Global Image Sensors Market Looks Forward to Magnanimous Growth: Likely to Grow at a CAGR of 8.4% by 2027
Published | 26 October 2021
The global image sensor market is growing at a high CAGR because of its wide application in manufacturing various consumer electronics and other devices such as smartphones, security and surveillance cameras, medical imaging equipment, etc…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global image sensor market was worth USD 18.7 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 32.8 billion by 2027. Growing demand for smartphones and other consumer electronic products drives the global image sensor market. The most important component in producing sharp, high-resolution photos is the image sensor. As a result, smartphone manufacturers are investing in advanced image sensors for their smartphones. Also propelling the growth of the global image sensors market is the increasing use of image sensors in the healthcare and automotive industries.
Growing Demand for Consumer Electronic Products is Favoring the Global Image Sensor Market
Based on their spectrum, image sensors are categorized into visible spectrum and non-visible spectrum. The visible spectrum dominates the market due to its adamant application in consumer electronic products such as smartphones and tablets. With the increasing trend of smartphone photography and consumers' growing interest in producing high-quality images, demand for visible spectrum image sensors is rising globally. On the other hand, the non-visible spectrum is expected to grow rapidly due to its use in the security, surveillance, and defense sectors, which produce images in low light conditions.
Area Image Sensors Are Anticipated to Witness Highest CAGR During the Forecast Period
Based on array types, the global image sensor market is segmented into linear image sensors and area image sensors. Linear image sensors hold the largest market share because they are used in various electronic devices for image processing, such as cash machines, barcode readers, line scan cameras, image scanners, and copy machines. However, the area image sensors are anticipated to witness the highest CAGR during the forecast period. The growing application of image sensors in the automotive industry for making camera-enabled systems for automatic emergency braking, autonomous driving, etc., is propelling the growth of area image sensors in the market.
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Global Image Sensor Market - By Resolution
Based on resolutions, the global image sensor market is categorized into VGA, 3 MP to 3 MP, 5 MP to 10 MP, 12 MP to 16 MP, and more than 16 MP. Among these, the 12 MP to 16 MP segment accounts for the largest market share. These resolution image sensors are prominently used in budget smartphones because of their low prices, which fuel their market demand. On the other hand, the growing application of 12 MP to 16 MP image sensors in automotive is also playing a crucial role in driving the market growth.
Global Image Sensor Market - Regional Insights
Geographically, the global image sensor market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the global image sensor market and is also anticipated to witness the highest CAGR during the forecast period. Image sensors are prominently used in smartphones and automobiles. The Asia-Pacific countries like China, India, Japan, South Korea, etc., are the leading manufacturers in these industries. The smartphone and automotive brands based in these regions are significantly investing in expanding their production capabilities and adopting advanced technologies such as automated braking systems. These factors are anticipated to drive the image sensor market in the Asia-Pacific region.
Impact of COVID-19 on Global Image Sensor Market
The sudden outbreak of the COVID-19 outbreak negatively affected the growth of the global image sensor market. The lockdown imposed by the countries completely hindered the production of image sensors. It sabotaged the growth of the semiconductor market by creating a severe shortage of semiconductors. Nevertheless, the market is expected to gain significant traction in the post-COVID-19 period. The growing demand for smartphones due to remote working and online education is expected to fuel the demand for image sensors.
The leading players of the global image sensor market are OmniVision Technologies, Inc., Toshiba Corporation, Pixart Imaging, Inc., Sony Corporation, Realme, Samsung Electronics Co., Ltd., One Plus Technology Co., Ltd., Huawei Technologies Co., Ltd., Guangdong OPPO Mobile Telecommunications Corp., Ltd, Vivo Communication Technology Co. Ltd, ON Semiconductor Corporation, STMicroelectronics NV, Teledyne Technologies Inc., Panasonic Corporation, Hamamatsu Photonics K.K., Canon Inc., Nikon Corporation, Aptina Imaging Corporation, Fujifilm Corporation, and other prominent players.
The market is highly concentrated, with the presence of technology giants. These companies significantly invest towards introducing advancements into their products and constantly improving their offerings. This market also employs competition strategies like mergers and acquisitions, joint ventures, and partnerships.
Don’t miss the business opportunity of the global image sensors market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global image sensors market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global image sensors market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Image Sensor Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Technology (CMOS Image Sensors, CCD Image Sensors, Others), By Processing Technique (2D Image Sensors, 3D Image Sensors), By Spectrum (Visible Spectrum, Non-Visible Spectrum), By Array Type (Linear Image Sensors, Area Image Sensors), By Resolution (VGA, 3 MP TO 3 MP, 5 MP TO 10 MP, 12 MP TO 16 MP, More Than 16 MP), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: October 2021
The global image sensor market is gaining significant traction because of the growing demand for high-resolution cameras in smartphones and tablets. The expanding application of image sensors in various industries such as security and surveillance, automotive, medical, etc. is also powering its market growth.
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