The global image sensors market was valued at USD 13.6 billion in 2017, and is expected to witness a CAGR of 10.3%, during the forecast period (2018 – 2023). Excessive adoption of image sensors technology among the automotive industry is the major factor driving the growth of global image sensor market. Image sensor is used for converting an optical image into an electronic one and it is extensively being used in imaging devices and digital cameras that helps in converting imaging devices into a digital image.
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Increasing demand for dual camera in smartphone and tablets along with miniaturization are the major factors driving the growth of the image sensors market. It has been observed that CMOS based technology is extensively being utilized in dual-camera smart phones that leads to increasing popularity of these phones among various gen-next photographers. Moreover, excessive demand for improved medical imaging systems is other factor pertaining towards the growth of the image sensors market. These factors are thereby bolstering the growth of the image sensors market across the globe at a rapid pace.
Globally industry players are leveraging market growth through new product development, mergers & acquisitions, partnerships, increased investments and technological upgradation that is supporting the image sensors market growth across the globe.
Geographically, Asia-Pacific hold the largest share in the image sensor market, globally. The growth of image sensors market in this region is due to increasing industrialization and research and development activities. Additionally, increasing requirement of safety related directives in the automotive domain is increasing due to large number of accidents cases.
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Extensive accident cases are thereby instilling the requirement for ADAS (advanced driver assistance system) in the automobile domain with the assimilation of progressive image sensing proficiencies acting as a major market driver, and further accentuating the growth of image sensors market in this region.
The key players in the image sensors market include Sony Corporation, Samsung Electronics Co. Ltd., OmniVision Technologies Inc., Panasonic Corporation, Canon Inc., Toshiba Corporation, SK hynix Inc., STMicroelectronics N.V., ON Semiconductor Corporation and Hamamatsu Photonics K.K.
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