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iCrowdNewswire Jan 26, 2021 9:16 PM ET

3D Sensor Market Analysis, Global Size, Development Strategy, Key Vendors and Opportunity Assessment by 2023

3D Sensor Market Analysis, Global Size, Development Strategy, Key Vendors and Opportunity Assessment by 2023

iCrowd Newswire - Jan 26, 2021

Market Research Future published a research report on “3D Sensor Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Insight

The 3D sensor is in high demand and is experiencing a golden period. Market Research Future suggests that the global 3D market is gaining exponential traction and it is expected to expand at 28% CAGR while achieving a valuation of USD 4,807 million from USD 1,123.5 million in 2017, during the forecast period. With the rising adoption of 3D sensors in many industries is the key factor behind the growth of the market, which will pull the expansion scenario until the forecast period.

Market Drivers & Trends

The key drivers of the global 3D sensors are accredited to the higher adoption of consumer electronics and industrial manufacturing for precision manufacturing in the medical device manufacturing device. Other factors contributing to the market’s growth are increased demand for 3D sensors in imaging applications across multiple verticals, rising use of 3D sensing technology in virtual reality, gaming and the need for high precision security and surveillance. Due to these, the demand for 3D sensors has increased considerably over the years, which is likely to propel the market during the estimated period.

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At the same time, it is the smartphones, and tablets that enable 3D sensors have also contributed to the market’s growth and continuously fueling with the rise in the ownership of smartphones and tablets. 3D sensors are also becoming popular among the artists, engineers, and architects for designing a 3D model based out of 2D data. In recent time, the 3D sensors are significantly being implemented for 3D sensing for automotive control functions & logistics. Due to such a surging demand, the key players of the market are investing a considerable amount in bringing in outstanding opportunities to capitalize the market to a great extent, across the world.

The study lights up the view that with the help of continuous research & development in 3D sensors field, the market is being fueled up with the implementation of many technologies like depth-sensing technology, mixed-reality. With this, gaming is yet another growing field which is gathering popularity in recent times with the dawn of virtual reality and augmented reality. In support of this, the 3D sensor technology is also being used in PCs to display in-depth site and enjoy the new display technology. These factors are outstandingly contributing to the global 3D Sensor Market throughout the growth period.

Key Players

The prominent players in 3D sensors market are – Qualcomm, Inc. (U.S), Cognex Corporation (U.S), Microsoft Corporation (U.S), ASUSTek Computer Inc, (Taiwan), Intel Corporation (U.S), Infineon Technology (Germany), Microchip Technology (Chandler, Arizona), Occipital, Inc. (U.S), LMI Technologies (Canada), PMD Technologies AG (Germany).

Market Segmentation

As per the study, the global 3D sensors market has been segmented by the elements of technology, type, and end-user.

Detailed Regional Analysis

The global 3D sensors market study, region-wise, has been done across North America, Europe, Asia-Pacific, and the rest of the world.

Among these, Asia-Pacific attained the largest market share of 35.9% in 2017 and achieved a market valuation of USD 403.5 million. In the latest, the market is likely to record the highest CAGR of 31.2% during the forecast period. The progress of the market in this region is driven by the surged adoption of 3D sensors for transportation and logistics, medical devices, automobiles, and consumer electronics. Also, the popularity of connected devices coupled with the adoption of object detection devices for security solutions is therefore likely to fuel market growth.

North American region is also anticipated to observe a significant growth in the 3D sensors market as there is a massive presence of major key players such as Microsoft Corporation, Intel Corporation, and Microchip Technology, Inc. Apart from this, this region has been the earliest adopter of AR/VR technology, connected devices, and IoT, which resulted in the growth of the 3D sensors market in this region.

In the end, the European region is also witnessing a significant demand for 3D sensing technology from the evolution of smart homes and gaming applications. The UK has primarily adopted the concept of smart homes, which has largely contributed to the demand for 3D sensors market in this region.

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