Image Sensor Market size is slated to record significant gains over 2021-2027. This growth is driven by an upsurge in integration of HDR cameras equipped with image sensors in mobile devices, growth in incorporation of image cameras for automotive applications, and an increase in the use of these in improved medical imaging solutions.
A considerable rise in the adoption of smartphones by generation-Z is further likely to augment the growth curve of image sensor market. Installation of multiple cameras in a single smartphone unit yields improved HDR, optical zoom, and low-light photography, while further enabling the portrait mode switching and 3D imaging features.
Elevating expenditure on security and surveillance in public places worldwide, along with rise in deployment of technologies for enhancing anti-terror equipment mitigating the security lapses are anticipated to further fuel the market progression through 2027.
The overall image sensor market is projected to observe hinderance from the ease of availability of LiDAR solutions for use in autonomous vehicles. However, the acceptance of latest technologies like AI, IoT, and others is anticipated to offer lucrative growth opportunities for the market in the upcoming years.
Based on the technology type, CMOS image sensors are being highly popular worldwide. These sensors are being largely used in digital cameras owing to their relatively lesser costs compared to the CCD sensors. In most CMOS devices, there are different transistors at each pixel that magnify and move the charge using more conventional wires. This technological approach is considered to be more flexible owing to the ability to read each pixel individually. Some of the other pivotal factors supporting the segmental growth are CMOS’s ability to consume little power and superior battery life.
In terms of the end-user vertical, the image sensors market is poised to garner remunerative gains from the automotive industry. The image sensor market across the segment is expected to be largely dominated by the rising sales of CMOS sensors. These sensors are being widely embedded in cars to offer full proof protection and safety to the driver as well as passengers. The escalating trend of ADAS is as well impelling the demand for image sensors in automobiles. Various sensor chip developers are putting forth advanced solutions in the space to cater to the automotive sector in terms of security and service.
The global market is diversified into different regions with the growth coming in from the Asia Pacific countries including China, India, South Korea, Japan, and Australia. The industry progression is depicted to be led by the thriving consumer electronics and automotive industries in the aforementioned countries. China stands out to be a lucrative market for automotive worldwide, owing to which the demand for image sensors is expected to soar to new heights considerably in the country over the forthcoming years. Rising penetration of smartphones in the region would further add to the market growth curve through 2027.
Some of the key players operating in the market are Teledyne Technologies, Samsung, OmniVision Inc., STMicroelectronics, On Semiconductor, Panasonic Corporation, Sony, Canon, EM Microelectronics (The Swatch Group), and others. These companies have been relentlessly working towards introducing innovative products in the marketplace to score a competitive edge in the global market.
The global outbreak of coronavirus pandemic in 2020 has had a considerable impact on the overall market expansion, majorly due to an acute shortage of semiconductor chips. The semiconductor and automotive industries have been depicting sluggish growth ever since the pandemic spread, thus generating low level sales of image sensors around the globe. However, an increase in the consumer electronics sales volume turned out to be a profitable avenue for the market expansion during 2020.
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