Portland, OR, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global time of flight sensor market generated $2.7 billion in 2021, and is projected to reach $13.0 billion by 2031, growing at a CAGR of 16.9% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.7 billion |
| Market Size in 2031 | $13.0 billion |
| CAGR | 16.9% |
| No. of Pages in Report | 296 |
| Segments Covered | Product Type, Application, End-User, and Region. |
| Drivers | Increase in the adoption of machine vision systems across different industries |
| Growth of the online retail platform extensive application of sensors in a wide range of applications such as robot navigation, vehicle monitoring, people counting, and object detection | |
| Opportunities | Persistent technological advancements |
| Restraints | Fluctuation in the prices of raw materials. |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global time of flight sensor market, owing to the closure of various manufacturing facilities, including those of time of flight sensor, which adversely impacted the growth of the market.
- In addition, unavailability of proper and skilled workforce and shortage of raw materials due to strict trade restrictions during the pandemic had a negative impact on the growth of the global time of flight sensor market.
- These restrictions were imposed by the government so as to curb the spread of the virus during the pandemic. However, it is expected that the market will recover from 2021 and remain in the growth stage during the forecast period.
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The report offers detailed segmentation of the global time of flight sensor market based on product type, application, end-user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on product type, the indirect Tof sensors segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 17.32% during the forecast period.
Based on application, the LIDAR segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 17.7% during the forecast period.
Based on end user, the consumer electronics segment held the dominating market share in 2021, holding two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is expected to cite the fastest CAGR of 18.59% during the forecast period.
Based on region, the market across Asia-Pacific held the lion’ share in 2021, holding half of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 17.66% during the forecast period. The report also analyses others regions such as North America, LAMEA, and Europe.
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The key players analyzed in the global time of flight sensor market report include STMicroelectronics N.V., Infineon Technologies, Texas Instruments Incorporated, Panasonic Corporation, Teledyne Technologies Incorporated, Sharp Corporation, Sony Corporation, Broadcom Inc., Omron Corporation, Renesas Electronics.
The report analyzes these key players in the global time of flight sensor market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the time of flight sensor market analysis from 2021 to 2031 to identify the prevailing time of flight sensor market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the time of flight sensor market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global time of flight sensor market trends, key players, market segments, application areas, time of flight sensor market forecast and market growth strategies.
Key Market Segments
Product Type
- Direct Tof Sensors
- Indirect Tof Sensors
Application
- AR and VR
- LIDAR
- Machine Vision
- Others
End User
- Consumer Electronics
- Industrial
- Automotive
- Gaming and Entertainment
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, Rest Of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, Rest Of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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