Report : Asia-Pacific Time-of-Flight Sensor Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Device Type (RF-Modulated Light Sources With Phase Detectors, Range-Gated Imagers, and Direct Time-of-Flight Imagers), Vertical (Automotive, Consumer Electronics, Gaming and Entertainment, Industrial, Healthcare, Aerospace & Defense, and Others)
At 18.4% CAGR, the Asia-Pacific Time-of-Flight Sensor Market is speculated to be worth US$ 4,313.81 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific time-of-flight sensor market was valued at US$ 1,564.12 million in 2022 and is expected to reach US$ 4,313.81 million by 2028, registering an annual growth rate of 17.7% from 2022 to 2028. Increasing use of time-of-flight technology in autonomous mobile robots and rising adoption of time-of-flight technology in smartphones are the critical factors attributed to the Asia-Pacific time-of-flight sensor market expansion.
The time-of-flight technology helps provide advanced 3D imaging for mobile robots. The time-of-flight cameras use a sensor, lighting unit, and depth processing unit, which assist mobile robots in calculating depth. Thus, the technology makes it easy to evaluate distance in a full scene with just one laser pulse. Therefore, it is widely adopted in industries requiring information on real-time depth and visuals. In addition, the lighting unit of the camera helps perform its tasks in brightly-lit conditions or complete darkness. Furthermore, in warehouse operations, time-of-flight cameras can provide depth-sensing intelligence for Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs). The cameras can be used to perceive the surroundings and capture depth imaging data, which further helps undertake business-critical functions with accuracy, convenience, and speed. The camera provides various functions such as localization, mapping, navigation, obstacle avoidance, object detection, and odometry. Hence, the demand for time-of-flight cameras is increasing, pushing the market players to develop technologically advanced time-of-flight cameras. In May 2022, e-con Systems announced the launch of DepthVista, a Time-of-flight camera with a ToF depth sensor for depth measurement and the AR0234 color global shutter sensor for object identification. DepthVista can be used for various applications, including autonomous mobile robots such as warehouse robots and service robots; robotic arms; and AGVs. Thus, such innovations by the market players and the rising adoption of Time-of-Flight Sensors in AMRs will create lucrative opportunities for the Time-of-Flight Sensors market during the forecast period.
On the contrary, low integration of time-of-flight sensors in smartphones due to their high cost the growth of Asia-Pacific time-of-flight sensor market.
Based on device type, the Asia-Pacific time-of-flight sensor market is segmented into RF-modulated light sources with phase detectors, range-gated imagers, and direct time-of-flight imagers. The range-gated imagers segment held 51.4% market share in 2022, amassing US$ 804.22 million. It is projected to garner US$ 2,317.92 million by 2028 to expand at 19.3% CAGR during 2022–2028.
Based on vertical, the Asia-Pacific time-of-flight sensor market is segmented into automotive, consumer electronics, gaming and entertainment, industrial, healthcare, aerospace and defense, and others. The consumer electronics segment held 49.3% market share in 2022, amassing US$ 770.42 million. It is projected to garner US$ 2,024.71 million by 2028 to expand at 17.5% CAGR during 2022–2028.
Based on country, the Asia-Pacific time-of-flight sensor market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. Our regional analysis states that China captured 39.5% market share in 2022. It was assessed at US$ 618.47 million in 2022 and is likely to hit US$ 1,790.32 million by 2028, exhibiting a CAGR of 19.4% during the forecast period.
Key players dominating the Asia-Pacific time-of-flight sensor market are Analog Devices Inc, Infineon Technologies AG, InvenSense Inc, Keyence Corp, OMRON Corp, Panasonic Holdings Corp, Sony Group Corp, STMicroelectronics NV, Teledyne e2v (Overseas) Holdings Ltd, and Texas Instruments Inc among others.
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