Report : Europe 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 17.7% CAGR, the Europe Time-of-Flight Sensor Market is speculated to be worth US$ 1,847.38 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe time-of-flight sensor market was valued at US$ 694.26 million in 2022 and is expected to reach US$ 1,847.38 million by 2028, registering an annual growth rate of 17.7% from 2022 to 2028. Continuous Product Innovations and Growing use of time-of-flight sensors for automotive applications are the critical factors attributed to the Europe time-of-flight sensor market expansion.
The growing demand for Time-of-Flight Sensors in various industries such as automotive, consumer electronics, and healthcare compelled the market players to invest in developing new and innovative products in recent years. A few of the major product developments are mentioned below:
• 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.
Such advancements in Time-of-Flight Sensors, supported by high investments from global manufacturers to develop innovative products as per customer requirements, drive the growth of the Europe Time-of-Flight Sensor market.
On the contrary, low integration of time-of-flight sensors in smartphones due to their high cost the growth of Europe time-of-flight sensor market.
Based on device type, the Europe 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 47.9% market share in 2022, amassing US$ 332.87 million. It is projected to garner US$ 914.44 million by 2028 to expand at 18.3% CAGR during 2022–2028.
Based on vertical, the Europe 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 48.1% market share in 2022, amassing US$ 333.67 million. It is projected to garner US$ 846.76 million by 2028 to expand at 16.8% CAGR during 2022–2028.
Based on country, the Europe time-of-flight sensor market is segmented into France, Germany, UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 23.8% market share in 2022. It was assessed at US$ 165.26 million in 2022 and is likely to hit US$ 453.10 million by 2028, exhibiting a CAGR of 18.3% during the forecast period.
Key players dominating the Europe 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.
- In 2023, OMRON Corp has invested in the AI-Augmented knowledge discovery platform of Eagle Genomics Ltd. By investing in Eagle Genomics Ltd. It is accelerating towards the development related to the microbiome and also the company has been contributing to the research and development in the healthy lifespans and treatment of the disease.
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