New York, USA, Jan. 04, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global 3D sensor market is expected to garner a revenue of $56,992.3 million by 2031 and grow with a stunning CAGR of 13.0% in the 2022-2031 timeframe. This latest report, published by Research Dive, provides a brief outlook on the contemporary architecture of the 3D sensor market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: Increase in demand and usage of 3D sensors in the manufacturing of consumer electronics products is predicted to boost the 3D sensor market in the forecast period. Along with this, growth in the usage of 3D sensors in the automotive industry is predicted to help the market grow in the forecast period.
Opportunities: Growing demand for better vision and virtual reality in the gaming sector is anticipated to offer numerous growth opportunities for the market in the forecast period. Additionally, a general rise in the use of smart devices across the globe is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, the high cost of 3D sensors is predicted to be a major restraint in the full-fledged growth of the 3D sensor market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The 3D sensor market has been no exception to this phenomenon. The shutdown of 3D sensors manufacturing industries, disruptions in global supply chains, and drastic decline in the overall demand for 3D sensors from the automotive and consumer electronics segment were the three main factors which negatively affected the market.
Segments of the Market
The report has divided the 3D sensor market into certain segments based on type, technology, connectivity, end use, and region.
Type: Image Sensor Sub-segment to be Highly Dominant
By type, the image sensor sub-segment is predicted to have a dominant market share by 2031. Wide use of image sensors in various applications like virtual reality, autonomous navigation, robot guidance, biological image sensing, etc., is expected to help the market grow in the forecast period.
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Technology: Stereoscopic Vision Sub-segment to be the Most Lucrative
By technology, the stereoscopic vision sub-segment is anticipated to have the fastest growth rate by 2031. The growing use of stereoscopic vision cameras in image processing is predicted to help in propelling the sub-segment forward.
Connectivity: Wireless Sub-segment to Flourish Immensely
By connectivity, the wireless sub-segment is predicted to have a significant market share by 2031. The growing use of wireless 3D sensors in the defense sector for various applications including target identification, and object tracking is expected to help the market grow in the forecast period.
End Use: Consumer Electronics Sub-segment to Have a Significant Market Share
By end use, the consumer electronics sub-segment is predicted to flourish handsomely by 2031. The use of 3D sensors in consumer electronic products for 3D imaging, position tracking, depth sensing, measurement and designing, etc. is expected to help the market grow in the forecast period.
Market in North America Region to be the Most Profitable
By regional analysis, the 3D sensor market in North America region is expected to be the most profitable in the forecast period. The growth in the usage of IoT in smart homes, smart cities, and businesses is predicted to be the main growth driver of the market in the forecast period.
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Prominent Market Players
Some leading market players of the 3D sensor market are
- Infineon Technologies Ag
- Microchip Technology Inc.
- Keyence Corporation
- Samsung
- Occipital Inc.
- OmniVision Technologies Inc.
- Lmi Technologies Inc.
- Qualcomm Technologies Inc.
- and Cognex Corporation
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. Inquire here to get an access to the key companies’ development strategic Report
For instance, in July 2022, Konica Minolta, Inc. announced that its subsidiary, Instrument Systems GmbH had signed an agreement to acquire Kimsoptec Co, Ltd., a Korean technical consultant. Instrument Systems GmbH is a leading German sensor technology company and this acquisition is expected to help the company to increase its footprint in the market in the coming period.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about 3D Sensor Market:
- 3D Sensor: Different Types and Impact of COVID-19 on the Industry
- The Role of AI Empowered 3D Sensors in Different Industries
- 3D Sensor Technology Booming on Several Applications
