3D Camera Market is Expected to Reach $142.03 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “3D Camera Market by Technology, Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030". The global 3D camera market size was valued at $8.89 billion in 2020, and is projected to reach $142.03 billion by 2030, growing at a CAGR of 31.9% from 2021 to 2030. North America is expected to be the leading contributor to the global 3D camera market, followed by Asia-Pacific and Europe.

3D camera refers to an integrated computing device or product, which helps the person or the user wearing it to enhance day-to-day activities. The dawn of mobile wireless systems, smart phones has sparked a new era for 3D camera globally. Gadgets that were deemed to be just used in industrial, commercial applications are now finding its way into normal consumers’ lives, enhancing their quality of life through various applications such as healthcare, sports and fitness, lifestyle, and others.

The prominent factors that drive the 3D camera market growth include increase in demand for 3D content from the entertainment industry, enhancement in 3D scanning technology, and rapid innovation and enhancement in emerging 3D technology. However, price-based constraints and lack of awareness are expected to hinder the growth of the 3D camera industry. Conversely, rise in home automation and virtual reality applications are projected to offer remunerative 3D camera market opportunities in the coming years.

Segment Overview

The 3D camera market analysis is segmented into technology, type, application, and region. The technology segment includes time-of-flight, stereo vision, and structured light. The type segment includes target camera and target-free camera. The application segment consists of professional cameras, smartphones, tablets, computers, and others.  Region wise, the 3D camera market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The target free camera segment was the largest contributor of revenue in 2020 and is expected to grow at a CAGR of 13.2% from 2021 to 2030, owing to growing demand in applications such as smartphones, tablets, and computers.  The camera manufacturers extensively use stereo vision technology owing to simplicity in implementation as compared to other technologies.

The market share in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factor such as increase in adoption of 3D cameras in entertainment, gaming, electronic gadgets, and surveillance applications and technological developments in the region drive the adoption of 3D camera technology in Asia-Pacific.

COVID-19 Impact Analysis

The arrival of COVID-19 significantly affected the electronic and semiconductor sector. Businesses and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases and were estimated to remain closed in 2021. Furthermore, partial or complete lockdown disrupted the global supply chain, posing challenges for manufactures to reach customers. The overall production process is being adversely affected, but owing to surge in demand from consumer sectors, the global 3D camera market trends is expected to witness significant growth during the forecast period.

Key Findings of the Study

• On the basis of type, the target-free camera is anticipated to dominate the global 3D camera market, in terms of revenue.
• The stereo vision technology segment dominated the global 3D camera market share in year 2020.
• North America held the majority of market share in 2020 and Asia-Pacific is anticipated to exhibit the highest CAGR during the 3D camera market forecast period.

The key players profiled in the report include Canon Inc., Faro Technologies Inc., Fujifilm Holdings Corporation, GoPro Inc., Intel Corporation, LG Electronics Inc., Nikon Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., and Sony Corporation. These key players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the 3D camera market.