The global depth sensing market size reached US$ 10.3 billion in 2022. Over the next ten years (2022 and 2032), global depth sensing demand is forecast to surge at 4.5% CAGR. Accordingly, by the end of 2032, the global market valuation will reach US$ 16.1 billion.
Rising demand for smartphones and developments in augmented reality (AR) and virtual reality (VR) will drive the market. Subsequently, growing usage of depth sensing in automotive and defense sectors will boost sales.
Depth sensing is being used in a wide variety of applications. The most prominent application is in the development of AR/VR technology and in-camera modules of smartphones. It is also being used for people counting and navigation systems for unmanned robotic vehicles.
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With smartphone manufacturers developing better facial recognition and gesture control, demand for smartphones will rise significantly. This will boost the global depth sensing industry.
Along with being used in smartphones, depth sensing finds application in autonomous/self-driving cars. It enables the car to perceive the depth of the surroundings along with the speed, position, and distance of the nearby objects.
Depth sensing technology also finds application in defense & military sectors. It is used by the military for surveillance and monitoring enemy activities. Hence, growing adoption across the defense & military industry will elevate depth sensing demand.
Developments in AR and VR have led to an increase in their popularity and implementation within the gaming industry. The growth of the gaming and smartphone industries will create lucrative growth opportunities for depth-sensing companies.
Key Takeaways from the Depth Sensing Market Report:
The global depth sensing industry is poised for substantial growth, projected to thrive at a 5% Compound Annual Growth Rate (CAGR) over the coming years. The camera/lens module segment is anticipated to expand at a 4% CAGR by 2032, while time of flight technology is expected to rise at a 3% CAGR during the same period. In the United States, the depth sensing market is forecasted to surpass the US$ 2.2 billion mark by 2032, indicating significant potential. Japan's depth sensing demand is set to soar with an 8% CAGR over the next decade, underscoring a strong market trend. Meanwhile, China's depth sensing industry is on track to reach approximately US$ 4.3 billion by 2032, showcasing substantial growth prospects. Despite a slower pace, South Korea's market is anticipated to experience a sales surge with a 1% CAGR over the next ten years.
Leading Key Players:
In the dynamic landscape of the depth sensing market, key players such as Qualcomm and Intel spearhead innovation with their cutting-edge technologies, while Sony and Infineon Technologies contribute significantly to the market's growth with their advanced sensor solutions. Texas Instruments and Creative Technology Ltd. continue to push boundaries in depth sensing applications, alongside emerging players like Stereolabs, Pmdtechnologies AG, Become Bluetechnix GmbH, and Espros Photonics Corporation, each bringing unique expertise and solutions to the forefront, collectively shaping the future of depth sensing technology.
