Depth Sensing Market to Touch USD 13.96 Billion at 11.60% CAGR by 2032
Depth Sensing Market Analysis
The global depth sensing market will touch USD 13.96 billion at an 11.60% CAGR by 2032, as per the latest Market Research Future report.
Drivers
Burgeoning Need for Depth Sensors in AR to Boost Market Growth
The burgeoning need for depth sensors in AR will boost market growth in the forecast period. This is for the desire for realistic and immersive experiences. Depth sensors play an imperative part in AR via allowing devices in perceiving the surrounding environment & accurately overlay the virtual content into the real world.
Opportunities
Growing Adoption in Consumer Electronics to offer Robust Opportunities
The growing adoption of depth sensing in consumer electronics will offer lucrative opportunities for the depth sensing market in the forecast period owing to the burgeoning need for applications such as scanning, AR-VR, gesture control and face recognition. The depth sensing apps like infrastructure 3D model & navigation, gaming, and AR-VR gaming mainly need environmental scanning or 3D scanning. To cater to the needs of such applications, the need for depth sensing has gone up.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of depth sensing and high-power consumption may act as market restraints over the forecast period.
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Key Players
Eminent market players profiled in the global depth sensing market report include
· Texas Instruments (US),
· Intel (US),
· Qualcomm (US),
· Stereolabs (US),
· Infineon Technologies (Germany),
· Creative Technology (Singapore),
· pmdtechnologies AG (Germany),
· Nerian Vision Technologies (Germany),
· Melexis (Belgium),
· Tower Semiconductor (Israel),
· Vrmagic Holding AG (Germany),
· Occipital (US),
· Sunny Optical Technology (China),
· PrimeSense (Israel),
· ASUSTeK Computer (Taiwan), and
· LIPS Corporation (Taiwan).
Market Segmentation
The global depth sensing market is bifurcated based on vertical, type, technology, and component.
By component, sensors will lead the market over the forecast period.
By technology, time-of-flight will domineer the market over the forecast period.
By type, active depth sensing will spearhead the market over the forecast period.
By vertical, automotive will spur the market over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic possessed a negative impact on the depth sensing market. The outbreak had disrupted worldwide supply chains and effected consumer spending in most sectors which also includes electronics which impacted market growth.
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Regional Analysis
APAC to Head Depth Sensing Market
The APAC region will head the depth sensing market over the forecast period for the massive need for 3D depth sensors especially from consumers of IoT applications and electronic gadgets like headsets, tablets, PCs, laptops, and smartphones. The market in China had the utmost share while that in India had been the fastest growing. Besides, the booming electronics manufacturing industry is also adding market growth.
Europe to Have Admirable Growth in Depth Sensing Market
Europe will have admirable growth in the depth sensing market in the forecast period for the rising disposable income & increasing penetration of smartphones. Germany grabbed the utmost market share while that in the UK had been the fastest growing.
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