3D imaging and scanning to hold largest share of ToF sensor market by 2025
Time-of-Flight (ToF) Sensor Market is expected to grow from USD 2.8 billion in 2020 to USD 6.9 billion by 2025, at a CAGR of 20.0%. The growth of this market is mainly driven by the increasing demand for ToF sensors from the automotive industry and growing adoption of 3D cameras in smartphones and increasing use of such smartphones.
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3D imaging and scanning application is expected to hold the largest share of the ToF sensor market during the forecast period. 3D imaging provides visual effects that generate a perception of the depth of an object, and viewers get an enriched 360-degree viewing experience of the image. 3D scanning technology is used to capture a 3D model of an object. It uses depth-sensing technology to accurately capture the area and dimensions of the object, and this mapped data can be used for designing purposes.
The consumer electronics vertical is the largest adopter of ToF sensors. The increasing use of 3D ToF camera sensors in smartphones, tablets, cameras, and so on to provide superior picture quality is expected to drive the ToF sensor market for the consumer electronics vertical. The ToF sensor market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of the market in APAC is expected to be driven by the consumer electronics and automotive verticals in the region.
In the consumer electronics vertical, ToF sensors are used in smartphones and tablets, cameras, computers, and wearable electronics. The demand for ToF sensors is expected to increase with the growing deployment of advanced cameras with depth sensing and 3D imaging capabilities in smartphones.
Key players in the time-of-flight (ToF) sensor market are
- Texas Instruments (US),
- STMicroelectronics NV (Switzerland),
- Infineon Technologies AG (Germany),
- Panasonic Corporation (Japan),
- Teledyne Technologies Incorporated (US).
These players are increasingly adopting growth strategies such as product launches and developments, partnerships, collaborations, agreements, and acquisitions to develop and introduce new technologies and products in the market.
Related Reports:
Time-of-Flight (ToF) Sensor Market by Resolution (QQVGA, HQVGA, QVGA, & VGA), Application (Augmented Reality & Virtual Reality, LIDAR, Machine Vision, 3D Imaging & Scanning, and Robotics & Drone), Product Type, Vertical and Geography – Global Forecast to 2025
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