Market Analysis
The worldwide image sensor market is projected to grow from a revenue of USD 21.94 Billion in 2021 to USD 39 Billion approximately by the end of the year 2030, at an outstanding CAGR of 9.6%, during the future period.
Drivers
Rising Concerns for Surveillance in Public Places to Boost Market Growth
The rising concerns for security and surveillance in public places such as railway stations, malls, public squares, and parks coupled with rising terrorist attacks will boost market growth over the forecast period.
Opportunities
Adoption in Medical Imaging to offer Robust Opportunities
Medical diagnostics is a surging application field for image sensors. The growing scope for imaging diagnostics in the medical industry is likely to improve the market that is mainly driven by applications of image sensors in X-ray imaging and endoscopy. The emerging endoscopy solutions like disposable endoscopes and capsule endoscopy are poised to boost market growth. A rise in therapeutically treated ailments like gastrointestinal diseases and cancer and growing patient preference for minimal abrasive surgeries is boosting endoscopy applications worldwide.
Restraints
Easy Availability of LiDAR Solutions to act as Market Restraint
The easy availability of light detection ranging (LiDAR) solutions for the use in autonomous vehicles may impact the global image sensor market share over the forecast period.
Challenges
High Manufacturing Cost to act as Market Challenge
High manufacturing cost coupled with the reduced demand for still cameras may act as market challenges over the forecast period.
Market Segmentation
The image sensor market is bifurcated based on application, technology, operating spectrum, and array type.
By application, the automotive segment will lead the market over the forecast period.
By technology, the CMOS image sensor segment will dominate the market over the forecast period.
By operating spectrum, the visible segment will spearhead the market over the forecast period.
By array type, the linear segment will have the lions share in the market over the forecast period.
Regional Analysis
APAC to Steer Image Sensor Market
APAC will steer the market over the forecast period. The presence of major smartphone manufacturers, growing penetration of smartphones, the rising population, the growing concerns about safety that is boosting the demand for image sensors in the automotive sector, growing adoption of ADAS in automobiles, and the presence of major smartphone companies are adding to the global image sensor market growth in the region.
COVID-19 Analysis
The COVID-19 outbreak has significantly impacted players operating in the image sensor value chain. The surging need for smartphones is a key factor boosting market growth. But with the fall in sales of smartphones due to lockdowns it has taken a toll on the market growth. Further, these lockdowns have impacted the production of image sensors. They have also impacted the GPD of countries and the per capita income of people across the globe. The low disposable income has led to reduced purchasing power of masses, thus resulting in a fall in the growth of the market.
Key Players
Eminent players profiled in the global image sensor market report include Sony Corporation (Japan), Samsung Semiconductor Inc. (South Korea), OmniVision Technologies Inc. (U.S.), Aptina Imaging Corporation (ON Semiconductor) (U.S.), Himax Imaging (Taiwan), GalaxyCore Inc. (China), SK Hynix Inc. (Korea), and STMicroelectronics N.V (Switzerland) among others.
The global image sensor market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, and more.
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