Image Sensors Market Overview:
The camera technology is advancing at a rapid rate, and the UAV drones have successfully penetrated the market with one million drones registered with the US Federal Aviation Administration alone, according to a report by the U.S. Department of Transportation. Similarly, the application of UAV drones has become prevalent across the globe which is leading to a subsequent surge in the production of drones which are bestowed with image sensors. Now, this is creating a huge image sensors market size which was valued to be an impressive $15 billion to $20 billion according to this business intelligence report by IndustryARC’s market analyst. Furthermore, the image sensors market growth is estimated to be a noticeable 8% to 9% in terms of CAGR during the forecast period of 2019 to 2025.
China is a major producer of consumer electronics like mobile phones, digital cameras, tablets, and other such products that contain a camera. Furthermore, other Asian countries such as Taiwan, the Philippines, Indonesia, and India are also tangibly growing in the consumer electronics sector. Now, the image sensors are an integral part of these consumer electronics products. This is attributed to the catapulting sales of image sensors in the APAC region which bears around 35% of the image sensors market share.
Image Sensors Market Outlook:
An image sensor or imager is a sensor which conveys information that is used to make an image. They are either semiconductor charge-coupled devices (CCDs) or active pixel sensors in complementary metal-oxide-semiconductor (CMOS). Image sensors market size mainly attributes to their applications in the electronic imaging devices such as digital cameras, camera modules, medical imaging equipment, night vision equipment, and thermal imaging devices. In general, their area of application is in consumer electronics, industries, security & surveillance, and medical sector. “The burgeoning usage of mobiles and the much-anticipated growth in the production of the same happen to be the most attributable reasons for the estimated growth in the demand for image sensors,” remarks the market analyst in the image sensors market research report. Furthermore, the expert estimates its application CAGR in the mobile segment to be around 9% through to 2025.
Image Sensors Market Growth Drivers:
- The Growth of Medical Diagnosis through Imaging –
In contemporary times, the field of medical diagnosis is constantly making strides by leveraging advanced technology such as imaging using the image sensors. With 5,000 to 8,000 rare diseases which don’t have a formulated solution, the medical industry is investing more and more in diagnosis which is creating a continuous need for the imaging sensors for medical imaging. This requirement for the advanced diagnosis is creating a huge image sensors marketplace.
- The Rising Demand for CCTV Cameras for Security and Surveillance –
The construction industry is flourishing with a myriad of real estate properties like buildings and shopping malls being inaugurated on a daily basis across the globe. The shopping malls construction is expected to grow in the future due to the holistic facility they provide to the consumers. Moreover, the world population is projected to reach over 8.6 billion by 2030, according to a report by the United Nations. This makes up a remarkable growth in the residential real estate sector in the future. Now, these real estate buildings are now incorporated with CCTV cameras for security and surveillance which largely supports the image sensor market.
- The Application of Image Sensors in the Automotive Sector –
The rising sales of the passenger cars attributed to the affordability due to the relatively high income is a factor influencing the increasing image sensors market size. The modern passenger cars and other automotive vehicles come with driver-assistance applications which need a 360-degree surround camera which again aids the growing demand for image sensors. In near future, the automotive industry will be moving towards autonomous trucks and cars which will further flourish the image sensors market.
Image Sensors Market Challenges:
Image sensors are performance critical, and the product is expected to act as a human eye, especially in the real estate and automotive sector. So, it’s a bit challenging for the vendors to provide a product that is free from flaws. Leveraging the advancing technology, constant reinvention of manufacturing operations, and significant investment in R&D are some ways to overcome the challenge.
Image Sensors Market Key Players Perspective:
Sony is the market leader in the image sensors market. It produces the highest-resolution image sensors which are used by a gamut of consumer electronics companies including Apple. Some other key players in the image sensors market are Samsung, Omnivision, On Semiconductor, STMicroelectronics, Panasonic, Canon, SK Hynix, Galaxycore, Hamamatsu, Pixelplus, ams, and Sharp.
Image Sensors Market Trends:
- Latest Development – A South Korean research team has developed an image sensor that captures vivid colors without using color filters. It’s an organic image sensor with a high color selection that utilizes a bonding technique between organic semiconductors and transparent electrodes. Now, this is going to be a revolutionary change in the image sensors market, and the big giants and the emerging vendors will be leveraging the technology to provide better products.
- Canon has introduced a 120 MP (13,280 x 9,184 active pixels) image sensor which provides the best surveillance solutions.
Image Sensors Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the image sensors market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of image sensors market, and their specific applications in the consumer electronics, industrial, medical, and security and surveillance sectors.
Image Sensors Market Report: Industry Coverage
The report analyses the product demands on the bases of the technology used in the image sensors which can be CMOS or CCD. Furthermore, it analysis the product demand in different applications as mentioned above.
The image sensors market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia