The global 3D sensor market is expected to witness a noteworthy growth during the forecast period, owing to its surging demand in the automotive industry. The image sensor sub-segment is expected to be most lucrative. The North America region is expected to dominate in the global market during the analysis period.
New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global 3D sensor market is expected to generate a revenue of $11,276.8 million by 2026, growing expeditiously at a CAGR of 28.0% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Surging demand for 3D sensors in consumer electronics and rising prevalence of 3D sensors in the automotive industry are expected to drive the growth of the market during the forecast period. In addition, increasing use of 3D sensors in augmented reality, mapping, and biometric sensors are further expected to bolster the growth of the market by 2026.
Restraints: Extortionate cost of 3D sensing technology is expected to impede the growth of the market during the forecast period.
Opportunities: Innovative technological advancements in 3D sensors is expected to create massive opportunities for the growth of the 3D sensor market in the upcoming years.
Segments of the Market
The report has divided the market into various segments based on type, end-use, and region.
Type: Image Sensor Sub-segment to be Most Profitable
The image sensor sub-segment is expected to grow exponentially with a CAGR of 29.2% during the forecast period. Increasing use of image 3D sensors in smart cameras and smart phones is expected to bolster the growth of the sub-segment during the forecast period.
End-Use: Consumer Electronics Sub-segment to be Most Lucrative
The consumer electronics sub-segment generated a revenue of $351.5 million in 2018, and is further expected to grow progressively during the forecast period. Surging demand for advanced PC’s, laptops, smartphones, cameras, etc. among people across the globe is expected accelerate the growth of the 3D sensor market during the forecast period.
Region: North America Expected to Dominate the Market
The North American 3D sensor market is expected to generate a revenue of $3,540.9 million during the forecast period. Extensive usage of 3D sensors in industries like electronics and automotive in this region is expected to propel the growth of the market. In addition, rising demand for enhanced image excellence and face recognition sensors in the smartphones among people living in this region is further expected to augment the growth of the regional market during the forecast period.
Key Players of the 3D Sensor Market
The major players of the market include -
Infineon Technologies AG
Sony Depthsensing Solutions SA/NV
Qualcomm Technologies, Inc.
LMI Technologies Inc.
Microchip Technology Inc.
OmniVision Technologies, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in May 2021, Lumentum, a leading manufacturer of innovative optical and photonic products; Ambarella, an innovative AI vision silicon company; and ON Semiconductor, a dominant provider of complementary metal oxide semiconductors (CMOS) image sensor solutions, collaborated in order to facilitate AI processing-based 3D sensing for advanced, next-gen AIoT devices.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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