3D Camera Market worth $9.1 Billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 24, 2023 /PRNewswire/ -- The global 3D camera market is expected to be valued at USD 3.6 Billion in 2023 and is projected to reach USD 9.1 Billion by 2028; it is expected to grow at a CAGR of 20.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. Technological advancements have led to the development of 3D cameras with higher resolution, better image quality, and improved accuracy. These advancements have made 3D cameras more accessible and affordable, driving demand from a wider range of industries and applications.

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3D Camera Market Report Scope:

Time of flight image detection technique is expected to hold largest market share during the forecast period.

One of the latest technological developments in ToF-based 3D cameras is the use of multiple sensors to improve accuracy and resolution. For example, some companies have developed ToF cameras that use two or more sensors to capture a wider field of view and provide more detailed depth information. These cameras can be used for applications such as 3D scanning, object recognition, and robotics. Sony has developed a range of ToF-based 3D cameras, including the IMX556PLR and the IMX568PLR. These cameras are designed for use in applications such as automotive sensing, robotics, and augmented reality. Another development is the integration of machine learning algorithms to improve the accuracy of ToF cameras. By using machine learning, ToF cameras can better differentiate between objects, even in challenging lighting conditions, and improve their ability to track moving objects.

Target-free cameras are expected to hold the highest CAGR during the forecast period.

Target-free 3D camera technology is becoming increasingly popular in robotic applications due to its ability to capture 3D images of the environment without the need for markers or targets. One case study that showcases the effectiveness of this technology is the use of a target-free 3D camera in autonomous robotic grasping tasks. The study involves a robot arm equipped with a target-free 3D camera, which is used to grasp objects of different shapes and sizes. The camera is able to capture a 3D point cloud of the object and its surroundings, and then the robot arm uses this information to plan and execute a grasping motion. There are several companies that are currently using target-free 3D camera technology in their products and services. One example is the Swiss company ABB Robotics, which develops and manufactures robots for various industries, including manufacturing, automotive, and electronics. ABB Robotics has developed a series of robots equipped with target-free 3D cameras that enable them to perform complex tasks, such as assembling small parts, handling delicate objects, and inspecting quality control. The robots use 3D camera technology to capture precise images of the objects and their surroundings, allowing them to navigate and manipulate the objects with great accuracy.

Industrial segment to hold the highest market share for 3D camera market in 2023.

3D cameras are becoming increasingly popular in industrial settings for machine vision solutions because they can capture a three-dimensional view of an object or scene. This allows for more accurate and precise measurements and analysis, which can improve quality control, inspection, and other industrial processes. Across the manufacturing industry, 3D cameras are used to inspect and measure products on assembly lines, ensuring that they meet quality control standards. They are also used to monitor the movement of materials and products throughout the manufacturing process.  One example of a company using 3D cameras for machine vision across the supply chain is Amazon. Amazon uses 3D cameras in its warehouses to improve its picking and packing processes. The 3D cameras are integrated with Amazon's robotic systems, which use the images to calculate the best way to pick up and move products, optimizing the use of space and minimizing the risk of damage. 

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3D camera market in US for North America to hold the highest market share during the forecast period.

In the US, the 3D camera market is expected to grow significantly in the coming years, driven by the increasing demand for 3D imaging technology in various industries such as healthcare, automotive, manufacturing, entertainment, construction, etc. Companies in the US are investing heavily in the development of self-driving cars. For instance, in January 2023, self-driving truck firm Outrider raised USD 73 million in funding to scale up its autonomous trucks operating in distribution yards for customers in e-commerce, manufacturing, and other industries. The company planned to utilize the funds to develop autonomous technology, such as driver assistance systems and autonomous driving. In May 2022, Hyundai Motor Group announced a significant investment of USD 5 billion to support its work in robotics, AI technologies, advanced air mobility, and autonomous driving in the US. Growth in these and other applications of 3D cameras will ensure favorable prospects for the market.

The 3D camera market includes major Tier I and II players like FARO (US), Matterport, Inc. (US), Ricoh Co., Ltd. (Japan), Leica Geosystems AG (Switzerland), Panasonic Holdings Corporation (Japan), and others. These players have a strong market presence for 3D camera across various countries in North America, Europe, Asia Pacific, and RoW.

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