Market Trends of 3D Sensing and Imaging Industry
This section covers the major market trends shaping the 3D Sensing & Imaging Market according to our research experts:
Automotive Sector Expected to Drive Market Growth
- Capturing a wide range of data, from what is happening hundreds of meters down the road to how vigilant the driver is, is required to create a comprehensive 3D map of the environment and the things inside it. LiDAR (light detection and ranging), which captures more detailed information and provides more accuracy than classic scanning-based sensors like radar and camera-based imaging, is one of the major technologies for long- and short-range scanning.
- LiDAR is primarily used for advanced driver assistance systems (ADAS) in automobiles for the driver's convenience, with a human-machine interface for safe guidance and smooth operation. The autonomous nature of the vehicle needs considerably high accuracy and assistance for obstacle detection for avoidance and safe navigation through the roadways.
- Using LiDAR in robotic vehicles means using multiple LiDAR systems to map the vehicle's surroundings. The adoption of LiDAR is necessary for a high level of redundancy between sensors to ensure the safety of the passengers. Robotic vehicles have the highest possible requirement of human interaction and are generally more advanced than autonomous cars with ADAS systems. The proper development of completely autonomous or robotic vehicles for passengers is still in development, and LiDAR is expected to play a huge part in that.
- In Feb 2022, Mercedes Benz announced its partnership with Luminar Inc for the supply of LiDAR for its autonomous driving systems. The partnership will help the automaker accelerate the development of its future automated driving technologies. Such developments from the automotive vendors are further strengthening the market growth.
- According to the National Highway Traffic Safety Administration (NHTSA), from levels three to five of autonomous driving, an automated driving system should be able to monitor the driving environment with minimal or no human interaction. The current Euro NCAP (European New Car Assessment Programme) mandate for driver monitoring systems (DMS) is well on its way to becoming a European safety standard for next-generation vehicles in terms of in-cabin scanning.
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North America Expected to Hold Major Market Share
- North America is expected to hold a significant market share in the forecast period. The United States is the largest market in the region. The high demand from the consumer electronics and automotive sectors employs 3D sensors for multiple applications in their domains.
- The growing investments in IoT in the region also aid the market's growth. As per a study published by ISE Magazine in 2021, the US government invested USD 140 billion in a broad range of federally funded R&D programs in FY 2020, including emerging technologies. IoT has been identified as one of the growing areas of federal R&D investments. The technology is now ranked as strategically important by many major US Federal agencies that focus on increasing competitiveness, economic prosperity, and national security.
- Also, the gaming industry in the country has been recording steady growth due to customers spending more time at home and the huge developments in gaming equipment in recent years. The United States has one of the largest markets in the gaming industry, ranking only behind China. AR/VR devices, handheld joysticks, and other gaming equipment widely use 3D sensors and 3D imaging cameras for on-screen interactions.
- Further, American tech giant Apple's AR headset is expected to launch in 2022 and will reportedly feature powerful 3D sensors. These sensors are said to be more advanced than the ones used in iPhones and iPad for Face ID. Also, the 3D sensors are said to get an increased field-of-view (FOV), likely improving object detection.
- Canada is another significant 3D sensing and imaging market, owing to the increasing adoption of advanced technologies in the entertainment, advertising, and medical industries. According to UniSoft, 71% of Canadian parents play video games with their children at least once a week, demonstrating the significant demand for gaming equipment in the region.
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