New York, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners; “Time-of-Flight Sensor Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Device Type (RF-Modulated Light Sources With Phase Detectors, Range-Gated Imagers, Direct Time-of-Flight Imagers); Vertical (Automotive, Consumer Electronics, Gaming and Entertainment, Industrial, Healthcare, Aerospace and Defense, Others)”, the global time-of-flight sensor market size is estimated to grow at a CAGR of 17.5% from 2022 to 2028; it is expected to grow from USD 3.20 billion in 2022 to USD 8.42 billion by 2028.
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Global Time-of-Flight Sensor Market Valuations, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 3.20 Billion in 2022 |
| Market Size Value by | USD 8.42 Billion by 2028 |
| Growth rate | CAGR of 17.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 162 |
| No. of Tables | 62 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Device Type, Vertical |
Time-of-Flight Sensor Market: Competitive Landscape and Key Developments
Sony Group Corp, STMicroelectronics NV, Texas Instruments Inc, Teledyne e2v (Overseas) Holdings Ltd, OMRON Corp, InvenSense Inc, Panasonic Holdings Corp, Analog Devices Inc, Keyence Corp, and Infineon Technologies AG are among the key players profiled in the time-of-flight sensor market report. Several other essential key players were analyzed for a holistic view of the time-of-flight sensor market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth in time-of-flight sensor market.
In March 2022, STMicroelectronics announced the launch of new high-resolution time-of-flight sensors for advanced 3D depth imaging for smartphones and other devices. The VD55H1 sensor maps 3D surfaces by measuring the distance to around half a million points and helps detect objects up to 5 m from the sensor.
In January 2022, TDK Corporation introduced the Chirp ICU-10201 and ICU-20201, high-performance and ultra-low power integrated ultrasonic time-of-flight sensors for short and long-range detection. The company claims that new MEMS sensors provide accurate range measurements up to a distance of 5 m over a wide and configurable field of view on any surface and under any lighting condition.
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Impact of COVID-19 Pandemic on Global Time-of-Flight Sensor Market Growth:
During the COVID-19 pandemic, the world experienced the biggest supply chain disruptions from China; as a result, India has emerged as a strong alternative for manufacturers. Many market players are investing in the country to open their manufacturing units. Apple suppliers had moved a few of its production facilities to India. The iPhone 13 model is produced in India by Foxconn’s contract manufacturing partner. Thus, to attract more manufacturers, the Indian government is taking various steps to boost domestic electronics manufacturing, reduce import dependence, and increase exports which is further fueling the growth of time-of-flight sensor market. Various initiatives such as the Make in India program, the National Policy on Electronics (2019), the Production Linked Incentive Scheme for the electronics sector, the Modified Special Incentives Scheme, and the Electronics Manufacturing Clusters (EMC) Scheme are providing incentives for domestic manufacturing, localization of electronics manufacturing, attracting foreign direct investment, and increasing exports. In addition, India has a strong position in the global heavy vehicles market; the country is the 2nd largest bus manufacturer and 3rd largest heavy truck manufacturer worldwide. In September 2021, the Indian government issued a notification regarding the PLI scheme for automobile and auto components worth US$ 3.49 billion. This scheme is expected to collect over US$ 5.74 billion in investments by 2026. Moreover, the investment flow into EV start-ups has increased by ~255%, reaching US$ 444 million in 2021. Thus, the growing consumer electronics & automotive sector in the country will boost the time-of-flight sensor market in India in the coming years.
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According to GSMA, the smartphone adoption rate in the region reached 68% in 2020, which is expected to increase to 83% by 2025. Thus, the growing demand for smartphones in the region is raising the requirement for time-of-flight sensors, propelling the growth of the time-of-flight sensor market. The growing demand for other consumer electronic devices such as tablets, PCs, laptops, and others in Asian countries will also boost the growth of the Asia Pacific time-of-flight sensor market in the coming years.
Global Time-of-Flight Sensor Market – Regional Insights:
Based on region, the size is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. According to the time-of-flight sensor market analysis, Asia Pacific is likely to witness the highest growth during the forecast period.
In Asia Pacific, China is the largest manufacturer of consumer electronic devices. According to Nikkei Inc., the Chinese government is working on various plans to expand the country's domestic electronic market by investing US$ 327 billion till 2023. In addition, the Indian government is expanding the electronics market in the country. According to the Ministry of Electronics & IT, initiatives by the Indian government and efforts of the industry have led to the domestic production of electronic goods with revenue of US$ 74.7 billion in 2020 and a CAGR of 17.9%. A few government policies for electronics manufacturing include the Production Linked Incentive (PLI) Schemes, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) , and the Modified Electronics Manufacturing Cluster (EMC 2.0) Scheme. Furthermore, the electronics sector in Asia Pacific accounts for 20–50% of Asia's total value of exports. As Asia Pacific is the largest electronic manufacturer, the demand for time-of-flight sensors will rise across the region during the forecast period. Sony Group Corp, OMRON Corp, Panasonic Holdings Corp, and Keyence Corp are among the market players that manufacture time-of-flight sensors across Asia Pacific which further boost the growth of time-of-flight sensor market.
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Time-of-Flight Sensor Market: Device Type Overview
Based on platform, the time-of-flight sensor market is segmented into RF-modulated light sources with phase detectors, range-gated imagers, and direct time-of-flight imagers. According to the time-of-flight sensor market analysis, the range-gated imagers segment is expected to account for the largest share in 2022, as it permits long-range imaging while minimizing the effect of fog, rain, and smoke in the atmosphere, raising its demand in military operations.
Browse other research published by The Insight Partners:
3D Time-of-Flight Sensor Market - The global 3D time-of-flight sensor market size is estimated to account US$ 72.2 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2018 – 2027, to account to US$ 127.5 Mn by 2027.
3D Sensors Market - The global 3D sensors market size was valued at US$ 4,805.7 million in 2018 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.
Automotive Sensors Market - The global automotive sensors market size accounted to US$ 8.17 Bn in 2018, it is expected to grow at a CAGR of 8.3% during the forecast period 2019 – 2027.
Smart Sensor Market - The global smart sensor market size is expected to grow from US$ 31,731.1 million in 2021 to US$ 77,747.6 million by 2028. It is estimated to grow at a CAGR of 13.7% between 2021 to 2028.
3D Sensing Technology Market - 3D sensing technology is used in various applications in different industries such as healthcare, consumer electronics, industrial robotics, security, automotive, and surveillance, among many others.
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