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The rising demand for consumer electronic devices such as smartphones, tablets, television, personal computers, and other devices has increased the demand for time-of-flight sensors in Canada. Hence, there has been growth in the semiconductor industry. In February 2022, the government in Canada announced the plan to US$ 240 million for the growth of the Canadian semiconductor industry. In addition, the government has eliminated ~1,500 tariffs on manufacturing inputs, machinery, and equipment, making Canada a tariff-free zone for manufacturers in Canada. Also, the country has provided semiconductor chip manufacturers access to 15 free trade agreements with 51 countries with approximately 1.5 billion consumers and a combined GDP of US$ 49.3 trillion. Thus, the rising demand for electronic devices consisting of ToF sensors and the growing initiatives by the Canadian government for the growth of the manufacturing industry is propelling the growth of the time-of-flight sensor market in the country.
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The automotive industry is improving rapidly with rising technological developments. Vehicles rely on effective sensing to allow automated systems to assist drivers and provide improved safety, comfort, and convenience. Time-of-Flight (ToF) sensors are used in autonomous vehicles for various purposes, such as localization, obstacle detection, and picking or placing objects. The technology helps detect objects and provides information on their position and movements within the three-dimensional space. It also assists in identifying the object by detecting its size, shape, and orientation.
The demand for ToF sensors is increasing due to their rising use in the automotive industry. The technology is used to monitor the driver’s behavior that helps prevent road accidents and improve vehicle safety. In addition, the demand for the sensors is increasing in other industries, such as consumer electronics, healthcare, gaming & entertainment, and aerospace & defense. As a result, the market players are coming up with advanced ToF sensors. In February 2020, Panasonic Corporation announced that they had developed a time-of-flight image sensor that uses avalanche photodiode (APD) pixels. It can acquire highly accurate 3D information according to the position of objects from near to far distances up to 250 m. These sensors can be applied in various fields such as automotive range imaging and wide-area surveillance.
Impact of COVID-19 Pandemic on Time-of-Flight Sensor Market
China, India, Japan, and South Korea are a few Asia Pacific countries that were adversely affected by the COVID-19 pandemic. The lockdown and slowdown of industrial activities across India and China led to the disruption of the supply chain of various raw materials and goods. However, in 2021, with the relaxation of the lockdown measures, manufacturing businesses resumed their operations at production facilities. The continued increase in the demand for various consumer electronic devices such as smartphones, tablets, and laptops is leading the growth of the time-of-flight sensor market in the forecasted period. In addition, various market players introduced various advanced technologies in Q3 of 2020 to attract more customers. For instance, in September 2020, OMRON Corporation introduced the B5L Series embedded 3D TOF Sensor Module. This further promoted the company to expand its presence in Japan in September 2020 and globally in October 2020. This B5L Series can be incorporated with autonomous robots and can be used for the automation of various other machinery and equipment. Thus, the growing initiative by the key players in the development of ToF solutions is fueling the growth of the time-of-flight sensor market in Asia Pacific.
Furthermore, along with the improvements in vehicle safety, the ToF technology provides comfort and convenience inside the car cabin, which may benefit drivers and passengers. The seats can be moved, and seat belts can be brought closer when the passenger gets into the car. It can also help the driver or passenger by turning on the light of the storage compartments when a hand reaches in that direction. Thus, the growing use of ToF sensors for automotive application is boosting the growth of the time-of-flight sensor market.
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Key Findings of Study:
In global time-of-flight sensor market, Asia Pacific is dominating the time-of-flight sensor market and is also expected to register the highest CAGR from 2022 to 2028. Asia Pacific holds a substantial share in the time-of-flight sensor market owing to the presence of a large number of market players such as Sony Group Corp, OMRON Corp, Panasonic Holdings Corp, and Keyence Corp in the region. These market players are continuously working on providing ToF solutions for various applications such as consumer electronics, automotive, and others. In addition, the region is one of the highest manufacturers of consumer electronic devices such as smartphones, laptops, tablets, and others. Thus, the growing consumer electronic industry in the region is fueling the Asia Pacific time-of-flight sensor market growth. In North America, technological innovations are projected to provide opportunities for the growth of the time-of-flight sensor market. Further, the rising demand for technological advancements in the automotive industry, which includes advanced driver assisted systems (ADAS), is further fueling the growth of the time-of-flight sensor market in the region. In addition, the rising demand for smartphones with advanced photographic functions is boosting the time-of-flight sensor market growth.
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