The global 3D sensor market registered a revenue of nearly $1,464.6million in 2018 and is anticipated to grow at a 31.8% CAGR, surpassing $12,937.2 million by 2026. The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the rising demand for 3D enabled devices in consumer electronics. This growth will be majorly driven by increasing focus towards advancements in technology deployed in many devices including smartphones, cameras, medical equipment, and others.
Besides, the market might witness a drift in product availability, as the manufacturers in China have completely shut down their operations. World has completely shut down in the phase of the COVID-19 pandemic. As there is no definite cure for COVID -19 currently and the development of a vaccine might take time, the time required for economies to recover is indefinite. Various industries including automation, manufacturing, and electronic have been hit hard with closings and delaying of capacity at production plants, warehouses and mines across the globe. Our analysts have estimated the condition of the 3D sensor market during the COVID-19 outbreak, and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|28.0%||31.8%||378||USD 2,393.3 Million||USD 2,537.9 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
3D sensing is considered is a dynamic technology and suitable in various applications for measuring the distance or range of an object with the help of a light source available. Sectors that employ applications deployed with the help of 3D sensor technology include healthcare, automotive, consumer electronics, and others. Electronics play an essential role and are gaining high popularity among consumers for 3D sensors due to increasing demand of gesture applications such as fingerprint, accelerometers, position sensor, and image sensor. Consumer electronics including mobile phones, tablet PCs, wearables, and remote devices have become necessities nowadays owing to flexible, secured and convenient usage. All these benefits accelerate the demand for 3D sensors and holds great potential in coming years.
High installation cost and integration capabilities required for the initial setup of 3D sensor restrain their adoption. Initial investment and maintenance cost of employing systems are high due to the integration of high-quality hardware coupled with an efficient software control system.
The COVID-19 pandemic has impacted the 3D sensor market positively. The Automation Manufacturing Company stated that the COVID-19 pandemic has affected the supply chain of digital transformation in industries critically. Electronic manufacturing industries have been hampered in North America specifically in Canada, and Mexico, due to a huge fall in demand of 3D image sensors since electronics are considered as non-essential items. Moreover, 3D sensors are being used in various industry verticals such as automotive, aerospace, consumer electronics, and others, which has also experienced a decline in demand from manufacturer perspective due to halted production of electronic components as there is no supply of raw materials, no workforce , no logistics available to delivery.
This is a critical time for manufacturing companies. It is advised by Craig Resnick, the vice-president of ARC Group, to take up this time as an opportunity and come up with new and advanced techniques that can sustain any emergency and serve their customers well in future.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global 3D sensor market will witness significant growth post 2020 and is anticipated to follow the trend until the end of the forecast period. The rapid growth is majorly attributed to growing adoption of consumer electronics enabled 3D sensor technology, and rising need for image sensors in automotive across the globe during this pandemic. This market is expected to retain its growth even after the control of the pandemic. Moreover, manufacturers are significantly making continuous improvements in sensor technologies to develop enhanced safety and efficient production results. Thus, government is providing funds to industries for adoption of automation systems and enabling technologies in various emerging economies, which can improve industrial processes.
The automotive and manufacturing industries in Asia-Pacific will witness rapid growth. Moreover, low manufacturing cost, supportive policies of the regional governments and increase in cognizance of the assistances of automation influence the growth of the end-user industries in Asia-Pacific. In addition, reduction in prices and adoption of new technologies provide lucrative opportunity to expand the 3D sensor market in Asian countries such as China and Japan during the forecast period. Furthermore, companies in U.S. are looking for the alternatives for resourcing and manufacturing in Southeast Asia and Mexico in order to avoid high costs from the tariff war with China.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the 3D Sensor Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity