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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