3D Sensor Market Expected to Reach US$ 2,556.6 Mn by 2026
The sensor industry is witnessing substantial technological advancements across IT & telecommunication and electronics industry. Developments in electronics industry that saw the introduction of an upgraded 3D sensor has changed the way services are being delivered in the sensor business. Rise in demand for smartphones and increased requirement for improving performance of electronic devices is driving the growth of the 3D sensor market. Such sensors find a number of applications in different industry verticals such as consumer electronics, healthcare, industrial robotics, automotive, and security and surveillance. The market for 3D sensors is forecast to reach US$ 2,556.6 Mn by 2026 from US$ 1,292.2 Mn in 2016, recording a CAGR of 7.2%.
The 3D sensor market has seen demand traction due to rising demand for smartphones, with consumer electronics holding the largest share. One of the most important features in mobile communications is to unlock the mobile by 3D face recognition as a replacement of fingerprint or PIN. Making authentication more convenient and more secure, it may soon become indispensable for mobile payment applications and mobile ID. Healthcare, automotive, and aerospace & defense are the leading verticals in terms of adopting 3D imaging which provides a number of advantages for inspection applications. These are some drivers that are expected to drive the 3D sensor market during the forecast period.
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Attracted by this expanding market and underlying demand, several players are expanding their business through strategic mergers & acquisitions and partnerships with several industries. Apple announced 3D sensing equipment in iPhone X, and the company paid about US$ 390 million to Finisar, its VCSEL supplier. Some of the prominent players identified in the 3D sensor market includes – Infineon Technologies, Omnivision Technologies, Occipital, Inc., PMD Technologies AG, Microchip Technology, Cognex Corporation, Intel Corporation, Ifm electronic GMBH, LMI Technology, and Texas Instruments. Companies are focusing on expanding their business through strategic acquisitions and partnerships with several end-use industries.