According to PMR, the global depth sensing market was worth US$ 6.2 billion in 2022 and is projected to reach US$ 6.8 billion by 2023. In 2033, the market is likely to reach a market value of US$ 15 billion and is expected to register a CAGR of 8.2%. Recent advances in three-dimensional perception and depth measurement have benefitted several industries. Among these applications are automation, robotics, and autonomous vehicles.
The new generation of autonomous vehicles uses depth-sensing cameras to seamlessly navigate their surroundings. Innovators are building autonomous machines through advancements in artificial intelligence, machine learning, embedded vision, and processing technology. A few examples of these devices are AMRs (Autonomous Mobile Robots), tractor-powered automated forklifts, etc.
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The ability to move around without manual guidance is necessary to make these devices truly autonomous. To facilitate mapping, geolocation, route planning, and obstruction identification & avoidance, depth sensing is key. 3D depth-sensing technology has been slowly adopted by the consumer electronics market over the past ten years. This technology was first used in gaming.
The application of 3D depth-sensing technology to imaging and detection of 3D objects has greatly expanded in recent years. As mobile devices have 3D cameras rather than 2D cameras, 3D sensing technology is becoming increasingly relevant. Companies are integrating 3D sensors into their smartphones. Using standard rear-facing cameras, a first generation of AR has already started impacting online businesses and social networking sites.
Key Takeaways from the Market Study
- The depth sensing market for camera/lens modules is expected to grow at a CAGR of 8.1% during the forecast period.
- High demand for active tops is projected to increase by 8% from 2023 to 2033.
- By 2023, depth sensing demand is projected to grow by US$ 2.4 billion in the United States.
- The South Korean market has an absolute dollar growth opportunity of US$ 339.1 million.
- According to studies, China and South Korea are predicted to increase their market shares by 35% and 16.40%.
“Significant growth in the depth sensing market is being driven by the growth of 3D technologies, smartphones, and tablets. As drones become more prevalent and LiDAR technology becomes more widespread, demand is expected to grow.,” says an analyst at Persistence Market Research.
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Competitive Landscape
Global depth sensing companies include many small and medium-sized firms. Increasing their capacity is one of the strategies used by depth sensing manufacturers to gain a greater share of the market. Increased partnerships and collaborations are expected to benefit key players across the country. Depth sensing is dominated by several companies:
- Texas Instruments
- Infineon Technologies
- Qualcomm
- Occipital
- Stereolabs
- Creative
- pmdtechnologies
- Sony Depthsensing Solutions
- BECOM BLUETECHNIX
- Intel
- Melexis
- Tower semiconductor
Key developments in the market are as follows:
- In April 2023, with the launch of the MT LiDAR 3.1 reference design, Newsight Imaging Ltd., a world leader in the design of multi-triangulation (MT) LiDAR reference designs, launched an additional member of its MT LiDAR family. It can track hundreds of frames per second, with 480 depth points, 20um – 1mm depth resolution, enabling full 3D mapping in just one scan. It is highly configurable and very flexible in coping with different scenes and lighting conditions and is offered by MT LiDAR as a rapid development platform for customers based on Newsight chips and technology.
- In May 2023, ATONATON’s Dr. Madeline Gannon and ABB’s IRB 8700 robot partnered on a project dubbed Two Circles. The robot consists of a huge googly eye that can detect the presence of humans. RobotStudio from ABB and NVIDIA’s Isaac Sim is used to detect and react to human movement with the help of depth-sensing cameras.
Know More about Report Inclusions
Persistence Market Research published a new market report on the depth sensing market, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
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The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how insulation monitoring devices sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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