Low Light Imaging Market Worth $19.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 23, 2022 /PRNewswire/ -- Low light imaging market size is expected to grow from USD 12.1 billion in 2022 to USD 19.9 billion by 2027, at a CAGR of 10.4% during the forecasted period according to a new report by MarketsandMarkets™. One of the major drivers for the growth of low light imaging market include growing use of low light image sensors in advanced medical imaging applications. However, declining demand for digital still cameras is one of the major restraints of the low light imaging market.
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The low light imaging market dominated by the major Tier I suppliers like Sony Group (Japan), Samsung Electronics Co., Ltd. (South Korea), STMicroelectronics N.V. (Switzerland), and Hamamatsu Photonics K.K. (Japan). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Rest of the World.
CMOS technology is expected to be emerged as the fastest growing segment in low light imaging market during the forecasted period
Advancements in CMOS image sensor technology have improved the performance of image sensors, which has increased the penetration of CMOS technology in consumer electronics. Low prices of CMOS sensors and enhanced performance have boosted the market for CMOS technology. In addition, companies operating in the low light imaging market are releasing different types of CMOS image sensors not only to meet the growing demand but also to stay ahead of the competition. Sony Group, Samsung Electronics Co., Ltd. (Japan), OMNIVISION (US), STMicroelectronics (Switzerland), ON Semiconductor Corporation (US), Panasonic Corporation (Japan), and Canon Inc. (US) are some key players that offer CMOS image sensors.
Monitoring, inspection & detection is expected to be emerged as the fastest growing application in low light imaging market during the forecasted period
In the medical and life sciences vertical, endoscopes and catheters are the most common devices in which low light imaging cameras are used for monitoring, inspection, and detection application. Moreover, rising demand for low light imaging cameras and growing adoption of LiDAR technology in the automotive industry are some of the major factors to boost the growth of the low light imaging market for the monitoring, inspection, and detection application.
Automotive is expected to be emerged as the fastest growing segment in low light imaging market during the forecast period
Rising trends of adoption of advanced driver assistance systems and park assistance systems for various functions/applications such as adaptive cruise control, automatic high beam control, traffic sign recognition, lane keep systems, and forward-collision warning is expected to provide an opportunity for the automotive camera market. Sony Group, Samsung Electronics Co., Ltd., OMNIVISION, STMicroelectronics, ON Semiconductor Corporation, Panasonic Corporation, and PixArt Imaging Inc. are some key players that offer low light image sensors for automotive applications. In May 2022, OMNIVISION partnered wih Valens Semiconductor to bring to market a MIPI A–PHY-compliant camera solution for the automotive industry. These product launches is expected to boost the adoption of low light imaging market for automotive industry.
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North America is likely to be emerge as the second fastest growing region during forecasted period
The US and Mexico are the key countries in this region that are driving the growth of the low-light imaging 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. North America presents lucrative opportunities for market growth as there is constant progress in image sensor technology in the region. OMNIVISION Technologies (US), ON Semiconductor (US), Teledyne Technologies (US), are a few of the major market players based in North America.
Sony Group (Japan), Samsung Electronics Co., Ltd. (South Korea), OMNIVISION Technologies (US), STMicroelectronics N.V. (Switzerland), ON Semiconductor Corporation (US), Panasonic Holdings Corporation (Japan), Canon Inc. (Japan), PixArt Imaging Inc. (Taiwan), Hamamatsu Photonics K.K. (Japan), and Teledyne Technologies Incorporated (US) are few major players in the low light imaging market.
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