Chicago, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Image Sensor Market size is estimated to be USD 26.1 billion in 2022 and is projected to reach 38.6 billion by 2027, at a CAGR of 8.1% during the forecast period, according to a new report by MarketsandMarkets™. Growing adoption of ADAS in automobiles and rising demand for multiple cameras in mobile devices play a key role in driving the growth of image sensor market in near future.
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Cost-effective manufacturing and low power consumption stimulates CMOS image sensor growth
In 2021, the CMOS image sensors segment accounted for the largest size of the image sensor market and a similar growth trend is expected during the forecast period. This growth can be attributed to the high adoption of organic growth strategies by the market players and technological evolution in sensors. Also, advancements in the CMOS image sensor technology have improved the performance of image sensors, which has increased the penetration of the CMOS technology in consumer electronics. Low prices and enhanced performance have boosted the market for CMOS technology. In addition, companies are developing CMOS image sensors with high resolution and built-in artificial intelligence (AI) capabilities to create new revenue streams for them.
12 MP to 16 MP resolution segment to grow at the fastest CAGR in the image sensor market
The 12 MP to 16 MP segment of the market is projected to grow at the highest CAGR from 2022 to 2027. The key factor contributing to the growth of this segment is the increased demand for image sensors from consumer electronics and automotive end-users. The shift to high-resolution image sensors, especially in machine vision systems, is driven by improved technology and the price reduction of these camera components and modules. Image sensors are also being increasingly adopted in a number of applications, ranging from machine vision in robotics, ADAS in vehicles to magnetic resonance imaging (MRI) and 3-dimensional (3D) motion sensors. These factors are expected to spur the growth of the 12 MP to 16 MP segment in the near future.
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North America accounted for the second largest share of the image sensor market
The increasing demand for image sensors for consumer electronics, industrial, automotive, healthcare, and security & surveillance applications is expected to support market growth in North America. The image sensor market in North America is driven by the presence of key industry players in the region such as OMNIVISION, On Semiconductor, and Teledyne Technologies Incorporated. North America presents lucrative opportunities for market growth as there is constant progress in image sensors in the region.
Sony Group (Japan), Samsung Electronics Co., Ltd. (Japan), OMNIVISION (US), STMicroelectronics N.V. (Switzerland), GalaxyCore Shanghai Limited Corporation (China), ON Semiconductor Corporation (US), Panasonic Holdings Corporation (Japan), Canon Inc. (Japan), SK hynix Inc. (South Korea), and PixArt Imaging Inc. (Taiwan), are some of the key players in the image sensor market.
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