According to a recent report published by Allied Market Research, titled, “Professional 3D Camera Market by Type, Technology and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global professional 3D camera market was valued at $4.62 billion in 2020, and is projected to reach $73.53 billion by 2030, growing at a CAGR of 31.7% from 2021 to 2030.
3D cameras are advantageous while capturing a high-quality 3D visual of any object. Professional 3D cameras include compact cameras, studio cameras, camcorders and EFP (Electronic Field Production)/ENG (Electronic News Gathering) cameras. These cameras are used for commercial as well as non-commercial purpose.
These cameras are either available as standalone cameras or are embedded on imaging systems. Professional 3D cameras find numerous applications, including scene recording for 3D movie or games, industrial activity monitoring construction, arts, and manufacturing. The evolving 3D scanning algorithms further contribute to the sophistication of professional 3D camera-based products such as insta360 pro 2 matter port and others. The matter port pro 3 release date was in 2020 and it has assisted in the market growth significantly.
Increased application of professional 3D cameras in the media & entertainment industry to record 3D content is the major driving factor professional 3D camera industry. Other factors that drive the market include the rise in adoption of professional 3D cameras in the industries such as manufacturing, construction, civil infrastructure, and historical site maintenance.
However, some of the restraints associated with its business attractiveness are higher prices as compared to 2D alternatives and lack of consumer awareness. However, this limitation is expected to diminish in the future, owing to the ongoing improvements in the 3D imaging industry. In addition, the rise in virtual reality products is expected to contribute to the adoption of professional 3D cameras in greater sense.
Commonly used technologies in the market are time of flight, stereo vision, and structured light imaging. Among all, stereo vision cameras are the most popular, owing to its simplicity and low cost.
On the basis of type, the professional 3D camera market is divided into target cameras and free cameras. Presently, target cameras drive the market owing to its ability of rendering objects in image. The dominance of target cameras is expected to continue during the forecast period.
On the basis of application, the market is bifurcated into photography cameras and recording camera. Cameras for photography accounted for higher revenue of $36,804.1 million in 2020 and the segment is expected to grow at a CAGR of 29.6% during the forecast period.
North America was the highest revenue-generating region, accounting for $1,798.3 million in 2020. Increase in consumer awareness paired with expansion in 3D movies concept are key contributors for the growth in the North American 3D camera market. However, Asia-Pacific is expected to generate a revenue of $21,058.7 million by 2030, growing at a CAGR of 35.3% during the forecast period.
COVID-19 Impact Analysis
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Major companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.
Demand from the IT & telecommunication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing for future optimization.
Some of the professional 3D camera manufacturers have witnessed temporary delays in production, increased costs, and revenue losses due to the pandemic.
The manufacturing sector witnessed severe loss, and thus, no new orders have been placed during the pandemic. In addition, this impact was estimated to continue till 2021. Moreover, international consumer electronics and professional 3D camera market trends are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the professional 3D camera market growth faces major obstacles due the emergence of COVID-19 pandemic.
The pandemic impacts the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.
Key Findings Of Study
- The target camerasegment is expected to generate the highest revenue during the forecast period.
- The stereo vision segment is expected to generate the highest revenue during the forecast period.
- The still photography segment is expected to register the highest revenue during the forecast period.
- North America is expected to register the highest revenue during the forecast period.
The key players profiled in the report include Canon Inc., Matterport, Lytro Inc., Fujifilms, GoPro Inc., Eastman Kodak Company, Nikon Corporation, Panasonic Corporation, Sony Corporation, and Faro Technologies. These key players have adopted several strategies, such as new product launch &development, acquisition, partnership &collaboration, and business expansion to increase footprint in the professional 3D camera market during the forecast period.