Wilmington, Delaware, United States, May 08, 2023 (GLOBE NEWSWIRE) -- The global time of flight sensor market is estimated to reach USD 15.2 Bn by 2031 increasing from USD 3.1 Bn in 2022.
Surge in demand for drones and robots in various end-use industries is a key factor boosting the time of flight sensor market size. According to statistics of the International Federation of Robotics, professional service robots registered 37% increase in sales in 2021. Additionally, new consumer service robots registered 9% increase in sales in 2021. Some key applications of drones and robots include mapping, surveying, agriculture, inspection, and logistics for accurate and real-time spatial data of objects.
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Advances in time of flight (ToF) sensor technology is anticipated to boost the time of flight sensor market value in the next few years. This is complemented by role of manufacturers to develop ToF sensors that are reliable, accurate, and cost-effective for various applications. On the other hand, increase in demand for indirect sensors (iToF) across several end-use industries, such as automotive, consumer electronics, healthcare, and agriculture provides lucrative opportunities for players to increase their time of flight sensor market share.
Competitive Analysis
The business landscape of time of flight sensor market is fragmented, with the presence of a few well-established players that hold majority share. According to the recent time of flight sensor market trends, large number of companies are engaged in innovative strategies to increase their geographical presence.
Prominent companies in the time of flight sensor market include ams-OSRAM AG, Infineon Technologies AG, OMRON Corporation, Sharp Corporation, TDK Corporation, Panasonic Corporation, STMicroelectronics, and Sony Semiconductor Solutions Corporation.
Growth Drivers
- Utilization of drones and robots in high economic value applications, such as geographical survey and agricultural inspection, is fueling the time of flight sensor market
- Significant demand for ToF sensors for 3D imaging across various industries is augmenting global market
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Key Findings of Study
Increase in Demand for Drones and Robots – Adoption of drones and robots is increasing for applications such as mapping, surveying, agriculture, inspection, and logistics across end-use industries. ToF sensors are highly suitable for these applications due to their ability to provide highly accurate spatial information in real-time. This serves to assist drones and robots to navigate through their environment with precision, and thus avoid obstacles and maintain a safe distance from objects.
ToF sensors have other capabilities as well. They can detect and measure the movement of objects, which is critical for applications such as tracking the movement of animals, people, and vehicles. This is helpful in various applications such as surveillance, security, and traffic monitoring.
Growth in Demand for ToF Sensors in 3D Applications – Growing significance of 3D imaging in diverse industries, such as automotive, healthcare, and aerospace, is fueling industry growth. ToF sensors display the unique ability to create 3D images that accurately depict spatial information of the environment in real-time. ToF sensors are highly suitable for 3D imaging applications because they utilize sound or light waves to measure the distance between the object and sensor in the environment.
ToF sensors are used for various applications in the automotive industry including collision avoidance, parking assistance, and blind-spot detection. ToF sensors provide accurate information and thus enable automotive systems to detect obstacles, thereby guiding drivers with real-time spatial information about their environment.
ToF sensors have critical applications in the gaming industry for augmented reality and motion sensing. ToF sensors provide accurate depth information to result in increased immersive and interactive gaming experience.
Surge in Utilization of Indirect Sensors in Numerous Industries – Based on type, direct (dToF) and indirect (iToF) are the two key types of time of flight sensors. Indirect time of flight sensor segment is anticipated to hold the major market share during the forecast period. This is ascribed to functional advantages of indirect sensors. iToF sensors can measure the distance from the sensor to multiple objects simultaneously, which makes them ideal for autonomous vehicles and robotic applications to detect and navigate around multiple objects in its surroundings.
Moreover, indirect sensors have the ability to function in various lighting conditions, including dim light and zero light. iToF sensors utilize a modulated light source, which allows them to screen ambient light and focus on the light reflected back from the object under observation. This makes iToF sensors highly suitable for facial recognition and gesture recognition applications.
Additionally, cost-effectiveness of iToF sensors as compared to other 3D imaging technologies, such as LiDAR, create opportunities in the global market. The smaller form factor of iToF sensors makes it easier to integrate them into smaller devices such as wearables and smartphones.
Regional Landscape
Asia Pacific is anticipated to account for leading share of the global market during the forecast period. Increase in demand for consumer electronics, such as smartphones, wearables, and gaming devices, in the region is anticipated to propel market growth in the next few years. Furthermore, key sensor manufacturers in China, South Korea, Taiwan, and Japan are anticipated to maintain their leading position in the next few years.
The time of flight sensor market in North America is anticipated to expand in the near future. This is ascribed to the rise in research and development initiatives in the U.S. for the development of advanced electronics.
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The Time of Flight Sensor Market is segmented as follows;
By Type
- Direct
- Indirect
By Range
- Up to 100 cm
- 101 cm to 500 cm
- 501 cm to 1000 cm
- 1001 cm to 3000 c,
- Above 3000 cm
By Application
- Robotics & Factory Automation
- Camera
- Home Automation
- Smartphone & Tablet
- Laptop & Computer
- Drone
- ADAS System
- AR & VR Device
- Others
By End-use Industry
- Consumer Electronics
- Industrial
- Automotive
- Aerospace & Defense
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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