Image Sensor Market Size To Reach $26.41 Billion By 2024

The global image sensor market is anticipated to reach USD 26.41 billion by 2024, according to a new report by Grand View Research, Inc. The industry is poised for an unprecedented growth over the forecast period owing to the rising expenditure on security & surveillance in public places across regions and increasing disposable income across the emerging and developing economies. The impact of information technology in the automotive, defense, medical, and industrial application has driven the demand for image sensors over the projected period.

Increasing adoption of technologies for improving anti-terror equipments mitigating the security lapses has demanded for better camera resolution, which has further enhanced the market growth. The IP cameras are expected to have a significant growth over the forecast period as compared to analog cameras, which is due to higher resolution, secure transmission, ability to cover more distance, high-speed recording, and lower cable cost. Consumer electronics is expected to be the key application segment having the significant penetration and is also anticipated to grow at a considerable rate over the forecast period. The leading companies in the market are seeking new revenue sources as the smartphone market is attaining maturity. This has resulted in increased demand for the image sensors in the wearable industry and other applications.

The increasing R&D expenditure on the deployment to have a raw material access is expected to compel the backward integration at the buyer’s end. For instance, Beijing-based Hua Capital Management Co., Ltd. planned to acquire U.S-based OmniVision Technologies, Inc. in 2016 to overcome the supply shortage in the market.

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Further key findings from the report suggest:

  • In recent years, the image sensor market has observed emerging trend is constant improvements and innovations in the complementary metal-oxide semiconductor (CMOS) imaging technology, fabrication, and design. A common procedure of improving trade-offs between limiters is the incorporation of the circuit design, products with performance CMOS imaging technology designers are offering that is compelling for machine vision applications. Recent developments in the CMOS technology have considerably enhanced signal-to-noise ratio (SNR) levels prevailing in high-speed machine vision applications, superior to the charged coupled device (CCD) technology in terms of cost, functionality, and performance that will boost the image sensor demand in the market.
  • In June 2017, Canon Inc. has also introduced the DSLR model EOS 200D, into the company’s EOS Digital SLR line. The incorporation of this model is a 24MP high-resolution Type C (APS-C) Innovative photo System CMOS sensor, and also it has a Dual Pixel AF system. This incorporation of the model will fuel the image sensor market growth.
  • Vayyar anIsraeli semiconductor company, In July 2017, has introduced 3D sensors that will help in offering self-driving car interior awareness with information about travelers. These inbuild sensors are low-cost and also small in size related to other sending solutions and can offer real-time info about what is going in a car. It includes keeping track of car drivers and monitoring passenger vital signs these will drive the image sensor market gain in the years to come.
  • The industrial/defense application is anticipated to witness a CAGR of over 15.2% over the forecast period. The growth is attributed to the increased defense spending by countries across the region. The increasing performance of the high-end CMOS technology is competing with the CCD technology on the factory floors. Reducing the cost of mainstream cameras and sensors allows vision to be used effectively in the industrial applications.
  • Sony Corp. launched new CMOS image sensors models, in June 2019. They have launched two CMOS image sensor models one is IMX485 type 1/1.2 4K- resolution back-illuminated. Another CMOS image sensor model is the IMX415 type 1/2.8 4K-resolution stacked this model offer low-light performance and it is approximately 80% smaller as compared to the conventional model. These sensor models will help to boost the market demand of the image sensors.
  • The key players in the image sensor market include OmniVision Technologies, Inc., (U.S.), Toshiba Corporation (Japan), and Pixart Imaging, Inc. (China). Companies are focusing on developing new products to enhance their market share.

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