The global 3D sensing technology market was valued at US$ 831.1 Mn in 2016 and is projected to register compound annual growth rate (CAGR) of over 19.16% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “3D Sensing Technology Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The report suggests that rising use of 3D sensing technology across automotive, consumer electronics, and media & entertainment industries worldwide along with the rising trend of using technology such as augmented reality or virtual reality around the globe is likely to spur the demand for 3D sensing technology in the coming years.
Heavy maintenance cost of 3D sensing technology related components and devices to affect the expansion of 3D sensing technology worldwide
Application of 3D sensor technology is expected to expand across multiple industry verticalssuch as consumer electronics, media & entertainment, automotive, and security & surveillance, providing novel opportunities in the field of 3D sensing technology. However, some restraints can have a negative impact on the growth ofthe 3D sensing technology market. 3D sensor has high cost of maintenance due to the complex circuits used in the VCSEL (Vertical-cavity surface-emitting laser) technology.This could be a major factor that could hamper the growth of the 3D sensing technology market. However, many manufacturers are planning to increase the production of 3D sensors due to continuously growing demand, which could overcome this restraint in the near future.
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Demand for 3D sensing technology is continuously increasing across many industry verticals globally
Many industry verticals including automotive, consumer electronics, and security & surveillance among others are using 3D sensing technology for development. Across the automotive vertical, 3D sensing technology is extremely useful because it helps in monitoring the movement of the driver’s eyesto identify tiredness to enhance safety. Furthermore, it also helpsthe driver to modify the airbags or seats of the vehicle automatically based on requirement. In case of industrial robotics, 3D sensing technology helps in controlling the movement of robots through gesture recognition and also helps in preventing collision between them inside a factory. Additionally, 3D sensing technology is heavily adopted across the consumer electronics industry, as it creates novel opportunities for facial recognition, virtual reality, augmented reality, and motion detection.