3D Time-of-Flight Sensor Market to 2027 - Global Analysis and Forecasts by Type ; Application
NEW YORK, Oct. 21, 2019 /PRNewswire/ -- The global 3D time-of-flight sensor market is estimated to account to US$ 332.29 Mn in 2018 and is expected to grow at a CAGR of 6.3% during the forecast period 2018 – 2027, to account to US$ 568.97 Mn by 2027. The global 3D time-of-flight sensor market is experiencing steady growth in the forecast period. The rapid expansion and advances in the manufacturing industry with machine vision and industrial automation and increased demand of smart consumer electronics devices is expected to surge the demand of 3D time-of-flight sensor globally. The technological developments and availability of smart features in consumer electronics devices are expected to fuel the demand for consumer electronics devices in the coming years. The highly advanced 3D ToF sensors facilitate feature advancements in the consumer electronics devices. The 3D ToF applications are majorly categorized into gesture and non-gesture applications.Thus, it impact the growth of 3D time-of-flight sensor market in the current scenario.
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A key trend that will prominently affect the 3D time-of-flight sensor market in the coming years is the depth sensing technologies to couple with Edge Artificial Intelligence systems in the forecast period.This factor is expected to boost the 3D time-of-flight sensor market.
With the availability of highly accurate, wide opening, and deep sensing technology with 3D ToF sensors, logistics operations can be further enhanced.In activities such as warehousing and fulfilment where cost per unit is extremely crucial factor, 3D ToF sensors coupled with edge AI could enable efficient stock management, physical space management, and lower the network demands is driving the 3D time-of-flight sensor market.
Depth sensing technology when coupled with the power of edge AI, can be used for harnessing large volumes of data that can be processed and modelled into extremely useful actionable insights. These factors are projected to gain traction in the coming times having a significant impact approaching the 3D time-of-flight sensor market.
3D time-of-flight sensor market by application is segmented into consumer electronics, automotive, machine vision and industrial automation, robotics and drone, and others. A significant rise in demand of advanced systems integrated with internet to make driving experience flawless. Therefore, to remain competitive in the market, automotive manufacturers have to cope-up with recent technological trends and deployment of TOF based application in an automobile with automotive equipment such as car passenger detection, occupancy and steering wheel hands-on/off detection (side view), real-time body pose detection. These TOF sensors can either be deployed in infotainment or automated control units of vehicles. Today, an automobile is powered by new technologies which are categorized under safety & security and infotainment & telematics, among others. These factors are expected to enhance the demand of automotive segment in the 3D time-of-flight sensor market globally.
The overall 3D time-of-flight sensor market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the 3D time-of-flight sensor market.
Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the 3D time-of-flight sensor industry.
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