market value for the upcoming years.
- For instance, ByteBridge, a technological leader in data annotation services, announced the formal release of the 2D-3D sensor fusion labeling service in March 2022. The annotation system has been operational for some time. The firm has collaborated with automobile manufacturers, inventors of autonomous driving solutions, scientific research organizations subject to government bodies, and so on. Personalized 3D point cloud labeling and 2D-3D data fusion annotation are among the annotation efforts.
- Additionally, Ibeo Vehicle Systems GmbH and SICK AG established technical cooperation in January 2021 to co-develop a novel, cost-effective, solid-state 3D automotive LiDAR sensor on a broad scale for industrial applications. Such collaborations are expected to drive long-term growth in the worldwide 3D Sensors Market.
During the projected period, the implementation of 3D sensors in the gaming and robotic industry will boost the market growth
The development of the gaming industry along with the emergence of artificial intelligence will surge the incorporation of 3D sensors into these markets. There is a rising need for gaming systems that give users a virtual reality platform, boosting the game experience. With the increasing deployment of autonomous robots, 3D sensors also see significant market potential in the industrial sector. To create an exact 3D picture of the workplace, these robotic robots rely entirely on their installed electrical equipment and underlying software. These devices can make judgments on their own using the 3D picture stored in their memory. The increased use of 3D sensors in gaming equipment to provide customers with a virtual reality environment would assist the 3D sensor market. Industrial robots lessen the possibility of mistakes, allowing tasks to be completed over a longer period. Furthermore, combining Artificial Intelligence and Deep – learning techniques with 3D sensors boosts the overall productivity and functionality of industrial operations.
Companies have launched innovative products in the industry to develop industrial automation and robotics along with boosting the market for 3D sensors. For instance, Texas Instruments announced the release of a 3D position sensor for industrial automation in October 2021 to aid in the precise, real-time operation of equipment such as autonomous robots. The sensor was created to maximize design freedom and system safety by providing integrated functions and diagnostics.
During the forecast period, the 3D sensor market in the Asia Pacific and North America is predicted to have a notable share
During the projection period, Asia-Pacific is expected to be amongst the biggest markets for 3D sensors, with China and India being the leading nations with promising development possibilities. The area’s market is growing due to the expansion of numerous end-use sectors, including consumer electronics, healthcare, transportation, and the rise of artificial intelligence, which is creating substantial demand for 3D sensors, as well as the existence of a significant number of 3D sensor producers in the Asia-Pacific region. Because of the growing usage of IoT in home automation, smart cities, and businesses, Furthermore, North America commands a sizable share of the market in the 3D sensor industry. Due to the rise of smart cities and infrastructure, the emergence of 3D sensors in the market has surged which has boosted the market demand in this region. For instance, the Consumer Technology Association (CTA) reports that 69% of Americans own at least one smart home gadget. In addition, increased investments and supporting ecosystems for IoT enterprises are aiding sensor makers in producing more complex sensors for specialized applications, fuelling demand in the domain.
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