According to a report by MarketsandMarkets, the image sensor technology market was valued at USD 14.19 Billion in 2017 and is projected to reach USD 24.80 Billion by 2023. According to the report, "Image Sensor Market by Technology (CMOS, CCD), Processing Type (2D, and 3D), Spectrum (Visible, and Non- Visible), Array Type (Linear, and Area), Vertical (Automotive, Consumer Electronics, Industrial), and Geography - Global Forecast to 2023", the market will grow at a decent CAGR rate of 9.75% between 2017 and 2023.
Major factors driving the growth of the image sensor market include the increasing penetration of image sensors in automobiles, the trend of miniaturization and dual camera in smartphones and tablets and demand for improved medical imaging solutions.
Consumer Electronics is Expected to Hold the Largest Market Share by 2023
Consumer electronics is the largest market for the image sensor industry. The major factor for this huge market is the advancements in the CMOS technology, which have tremendously increased the penetration of image sensors into consumer electronics such as smartphones and tablets. Smartphones and tablets accounted for a share of more than 85% of the overall image sensor market for consumer electronics. Enhanced smartphone cameras, along with the inclusion of secondary camera and dual camera, have expanded the image sensor market.
3D Image Sensors to Grow With the Highest Growth Rate During the Forecast Period
3D image sensors find its application in fast-growing applications such as ADAS, machine vision, and computer vision. Another driver that is expected to drive the market for 3D image sensors is artificial intelligence in smartphones. Some companies, such as Apple, are already working on the inclusion of 3D image sensors in smartphones, and other smartphone manufacturers are expected to follow the same trend.
APAC to Be the Largest Market for Image Sensors by 2023
Demand for image sensors is mainly driven by consumer electronics application, which includes smartphones and tablets, cameras, computers, and wearable electronics. With the increasing demand for dual cameras in smartphones and tablets, the demand for image sensors is expected to increase further. Automotive is another application that will contribute to the growth of the image sensor market in APAC, mainly in China. The development of advanced driver assistance system (ADAS) for automotive application is also expected to boost the demand for image sensors.
The report also profiles the most promising players in this market. The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with.