3D Profile Sensors Market Forecast and CAGR
According to the latest research by Fact.MR, the global 3D profile sensors market is anticipated to grow at a CAGR of over 7%. The demand from the end-use industries such as aerospace & defense and automotive is more likely to observe a spurt in terms of volume and value, due to the adoption of automation technologies.
The sales in the automotive and electronics industries experienced a decline in the third and fourth quarters of 2020, owing to the COVID-19 pandemic. The market is anticipated to recover by the fourth quarter of 2021.
What is Driving Demand for 3D Profile Sensors?
The 3D profile sensors are very easy to install and user-friendly, due to this property it is attributed to attracting a large number of consumers across the globe. The high efficiency is also likely to account for noteworthy demand from the consumers' end.
The application of 3D sensor technologies in the automotive sector for ensuring road safety regulations through smart solutions in the form of 3D imaging and also providing entertainment systems has led to the rise in the sales of 3D profile sensors globally.
The stereo vision technology segment is extensively being used in the electronics sector by the semiconductor industry for the manufacturing of smartphones, laptops, LED TVs, and several other devices. These factors altogether are going to propel the global demand over the forthcoming years during the forecast period.
In addition to conventional consumption in industries such as automobile, construction, and others, the demand from semiconductor applications is also rising at a magnificent rate. The demand from the electronics sector is likely to surge during the forecast period.
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Automotive Industry to Bolster the Demand in the Market
The global automotive industry is growing at a CAGR of over 6.5% over the past 10 years. In 2020, about 4.7 Million automotive were sold and this number is gradually increasing in most of the developed and developing countries. Most of the automakers are focusing on implementing smart technology in their manufacturing units which includes the implementation of 3D profile sensors.
These sensors are used for automated quality inspection of the parts at a faster rate. Using it the extra cost associated with a quality inspection can be reduced and thus, these sensors are gaining high traffic in the automotive industry. During the forecast period, the automotive industry will drive the 3D profile sensors business.
North America 3D profile sensors Market Outlook
North America is one of the key regions in the global 3D profile sensors business. In 2020, the region accounted for more than 30% of the global product sales. The US is one of the largest markets for 3D profile sensors globally.
The spurt in the demand from the electronics sector is attributed to the increasing demand for smartphones, laptops, and various other telecommunication devices. Such a demand has led to higher sales of the product from the manufacturers of these devices, owing to which in the next 10 years its demand in the region is anticipated to grow at a rate of near about 2.1X.
The competitive landscape of the region is partially consolidated with a limited number of manufacturers involved in the business. This is due to the fact that countries in the region mostly import electronic components and related thing from the major products such as China at a much lower price. Thus, competition is moderate in North America.
For a new entrants to begin in the business, introducing low-cost 3D profile sensors with good service will bear more profit in the initial years of the entry.
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Asia Pacific Demand Outlook for 3D Profile Sensors
Asia-Pacific is one of the prominent regions in electrical and electronic business. From the past half-decade this industry has been growing at a CAGR of over 7.6% in the region.
The major demand in the region is driven by China, Vietnam and Taiwan who are known as prominent electrical and electronics producers across the globe. These countries have a rate of electronic sales greater than 90% every year.
Manufacturing in developing countries such as India and ASEAN countries in the region are inclining towards automation and IoT in order to speed up the manufacturing process, ensure workspace safety and minimize errors during production.
This includes implementation of the sensors such as 3D profile sensors in various departments of the industry. This step is creating demand for the 3D profile sensors in the regional market, owing to which the sales of the product is anticipated to grow at a rate of over 1.6X during the forecast period, projecting a CAGR of more than 7.3% by the end of 2031.
The COVID-19 pandemic had a significant impact on the regional market, the preference of the regulatory authorities on the essential goods in the region has led to the stoppage in production and supply of products such as 3D profile sensors.
This has led affected the sales by projecting a negative V-curve in the sales graph. However, with the cases being neutralized and vaccination drive being held, the demand for the product from the end-users is getting back on track. The overall business is anticipated to recover by the end of Q1 2022.
Who are the Key Manufacturers and Suppliers of 3D Profile Sensors?
Some of the leading manufacturers and suppliers of 3D profile sensors include
- LMI Technologies
- Teledyna DALSA
- Vision Components
- Infineon Technologies
- IFM Electronic
- ASUSTeK Computer Inc.
- Panasonic Corporation
- Omnivision Technologies
The 3D profile sensors competitive landscape is highly fragmented in nature and have a presence of a lot many players. Key manufacturers are extensively investing in developing sensors with high life-cycle at lower cost.
In addition, emerging players are focusing on sensor calibration and upgradation of the existing sensors in order to cater their customers’ needs and gain their trust form more future business opportunities.
There is still space for the new comer in the market, partnering with the other key-players will help them to easy market recognition and customer base in the early years of entry.
An Adaptive Approach to Modern-day Research Needs
3D Profile Sensors Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Less than 50 mm
- 50-200 mm
- 200-800 mm
- Greater than 800 mm
- Image Sensors
- Position Sensors
- Acoustic Sensors
- Stereo vision
- Structured Light
By End-use Industry
- Aerospace and Defense
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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