The global 3D camera market is expected to reach USD 16.41 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 35.8% during the forecast period. The growth is attributed to increasing product adoption in the entertainment industry coupled with advancements in 3D technology. Rising demand for 3D content in entertainment segment and related equipment is anticipated to further fuel the product demand.
Growing scope of 3D imaging in home automation, virtual reality, robotics and video surveillance, 3D modelling, and 3D scanning is expected to boost the market growth over the forecast period. Growing application of surveillance in home security, military, and industrial sector is driving the demand for 3D camera across the globe. Increasing demand for 3D content in gaming and entertainment industry coupled with increasing penetration of 3D technology-enabled devices such as smartphones, tablets, and TVs is boosting the product demand.
Technology giants such as Google, Microsoft, and Apple are investing millions of dollars to increase the efficiency of hardware to identify the depth and distance of objects. Accurate depth and distance recognition is essential in technologies such as augmented reality, robotics, and automated cars; making 3D camera the most suitable equipment. Despite the wide application across various industries, price higher than traditional 2D and digital cameras is expected to hinder growth of the 3D camera market.
By Technology, the 3D camera market is segmented into stereo vision, time of flight, and structured light. Stereo vision 3D camera held the largest market share in 2018 and is expected to expand at a CAGR of 35.7% over the forecasted period. Easy handling coupled with low price make 3D cameras more popular among consumers. They also exhibit adjustable range making them more suitable for applications such as 3D movies and photos, range images, and stereo views. Time of flight 3D cameras is projected to expand at the fastest CAGR owing to wide product application in smartphones, drones, healthcare, industrial, automotive, and other industries. Resistance to ambient time and use of a single viewpoint to calculate depth makes it robust to occlusions and shadows and preservation of sharp depth edges.
Asia Pacific held the largest market share of approximately 35.0% in 2018 and is expected to exhibit the fastest CAGR of 39.3% over the forecast period. The growth is attributed to several factors such as increasing penetration of smartphones, growth of the entertainment industry, rising disposable income coupled with low ownership of cameras among consumers. In Asia Pacific, smartphone and tablet segment is expected to expand at a CAGR of 40.8% over the forecasted period.
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Further key findings from the report suggest:
- Time of flight 3D camera is expected to register the fastest CAGR over the forecast period, owing to resistance of the technology to ambient time and use of a single viewpoint to calculate depth that makes it robust to occlusions and shadows and preservation of sharp depth edges
- Asia Pacific holds the largest market share and is expected to expand at the highest CAGR over the forecast period owing to increasing penetration of smartphones, enhancing entertainment industry, and increasing disposable income
- Some of the key players operating in the global 3D camera market include Cannon; Fujifilm; Nikon; GoPro Inc.; Eastman Kodak Co; Panasonic Corporation; and Sony Corporation