Global 3D Camera Market Share To worth USD 9.1 billion by 2028 | CAGR of 20.3%

The global 3D camera market share 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. 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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The 3D camera market share 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.

3D Camera Market Dynamics

Driver: Increasing adoption of industrial robots
The use of 3D cameras in robotics and drones is becoming more common. Using 3D cameras in robotics can significantly improve the performance and efficiency of manufacturing and other industrial applications. For instance, by using 3D cameras to capture detailed information about the environment, robots can be programmed to perform complex tasks with greater precision and accuracy. This can lead to increased efficiency, reduced waste, and improved safety in industrial settings.

As per the IFR (International Federation of Robotics), the 2022 World Robotics report showed an all-time high of 517,385 new industrial robots installed in 2021 in factories worldwide. The stock of operational robots globally hit a new record of about 3.5 million units, while global robot installations were expected to grow by 10% to almost 570,000 units in 2022. The increasing installation of industrial robots in 3D imaging will drive the demand for 3D cameras.

Restraint: Technological limitations

Despite advances in 3D camera technology, there may still be technological limitations that impact the quality of images and videos captured. For example, 3D cameras may struggle to capture accurate depth information in low-light conditions or environments with complex lighting. This can limit their adoption in certain applications, such as professional filmmaking or scientific research. Also, the range and depth perception of 3D cameras can be limited, particularly in low-light or high-contrast environments. This can result in inaccuracies or incomplete 3D models. Using 3D cameras can be more complex than traditional cameras, requiring specialized knowledge and training in areas such as 3D modeling and image processing. This can be a potential restraint for users who may not have the resources or expertise to utilize 3D cameras effectively.

Opportunity: Growth of AR/VR

The growth of 3D cameras has played a vital role in driving innovation and development in augmented reality (AR) and virtual reality (VR). For instance, 3D cameras capture in-depth information, which enables more realistic and immersive AR/VR experiences. This helps users feel more connected to the virtual world. 3D cameras can also track body movements and gestures, which enables more natural and intuitive interaction with virtual objects, allowing users to make hand gestures to manipulate objects in AR/VR environments.

Challenge: Competition from established camera manufacturers

Prominent camera manufacturers such as Canon, Sony, and Nikon have well-developed brand recognition and customer loyalty, making it difficult for new players to enter the market. These manufacturers have established distribution channels and marketing networks that can be difficult to compete with. These players have experience in high-volume manufacturing, which allows them to produce cameras at lower costs than newer players. Furthermore, the limited demand for 3D cameras increases the per-unit production costs, making it challenging for new players to compete on price.

Ricoh is a Japanese multinational imaging and electronics company that produces 3D cameras and other imaging solutions. Ricoh 3D cameras use advanced imaging technology to create high-quality 3D scans with accurate depth and color. The company offers a wide range of scanning solutions, from handheld cameras to fully automated systems. Ricoh's 3D cameras can integrate with other technologies, such as CAD and 3D printing. This allows users to create and work with 3D models across different platforms and applications, making it easier to use 3D scanning for various industries. Ricoh has a long-standing reputation for producing high-quality imaging solutions, and its 3D cameras are no exception. Its cameras are widely used in manufacturing, architecture, and engineering industries. The company has a strong global presence, with offices and sales networks in more than 200 countries.

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In the US, the 3D camera market share 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.

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