3D Sensing and Imaging Market by Type, Technology (LiDAR, Structured Light, Time-Of-Flight), Application (Medical Imaging, Industrial Automation), and End-Use Industry (Consumer Electronics, Healthcare, Others), and Geography—Global Forecasts to 2029
Redding, California, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘3D Sensing and Imaging Market by Type, Technology (LiDAR, Structured Light, Time-Of-Flight), Application (Medical Imaging, Industrial Automation), and End-Use Industry (Consumer Electronics, Healthcare, Others), and Geography - Global Forecasts to 2029,’ the 3D sensing and imaging market is expected to reach $115.3 billion by 2029, at a CAGR of 24.1% during the forecast period.
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The growth of this market is mainly driven by the factors such as a surge in demand for 3D sensing integrated devices, rising use of VCSELs over LEDs, growing demand for ADAS, increasing emphasis and investment in cutting-edge security & surveillance solutions, and growing demand for 3D image sensors across various verticals.
In addition, the rising demand for optical 3D sensing in industrial applications, increasing government initiatives to support industrial automation, growing awareness regarding the benefits of 3D imaging technology in the medical field/imaging, the rising popularity of drone cameras, and growing demand for 3D accelerometers in smartphones and gaming consoles are expected to offer significant growth opportunities for this market. However, the high installation cost may hinder the market growth of this market.
Impact of COVID-19 on the 3D Sensing and Imaging Market
The outbreak of the COVID-19 pandemic in 2020 made a massive impact on investments and technological advancements across different end verticals. The COVID-19 pandemic affected several end-users and industries, causing economic slowdowns, closures of manufacturing industries, and disruptions in the supply chain. Also, the pandemic severely affected numerous consumer electronics, healthcare, manufacturing, and retail industries. However, the COVID-19 pandemic had an overall negative impact on the 3D sensing and imaging Market.
Businesses across the region are planning to come back stronger; hence, 3D sensing and GIS service adoption would help them map COVID-19 density zones and plan their business operations. For instance, in May 2020, Transerve (Goa), a geospatial solutions provider, launched a solution to map COVID-19 density zones using 3D sensing and imaging technologies. The solution accurately maps COVID-19 cases and containment zones, allows tracking, analyzing, monitoring, and visually representing geospatial data and helps organizations make statistically driven, smarter business decisions.
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The COVID-19 pandemic has highlighted the importance of 3D sensing and imaging solutions for forecasting the region's weather conditions. Connectivity has enabled companies to continue engaging with customers and conducting business transactions online. In addition, combining 3D sensing & imaging technology and digitalization creates new opportunities for service providers to extend their businesses beyond connectivity into various sectors ranging from public service, defense, and agriculture.
The 3D sensing and imaging market is segmented based on type (3D sensing and 3D imaging), technology/modality (LiDAR, stereoscopic imaging/vision, Time-of-Flight (ToF), structured light, laser triangulation, radar, ultrasound, x-ray, and other technologies), application (security & surveillance, mapping & imaging, industrial automation, medical imaging, navigation, scanning, surveying, and other applications), end-use industry (automotive, transportation & logistics, consumer electronics, defense & aerospace, healthcare, manufacturing & warehouses, media & entertainment, architecture, engineering & construction, and others), and geography. The study also evaluates industry competitors and analyses the markets at regional and country levels.
Based on type, the 3D sensing and imaging market is segmented into 3D sensing and 3D imaging. In 2022, the 3D imaging segment is estimated to account for the largest share of the 3D sensing and imaging market. The growth of this segment is attributed to the widespread adoption of 3D imaging technology in various medical devices, including X-ray devices, CT scanners, and MRI devices; increasing adoption of cloud-based 3D imaging solutions; and increasing implementation in gaming & entertainment applications. However, the 3D sensing segment is projected to register the highest CAGR during the forecast period.
Based on technology/modality, the 3D sensing and imaging market is segmented into LiDAR, stereoscopic imaging/vision, Time-of-Flight (ToF), structured light, laser triangulation, radar, ultrasound, x-ray, and other technologies. In 2022, the LiDAR segment is estimated to account for the largest share of the 3D sensing and imaging market. The growth of this segment is attributed to the rapid growth of automated driving vehicles, rising adoption of UAVs, and a surge in the need for better geospatial solutions that provide essential information for reliable object detection and collision avoidance by generating precise 3D images of the vehicle. However, the Time-of-Flight segment is projected to register the highest CAGR during the forecast period.
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Based on application, the 3D sensing & imaging market is segmented into security & surveillance, mapping & imaging, industrial automation, medical imaging, navigation, scanning, surveying, and other applications. In 2022, the security & surveillance segment is estimated to account for the largest share of the 3D sensing & imaging market. The growth of this segment is attributed to the rising need for 3D imaging mobile surveillance, increasing implementation of 3D lidar cameras to secure various temporary and remote sites, such as construction sites, storage areas, and parking areas, growing need for innovative outdoor remote security applications, and increasing integration of 3D lidar sensors and security cameras to ensure the security of remote areas. However, the industrial automation segment is projected to register the highest CAGR during the forecast period.
Based on end-use industry, the 3D sensing and imaging market is segmented into automotive, transportation & logistics, consumer electronics, defense & aerospace, healthcare, manufacturing & warehouses, media & entertainment, architecture, engineering & construction, and others. In 2022, the consumer electronics segment is estimated to account for the largest share of the 3D sensing and imaging market. The growth of this segment is attributed to the increasing adoption of facial recognition technology in consumer electronics devices, the rising need for high-performance in-depth sensing in photography, and VR applications for game consoles, increasing integration of 3D sensing technology in consumer electronics devices. However, the healthcare industry segment is projected to register the highest CAGR during the forecast period.
Based on geography, the 3D sensing and imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, the North American region is estimated to account for the largest share of the 3D sensing and imaging market. The growth of this region is attributed to the rising demand for 3D sensing optical technologies such as face recognition, facial payments, animoji creation, and augmented/virtual reality in various sectors, a surge in demand for virtualized solutions in the robotics industry, and increasing investments for R&D process and widespread adoption of the 3D technology, high dependency of the movie industry on motion capture technology, the high adoption of advanced technologies, and the existence of key market vendors and their forthcoming products. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Some of the major players operating in this market are Infineon Technologies AG (Germany), Microchip Technology Inc. (U.S.), KEYENCE CORPORATION (Japan), Google (U.S.), Autodesk Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Cognex Corporation (U.S.), STMicroelectronics (Switzerland), OMNIVISION (U.S.), SICK AG (Germany), Panasonic Life Solutions India Pvt. Ltd. (Japan), Sony Corporation (Japan), Lumentum Operations LLC (U.S.), FARO (U.S.), Occipital, Inc. (U.S.), LMI TECHNOLOGIES INC. (Canada), VIAVI Solutions Inc. (U.S.), Trimble Inc. (U.S.), General Electric Company (U.S.), and Lockheed Martin Corporation (U.S.).
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3D Sensing and Imaging Market, by Type
3D Sensing and Imaging Market, by Technology/Modality
Other Technologies (Rangers, Arrays, etc.)
3D Sensing and Imaging Market, by Application
Other Applications (Displays, Morphing, etc.)
3D Sensing and Imaging Market, by End-use Industry
Other Consumer Electronics (Wearables, kiosk Devices, AR/VR Devices, etc.)
Other End-use Industries (Government & Public Sector, Agriculture & Farming, Utilities, Mining, etc.)
3D Sensing and Imaging Market, by Geography
Rest of Middle East & Africa
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