3D Sensors Market Estimated to see Substantial Growth of 25% by 2020 on Demand for Wearable Electronics and Mobile Devices.
3D Sensors market estimated to see substantial growth of 25% by 2020 on demand for Wearable Electronics and Mobile Devices
3D Sensors are a collection of key technologies and components which enable and expand the range of myriad products across industries. They primarily engage in building and improving the Human Machine Interface (HMI) component of the existing products. Gesture recognition, facial and object detection, rapid automation, safety and security are some of the upcoming areas enabled exclusively due to the availability of 3D sensors and systems to various product OEMs and ODMs. A recent report from IndustryARC on 3D Sensors estimates that the market generated revenue of $2.5 billion in 2014 and is estimated to grow to $9.5 billion by 2020.
The increased demand for 3D Sensors in Consumer electronics and Automobile is forecast to drive the market primarily. Customer demand for these devices has led to the entry of leading electronics and semiconductor companies including Texas Instruments (U.S) and Apple (U.S) by developing new products or through acquisitions.
The Americas and Europe regions are currently the top markets in 2014. However APAC region is poised to grow at the highest CAGR by 2020. The significant growth in APAC region is due to growing economies leading to increased adoption of 3D sensors by manufacturing industries.
3D Sensor market is further segmented based on end use industry into Consumer electronics, automobile, industrial automation, home automation and robotics. Consumer electronics is the largest market with $800m revenue in 2014, followed by automobile segment. Consumer electronics is projected to exhibit high growth and become the leading market by 2020. Automobile industry is forecast to exhibit the same growth as consumer electronics, according to the report by IndustryARC, due to the increased applications as well as declining prices resulting in growing demand. The 3D sensors average prices will sharply decline from $10 in 2014 to below $3 in 2020. This declining price will be a major factor in the growth of the market.
The top 5 companies in terms of revenue operating in the 3D Sensor market are
- pmd technologies (Germany),
- Microchip (U.S),
- Intel (U.S),
- Qualcomm (U.S)
They account for around 65% of the total market size. The 3D Sensor companies have looked to product launches and agreements to improve their market position. Companies are focusing on agreements and partnerships to utilize a wide distribution network to improve sales of products. For instance, pmd technologies announced a partnership with Invensense, a 3D Sensor solution provider to launch a 3D Camera for consumer and automobile applications. New product launches have been undertaken in order to improvethe functionalities of the product.
The declining prices and growing usage of 3D Sensors are set to propel the growth of the 3D Sensors market. The growth of 3D Sensor market can also be attributed to the improved accuracy as well as growing applications for the 3D Sensor systems. The increased customer demand for gesture technology is set to drive the 3D Sensor market.
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