Global Image Sensors Market to Record a Stupendous Growth Rate: Forecast to Grow at the CAGR of 8.4% by 2027 | BlueWeave

Noida, INDIA


Noida, Nov. 24, 2021 (GLOBE NEWSWIRE) -- The global image sensor market is growing at a high CAGR because of its wide application in manufacturing various consumer electronics and other devices, such as smartphones, security and surveillance cameras, medical imaging equipment, etc…

The most important component in producing sharp, high-resolution photos is the image sensor. A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global image sensor market was worth USD 18.7 billion in 2020. According to the study, the image sensor market is estimated to reach a CAGR of 8.4%, earning around USD 32.8 billion by 2027. Increasing demand for smartphones and other consumer electronic products drives the global image sensor market. As a result, smartphone manufacturers are increasingly investing in advanced image sensors for their smartphones as it directly impacts the quality of images shot using smartphones. Also, the increasing use of image sensors in the healthcare and automotive industries is propelling the growth of the global image sensors market.

The global image sensors market has undergone a significant transition in recent years. The transformation of image sensors in the global market has been fueled by technological advancements and the widespread utilization of images in many applications. Sensing equipment has grown cheaper, smaller, and more power-efficient as a result of increased R&D investments, providing opportunities for industry players. Over the projection period, the growing mobile phone segment, particularly smartphones, is expected to drive the market’s growth.

Scope of the Report

AttributesDetails
Years ConsideredHistorical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027
Facts CoveredRevenue in USD Billion
Market CoverageU.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/SegmentationBy Technology, By Processing Technique, By Spectrum, By Array Type, By Resolution, By Region
Key PlayersOmniVision Technologies, Inc., Toshiba Corporation, Pixart Imaging, Inc., Sony Corporation, Realme, Samsung Electronics Co., Ltd., One Plus Technology Co., Ltd., Huawei Technologies Co., Ltd., Guangdong OPPO Mobile Telecommunications Corp., Ltd, Vivo Communication Technology Co. Ltd, ON Semiconductor Corporation, STMicroelectronics NV, Teledyne Technologies Inc., Panasonic Corporation, Hamamatsu Photonics K.K., Canon Inc., Nikon Corporation, Aptina Imaging Corporation, Fujifilm Corporation, and other prominent players.

Increased Use of High-Resolution Cameras with Image Sensors in Mobile Devices Is Boosting Market Growth

One of the primary factors driving the growth of the image sensor market is the increasing number of cameras used in mobile devices such as smartphones and tablets. As the importance of camera features and image quality in smartphones grows, OEMs are developing advanced image sensors with a compact footprint & greater functionality to keep smartphones usable and thin. For instance, multiple cameras installed in a single unit of a smartphone nowadays offer optical zoom, low-light photography, increased high-dynamic range (HDR), and as well as portrait mode switching and 3D imaging features. Such attractive features are driving the growth of the market.

Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/image-sensor-market#report-sample

Growing Demand for Consumer Electronic Products is Favoring the Global Image Sensor Market

Based on their spectrum, image sensors are categorized into visible spectrum and non-visible spectrum. The visible spectrum segment dominates the market due to its adamant application in consumer electronic products, such as smartphones and tablets. With the increasing trend of smartphone photography and consumers' growing interest in producing high-quality images, demand for visible spectrum image sensors is rising globally. On the other hand, the non-visible spectrum is expected to proliferate due to its use in the security, surveillance, and defense sectors, which produce images in low light conditions.

Increasing End-User Industry Utilization Propelling the Demand of Image Sensors

The need for high-quality images in smartphone cameras and CMOS technology is increasing exponentially with technological advancements. Government agencies and military forces have long utilized high-speed imagery to increase ballistic weapon understanding & performance while also learning more about impact physics. Similarly, consumer uses of high-speed image technology originate from the field of automotive crash testing, which drives up demand for CMOS sensors. Due to the inclusion of cameras in smartphones, image capturing has increased dramatically, which, along with lower smartphone penetration rates, is expected to boost the global image sensors market.

Area Image Sensors Are Anticipated to Witness Highest CAGR During the Forecast Period

The global image sensor market is segmented into linear and area image sensors based on array types. Linear image sensors hold the largest market share because they are used in various electronic devices for image processing, such as cash machines, barcode readers, line scan cameras, image scanners, and copy machines. However, the area image sensors are anticipated to witness the highest CAGR during the forecast period. The growing application of image sensors in the automotive industry for making camera-enabled systems for automatic emergency braking, autonomous driving, etc., is propelling the growth of area image sensors in the global image sensors market.

Global Image Sensor Market - By Resolution

Based on resolutions, the global image sensor market is categorized into VGA, 3 MP to 3 MP, 5 MP to 10 MP, 12 MP to 16 MP, and more than 16 MP. Among these, the 12 MP to 16 MP segment accounts for the largest market share. These resolution image sensors are prominently used in budget smartphones because of their low prices, thereby fueling their market demand. On the other hand, the growing application of 12 MP to 16 MP image sensors in automotive plays a crucial role in driving market growth.

Global Image Sensor Market - Regional Insights

Geographically, the global image sensor market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the global image sensor market and is also anticipated to witness the highest CAGR during the forecast period. Image sensors are prominently used in smartphones and automobiles. The Asia-Pacific countries like China, India, Japan, South Korea, etc., are the leading manufacturers of image sensors. The smartphone and automotive brands based in these regions significantly invest in expanding their production capabilities and adopting advanced technologies, such as automated braking systems. These factors are anticipated to drive the image sensor market in the Asia-Pacific region. According to the IoT news, by 2030, the Asia-Pacific region will account for more than a quarter of worldwide smart home sales, reaching USD 120 billion. Currently, Japan is the region's market leader. Last but not least, the region's need for image sensors is also projected to be driven by the deployment of smart homes.

Impact of COVID-19 on Global Image Sensor Market

The COVID-19 outbreak has had a positive impact on image sensor market. One of the major factors driving the growth of the image sensor market is the rising global demand for smartphones. The growing need for image sensors has been spurred by the increased demand for smartphones as a result of remote working and online schooling, both of which have become new norms since the pandemic broke out. However, due to global lockdowns implemented by various governments to prevent the spread of the COVID-19, the growth of the image sensor market has stagnated. Furthermore, the production of image sensors has been damaged as a result of lockdown restrictions. Moreover, the restrictions have also had an impact on countries' GDP and individual per capita income around the world. Low disposable income has diminished the purchasing power of the masses, resulting in a decline in the overall market's y-o-y growth. Thus, it sabotaged the growth of the semiconductor market by creating a severe shortage of semiconductors. Nevertheless, the market is expected to gain significant traction in the post-COVID-19 period.

Competitive Landscape

The image sensors market is highly competitive due to the large number of competitors who sell their products both domestically and internationally. The leading players in the global image sensor market are OmniVision Technologies, Inc., Toshiba Corporation, Pixart Imaging, Inc., Sony Corporation, Realme, Samsung Electronics Co., Ltd., One Plus Technology Co., Ltd., Huawei Technologies Co., Ltd., Guangdong OPPO Mobile Telecommunications Corp., Ltd, Vivo Communication Technology Co. Ltd, ON Semiconductor Corporation, STMicroelectronics NV, Teledyne Technologies Inc., Panasonic Corporation, Hamamatsu Photonics K.K., Canon Inc., Nikon Corporation, Aptina Imaging Corporation, Fujifilm Corporation, and other prominent players.

The market is highly concentrated, with the presence of technology behemoths. The technology giants  significantly invest towards introducing advancements into their existing products for improving their offerings. The global image sensor market also employs competition strategies such as mergers & acquisitions, joint ventures, and partnerships to stay ahead of the pack. In 2020, Sony held the largest CMOS image sensor market share, while Samsung came in second. Samsung had a 25% revenue share in the first six months of 2021, down from 28% a year earlier. On the other hand, Sony led the market with a 42 % revenue share, slightly down from 45% a year earlier, and OmniVision came in third with a 13% revenue share, up from 9% a year earlier. Smartphone OEMs accelerated their adoption of high-resolution CIS and low-pixel CIS products for multicamera applications, allowing image sensor providers to secure inventory and fulfill pent-up demand.

Don’t miss the business opportunity of the global image sensors market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global image sensors market. It also highlights the factors driving forecasts of total market size. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market. The report promises to provide recent global image sensors market technology trends and industry insights to help decision-makers make sound strategic decisions.

Please Find Below Some Related Report:

Global 3D and 4D Technology Market, Forecast & Opportunities, 2017-2027

Global 360-Degree Feedback Software Market, Forecast & Opportunities, 2017-2027

Global Education Gamification Market, Forecast & Opportunities, 2017-2027

Global Cybersecurity Sandbox Market, Forecast & Opportunities, 2017-2027

Global Influencer Marketing Platform Market, Forecast & Opportunities, 2020-2027

About Us 

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com

https://www.blueweaveconsulting.com/

https://www.linkedin.com/company/blueweaveconsulting/