Time of Flight Sensor Market Expected to Reach $13 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Time of Flight Sensor Market," The time of flight sensor market was valued at $2.7 billion in 2021, and is estimated to reach $13 billion by 2031, growing at a CAGR of 16.9% from 2022 to 2031.

Time-of-Flight (ToF) sensors measure distances using the time that it takes for photons to travel between two points, from the sensor’s emitter to a target and then back to the sensor’s receiver. These sensors are utilized in a range of applications including 3D mapping, industrial automation, obstacle detection, autonomous vehicles, agriculture, robotics, indoor navigation, gesture recognition, object scanning, measure volumes, and surveillance to even augmented reality.

Time-of-Flight (ToF) sensors have proven a revolutionary concept in people counting applications globally. With the utmost precision guaranteed and unique considerations in place regarding personal privacy and data protection, ToF sensors and tof 3d camera enable people counting applications, which offer superb insights into a variety of key business metrics, from periodic occupancy counting to space optimization

The growth of the time of flight sensor market size is majorly driven by rising popularity of 3D cameras and the rapid adoption of the AR and VR technology. Moreover, the growing R&D funding for the development advanced scanning technology, and with biometric authentication, it is expected to form a new trend in the demand for the time of flight sensor across the globe.

According to time of flight sensor market analysis, the indirect Tof sensors segment was the highest contributor to the market in 2021 and is expected to follow the same trend during the forecast period. The LIDAR segment accounted for around 45.8% market share in 2021. Surge in adoption of 3D imaging and robotics in domains like automotive, consumer electronics, gaming & entertainment, and other industries has driven the growth of the time of flight sensor market growth.

The outbreak of the COVID-19 has significantly impacted the growth of the time of flight sensor market. The time of flight sensor market trends shows the key players profiled in the report include, Texas Instruments Incorporated, STMicroelectronics NV, Infineon Technologies AG, Panasonic Corporation, Teledyne Technologies Incorporated, Sharp Corporation, Sony Corporation, Boardcom Inc., OMRON Corporation, and Renesas Electronics. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the time of flight sensor market.

Key Findings of the Study

• In 2021, the indirect Tof sensors segment was the major revenue contributor to the time of flight sensor industry, and is projected to grow at a notable CAGR of 17.32% during the forecast period.
• The LIDAR segment is projected to growth at a CAGR of 17.7% during the forecast period.
• The consumer electronics and gaming & entertainment account for 59.56% of the global time of flight sensor market share in 2021.
• Asia-Pacific contributed for the major time of flight sensor market share, accounting for more than 50.12% share in 2021.

Key players profiled in the report include Texas Instruments Incorporated, STMicroelectronics NV, Infineon Technologies AG, Panasonic Corporation, Teledyne Technologies Incorporated, Sharp Corporation, Sony Corporation, Boardcom Inc., OMRON Corporation, and Renesas Electronics. These market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the time of flight sensor market.