The unanticipated occurrence of COVID-19 pandemic has created a positive impact on the growth of the global 3D sensor market. Increasing demand for electronic devices equipped with 3D sensors is fueling the growth of the global market during the COVID-19 crisis
PUNE, India, July 27, 2020 /PRNewswire/ -- Research Dive presents a new research report on the Global 3D Sensor Market which sheds light on the effect of COVID-19 pandemic on the present as well as forthcoming growth of the market. This report is a complete research drafted by experts by analyzing key factors such as market boomers and restraints, regional market situations, opportunities, and size & scope of the market in the course of Coronavirus pandemic.
Highlights of the Report:
The COVID-19 pandemic has shown a positive impact on the growth of the global market for 3D sensor. As per the report, the global 3D sensor market was valued at $1,464.6 million in 2018 and is anticipated to hit $12,937.2 million by rising at a striking CAGR of 31.8% by 2026. In the current circumstances, the size of the market has reached approximately $2,537.9 million owing to the mounting demand for electronic devices with 3D sensors from various parts of the world.
Factors Influencing Market Growth amidst COVID-19 Pandemic:
Government bodies had implemented strict lockdown in many parts of the world in order to prevent the spread of Coronavirus infection. However, regardless of countless efforts by scientists and experts, the vaccine for Coronavirus is still under development. Therefore, to maintain the economy, government has come up with a decision to partially pause the lockdown and open marketplaces specifically the essential goods stores. This has increased the demand for cameras equipped with 3D sensors that are skilled in observing the activities of people in crowded areas. Cameras equipped with 3D sensors are helping government officials such as police in observing hotspot zones and making sure that people are wearing masks and practicing social distancing. Owing to all these factors, the global 3D sensor market is expected to witness significant growth during the crisis period.
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Current Face of the Market Due to COVID-19:
Some of the foremost players in this market are investing in the development of more advanced 3D sensors to fulfill the growing demand for high-quality devices during this emergency. An organization based in France called Outsight has invented an autonomous laser integrated 3D semantic sensor technology that can track individuals over a large area.
At present, some of the top players in the 3D sensor market are concentrating on developing novel techniques to deploy high-tech 3D sensors in many devices including cameras, smartphones, medical devices, and others. Nevertheless, the market is observing a decline in the demand from the industrialists' perspective. This is because the manufacturing of electronic devices has been stopped and there is no adequate labor force, supply of raw materials, and accessibility of logistics for delivery.
Craig Resnick, the vice-president of ARC Group has suggested other industrialists to utilize this calamity as an opportunity and discover novel and innovative techniques that can contribute in combating this pandemic and serve their customers in a better way in the future.
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Future Scope of the Market:
As per the report, the global 3D sensor market is anticipated to observe incessant growth post-coronavirus pandemic. The decrease in prices and acceptance of innovative technologies is estimated to unlock favorable opportunities for the growth of the 3D sensor market in Asian countries including Japan and China in the near future.
Top 10 Leading Companies in 3D Sensor Market
- Infineon Technologies
- LMI Technologies Inc.
- Cognex Corporation
- OmniVision Technologies
- Ifm electronic
- Microchip Technology
- Intel Corporation
- PMD Technologies
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