Time-Of-Flight (TOF) Sensor Global Market Report 2024

The time-of-flight (tof) sensor market size has grown exponentially in recent years. It will grow from $3.28 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 20.2%. The growth observed in the historic period can be attributed to several key factors, including the increased implementation of automation in industrial processes, the expansion of 3D imaging applications across various sectors, a notable increase in the demand for biometric authentication systems, the utilization of sensors in medical imaging applications, a growing requirement for energy-efficient sensor technologies, and their heightened integration within smartphones and other devices.

The time-of-flight (tof) sensor market size is expected to see rapid growth in the next few years. It will grow to $7.72 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The anticipated growth in the forecast period is closely tied to several factors, notably the heightened deployment of sensor technology in smart city initiatives, the ongoing expansion of wearable devices, the continual growth and scale of e-commerce operations and warehousing, increased integration of sensors in gaming and entertainment sectors, and the evolution of smart retail solutions. Major trends expected in this forecast period encompass advancements such as gesture recognition and human-machine interaction, continuous improvements and innovations in sensor technology, the proliferation of IoT (Internet of Things) connectivity, the development and utilization of augmented reality (AR) and virtual reality (VR) devices, the expansion of robotics and automation applications, and the further advancement of automotive LiDAR (Light Detection and Ranging) technologies.

The anticipated increase in the utilization of camera-based driver monitoring sensors in the automotive industry is poised to propel the growth of the time-of-flight (ToF) sensor market. The automotive industry encompasses the manufacturing of various vehicles, including trucks, buses, and motorcycles, along with their components such as engines and bodies. ToF sensors in the automotive sector find applications in obstacle detection, localization, and object picking or placing. Additionally, they are utilized in driver-monitoring systems (DMS) to monitor drowsiness and driver fatigue through features such as eye gaze, head pose, and blink detection. The growing adoption of these sensors in the automotive industry, particularly in camera-based DMS, is contributing to an increased demand for time-of-flight (ToF) sensors. For example, in November 2022, EE Times reported that over half of the total number of vehicles produced would be equipped with camera-based DMS by 2029, underlining the significant role of ToF sensors in this context.

The rising demand in the consumer electronics sector is expected to further drive the growth of the time-of-flight (ToF) sensor market. Consumer electronics are everyday-use electronic devices for entertainment and communication. ToF sensors are employed in consumer electronics to enhance facial recognition systems, creating 3D maps of users' faces for applications in smartphones and tablets, thereby improving accuracy and security. For instance, in December 2022, gfu Consumer & Home Electronics GmbH reported sales of $36.56 billion (Euro 33.7) in electronics products from January to September 2022. This surge in consumer electronics demand indicates a growing market that relies on ToF sensors for various applications. The increasing use of ToF sensors in both automotive and consumer electronics industries underscores their versatility and is a key driver propelling the overall growth of the time-of-flight (ToF) sensor market.

Product innovation stands out as a prominent trend gaining traction in the time-of-flight (ToF) sensor market, with major companies actively investing in research and development to introduce groundbreaking products and maintain their market positions. A notable example is TDK Corporation, a Japan-based electronic components and devices company, which, in January 2022, launched the Chirp ICU-10201 and ICU-20201. These high-performance, ultra-low power integrated ultrasonic time-of-flight sensors are designed for both short- and long-range detection. The Chirp ICU-10201 and ICU-20201 feature integrated on-chip processors with substantial computational power, enhancing processing capabilities and accommodating a wide range of application algorithms. These sensors provide accurate range measurements for targets up to 1.2 meters and 5 meters away, respectively. Notably, they can measure distance in any lighting condition and offer millimeter-level accuracy, independent of the target's color and optical transparency.

Major companies operating in the time-of-flight (ToF) sensor market are introducing novel products such as DepthVista to sustain their market positions. An illustration is e-con Systems, a US-based original equipment manufacturer (OEM) camera manufacturer company, which, in May 2022, launched DepthVista. This ToF camera is specifically designed for accurate 3D depth measurement, capable of capturing 640x480 depth maps at a frame rate of 30 frames per second (fps). DepthVista finds applications in various domains, including autonomous mobile robots, autonomous tractors, patient care and monitoring, and 3D-based facial recognition. It offers far-range and close-range modes with maximum and minimum ranges of 6 meters and 0.2 meters, respectively. These product innovations highlight the industry's commitment to advancing technology and addressing diverse application needs, contributing to the dynamic growth of the time-of-flight (ToF) sensor market.

In March 2021, Toppan Printing Co. Ltd., a Japan-based printing company, successfully acquired Brookman Technology, Inc. The financial details of this acquisition were not disclosed. This strategic acquisition is seen as a synergistic move, enabling Toppan to engage in collaborative research and development within the realm of 3D image sensing. It serves to reinforce Toppan's strategic approach towards entering and establishing a foothold in the burgeoning market for 3D image-sensing technology. Brookman Technology, Inc., the acquired entity, is a semiconductor company based in Japan, specializing in the manufacturing of CMOS image sensors and time-of-flight (ToF) sensors.

Major companies operating in the time-of-flight (tof) sensor market report are Texas Instruments Incorporated, STMicroelectronics NV, Infineon Technologies AG, Panasonic Corporation, Teledyne Technologies Incorporated, Keyence Corporation, pmdtechnologies ag, Sharp Corporation, Sony Group Corporation, Melexis NV, ams-OSRAM AG, Broadcom Inc, Omron Corporation, Renesas Electronics Corporation, Adafruit Industries LLC, ESPROS Photonics Corporation, Terabee, Lucid Vision Labs Inc, BECOM Electronics GmbH, SparkFun Electronics Inc, Chirp Microsystems Inc, MikroElektronika d, Sentric Controls Sdn Bhd, Quanergy Systems Inc, Balluff Inc, Iris-GmbH Infrared & Intelligent Sensors, Pololu Corporation, TDK Corporation, Rockwell Automation Inc, Advanced Scientific Concepts LLC.

Asia-Pacific was the largest region in the time-of-flight (ToF) sensor market in 2023. The regions covered in the time-of-flight (tof) sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the time-of-flight (tof) sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Various types of time-of-flight (ToF) sensors include RF-modulated light sources paired with phase detectors, range-gated images, and direct time-of-flight imagers. RF-modulated light sources with phase detectors involve radio frequency light sources that convert electrical energy into visible radiation by analyzing the phase difference between two input signals of the same frequency. This technology is instrumental in capturing 3D images using a single laser pulse. ToF sensors find application across diverse fields such as augmented reality and virtual reality, LiDAR (Light Detection and Ranging), machine vision, 3D imaging and scanning, robotics, and drones. These sensors have widespread usage in industries including automotive, consumer electronics, gaming and entertainment, industrial sectors, healthcare, aerospace, and defense.

The time-of-flight (ToF) sensor market research report is one of a series of new reports that provides time-of-flight (ToF) sensor market statistics, including the time-of-flight (ToF) sensor industry global market size, regional shares, competitors with a time-of-flight (ToF) sensor market share, detailed time-of-flight (ToF) sensor market segments, market trends and opportunities, and any further data you may need to thrive in the time-of-flight (ToF) sensor industry. This time-of-flight (ToF) sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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