Technological advancements and increased usage of images across various verticals, mainly Consumer Electronics and automotive, have led to the immense growth of the overall image sensor Market in the past few years. Moreover, the increasing need and demand for smaller pixel devices that provide high resolution images in a cost-effective manner is also expected to boost the demand for image sensors, thereby driving the global market towards significant growth ahead.
The image sensor market was valued at USD 14.19 Billion in 2017 and is projected to reach USD 24.80 Billion by 2023, growing at a CAGR of 9.75% between 2017 and 2023.
Based on technology, the CMOS technology is expected to dominate the market with the highest share over the forecast period, owing to the small size of CMOS image sensors, low power consumption, ease of integration, faster frame rate, and low manufacturing cost. On the basis of processing type, the 3D image sensors segment is expected grow at the highest CAGR over the forecast, mainly due to its major application in ADAS, machine vision, and computer vision and growing use of artificial intelligence in smartphones.
On the basis of spectrum, the non-visible segment spectrum is projected to grow at the fastest rate in the coming years, owing to the increased use in automotive, medical, consumer electronics, and industrial applications.
Among verticals, the consumer electronics sector is expected to be the dominant market between 2017 and 2023, mainly due to the advancements in the CMOS technology, which has led to the increased penetration of image sensors into consumer electronics such as smartphones and tablets, accounting for more than 85% of the overall image sensor market for consumer electronics.
Which region is expected to lead the market, and why?
Among regions, the market for image sensors in Asia-Pacific held the largest market share, and is also estimated to continue the upward trend in the coming years as well. This growth can be attributed to the growing demand for image sensors in consumer electronics application that includes smartphones and tablets, cameras, computers, and wearable electronics. Moreover, the increasing demand for dual cameras in smartphones and tablets is expected to further boost the demand for image sensors. In addition, the development of advanced driver assistance system (ADAS) for automotive application is also likely to contribute to the growth of the image sensor market in APAC, especially in China.
What is driving and restraining the market growth?
The global market for image sensors is being primarily driven by the following factors:
- Increased penetration of image sensors in automobiles
- Growing trend of miniaturization and dual camera in smartphones and tablets
- Rising demand for enhanced medical imaging solutions
In addition, increasing innovation by OEMs of image sensors is expected to further boost the demand and use of image sensors in various applications, thereby offering ample growth opportunities for the market. However, the high manufacturing cost of image sensors is expected to hinder the growth of this market to a certain extent.
Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=601
Major market players and growth strategies adopted
Sony (Japan), Samsung (South Korea), OmniVision (US), On Semiconductor (US), Panasonic (Japan), Canon (Japan), SK Hynix (South Korea), STMicroelectronics (Switzerland), Pixart Imaging (Taiwan), PixelPlus (South Korea), Hamamatsu (Japan), ams (Austria), Himax (Taiwan), Teledyne (US), and Sharp (Japan) are the major players operating in the worldwide market for image sensors. These companies have adopted various strategies such as product launches and product developments and collaborations, acquisitions, and partnerships in order to experience sustained growth as well as maintain their market position in the years to come.