The global Image Sensor Market size is expected to value at USD 26.41 billion by 2024. The market is subject to witness a substantial growth due to the growing demand for the miniature pixel devices offering superior resolution and cost efficiency. The image sensors are adopted to limit the natural light degradation and offer enhanced image quality. Standard quality images can only be achieved by reducing pixel size. Globally, the image sensor industry is predicted to display higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the image sensor technology.
The recent technological advancement in electrical & electronic industry coupled with development of novel technologies & products such as flat panel detectors and CCD technology are expected to stimulate the growth of image sensor market in the upcoming years. Increasing demand form automotive industry for image sensors is predicted to boost market growth over the forecast period.
Growing investment by industry participants in the research & development activities to gain competitive edge over their counterparts is anticipated to favor market expansion in the near future. Development of cost-effective, compact, high performance and energy efficient sensors are propelling the growth of image sensor industry as well.
Incorporation of miniature image sensors in various handheld electronic devices such as smartphones and digital cameras is gaining positive traction among end-users.
Soaring demand for image sensors from surveillance & security sector owing to the prevalence of terrorist activities and theft, thus bolstering market growth in the recent years. Increasing adoption of image sensors to carry out surveillance & security in public areas such as public parks, public squares, malls, and railway stations is expected to positively affect market growth in the upcoming years.
Growing demand of high better resolution cameras for security and surveillance from defense sector has led to the increasing investment by governmental authorities for development of advanced technologies. However, vast competition in the market coupled with higher cost of the products are expected to restrain market growth to a certain extent. In addition, the pouring demand for cell phones and digital still cameras is leading to shortages of devices such as lenses and picture sensors, thereby hampering market performance. Volatility in the prices of raw semiconductor material and the dynamic nature of business are negatively affecting market growth over the forecast period as well.
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The image sensors market is broadly categorized into two major segments based on types of technology such as CMOS (complementary metal–oxide–semiconductor) technology and CCD (charge-coupled devices) technology. The CMOS (complementary metal–oxide–semiconductor) technology is considered as one of the fastest growing segment in the image sensor industry with substantial revenue generation in the last couple of years. Growing popularity of the generated the CMOS (complementary metal–oxide–semiconductor) technology segment is attributed to advantages associated to with its early adoption such as compact nature, low power consumption, and cost-effectiveness.
Application of the CMOS technology include static RAM, microprocessors, microcontrollers, and other analog circuits. The CCD (charge-coupled devices) technology segment also witnessed massive growth in the last couple of years due to the lower-cost and lower power consumption.
The image sensor market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in automotive sector, increase in the adoption of high-end luxury vehicles, and existence of well-established industrial infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the image sensor with massive growth in forecast period.
Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth, rapid industrialization, rising infrastructure development, favorable government initiatives and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the image sensors industry are Sony Co., Panasonic Co., STMicroelectronics N.V., Canon, Inc., and Samsung Electronics Co., Ltd.
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Image Sensor Technology Outlook (Revenue, USD Million, 2014 - 2024)
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