According to a new report by Market Research Future (MRFR), the global image sensor market is expected to touch a revenue of USD 19,615 million by 2023. The market is anticipated to witness 14 % CAGR during the assessment period (2017-2023) owing to the growing demand for camera-enabled cell phones. Image sensor being one of the most lucrative businesses is the company’s primary focus area.
Drivers and Restraints Affecting the Market
The emerging trend in Image Sensor Market is its application in several industries. For instance, Sony Corporation has come up as a separate company for profitable image sensor division. Samsung has also developed an advanced pixel technology in CMOS image sensor called ISOCELL. In order to meet the growing demand of image sensor in high-end photography, mobile imaging, and security and surveillance application, the company has converted one of its water fabrication lines into CMOS sensors.
Owing to the growing demand for low power consumption, camera enabled mobile phone, growing use in biometric applications, and compactness of CMOS image sensor, the global market for image sensor is likely to propel over the forecast period. Image sensors are also used in industry quality control to improve the product yield and spot detective units in the production line. The use of image sensors in biometrics, camcorders, video-conferencing applications, virtual keyboards, optical mice, and others have been in huge demand. The demand for such sensors has contributed to the market growth in a positive way. Moreover, with the innovation in technology, product upgrades and development coupled with new product launches in the market is expected to act as a traction to the growth of the market during the review period.
Meanwhile, the declining market of the digital still camera and high power consumption in CCD image sensors are some of the major factors hindering the market growth globally over the assessment period.
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The prominent players in the image sensor market are- Sony Corporation (Japan), Samsung Semiconductor Inc. (South Korea), OmniVision Technologies Inc. (U.S.), ON Semiconductor (U.S.), PixArt Imaging Inc. (Taiwan), GalaxyCore Inc. (China), SK Hynix Inc. (Korea), and Teledyne Technologies (U.S.) among others.
Global Image Sensor Market Segmentation
The global market for image sensor has been segmented on the basis of optical format, technology, application, spectrum, and region.
By mode of technology, the global market for image sensors has been segmented into sCMOS, CMOS, CCD, and others. Among these, CMOS sensor is predicted to hold a major share in the market compared to other segments. It is an imaging sensor used in most of the cameras and other image capturing devices and is comparatively cheaper that the other segments. With the growing need for high-definition image capturing devices, the CMOS technology is predicted to witness a high adoption rate during the assessment period.
By mode of optical format, the global market for image sensors have been segmented into 1/5.9 to 1/4 inch image sensor, 1/10 to 1/6 inch image sensor, 1/1.9 TO 1 inch image sensor, 1/3.9 to 1/2 inch image sensor, and above 1 inch image sensor.
By mode of linearity, the global market for image sensors has been segmented into non-linear and linear.
By mode of spectrum, the global market for image sensors has been segmented into invisible spectrum and visible spectrum. Among these, the segment for visible spectrum possesses high resolution and capture full color images with less power consumption. It also allows capturing images both in night and day light conditions.
By mode of application, the global market for image spectrum has been segmented into surveillance, consumer electronics, medical, automobile, and others. Among these, the segment for automobile has been witnessed to showcase the fastest growth rate among the other segments. Owing to the growing purchasing power of the population, there is a demand for passenger cars. Moreover, driver assistance applications and safety-related imaging technologies are becoming mainstream. Such factors are expected to hit the market during the assessment period.
North America Expected to Hold the Largest Share
Geographically, the market for image sensors has been spanned across Europe, North America, Asia Pacific, and Rest-of-the-World. North America has been expected to hold the maximum share among other regions and is predicted to be one of the largest markets for image processing technology. Owing to the rapid industrialization and growing research and development activities, the market in this region is likely to propel over the forecast period. Also, automotive contributes to a large amount in the North American market. Due to increasing number of accidents in this region, safety related mandates are also increasing which is further fuelling the growth of the market over the forecast period.
Meanwhile, the European region is growing at a slow pace compared to other regions. Emerging economies from UK, Germany, France, Benelux, Russia, Italy, and Spain is likely to drive the image sensor market in this region.
Asia Pacific region is also predicted to show a potential growth during the assessment period, owing to the growing investment of major market players in this region.
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