Image Sensor Market to Reach $87.5 Billion, Globally, by 2032 at 12.9% CAGR: Allied Market Research
The image sensor market growth is attributed to factors such as growing demand for multiple cameras in mobile devices, an increase in the adoption of ADAS systems in automobiles, and a surge in the use of image sensors for biomedical applications.
PORTLAND, Ore., Aug. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Image Sensor Market by Technology (CMOS Image Sensors, CCD Image Sensors), By Application (Consumer Electronics, Defense and Aerospace, Medical, Industrial, Automotive, Security, and Surveillance): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global image sensor market generated $26.3 billion in 2022 and is predicted to reach $87.5 billion by 2032, registering a CAGR of 12.9% from 2023 to 2032.
An image sensor is an electronic device used in a digital camera, smartphone, or other imaging device to capture and transform optical images into digital images. An image sensor is an essential part of digital imaging technology, as it detects and measures the intensity and colour of light falling on its surface. This information is then converted into electrical signals, which can be processed and saved as digital images. Image sensors are usually composed of a collection of photosensitive elements known as pixels, which together capture and store the visual information from a scene being photographed. Size, resolution, sensitivity and other characteristics of an image sensor play an important role in producing high-quality and detailed digital images.
Prime Determinants of Growth:
The image sensor market growth is attributed to factors such as growing demand for multiple cameras in mobile devices, an increase in the adoption of ADAS systems in automobiles, and a surge in the use of image sensors for biomedical applications. On the other hand, the high cost of manufacturing image sensors is anticipated to restrain the market growth during the forecast period. Furthermore, advancements in image sensor technology, and increasing investments in security and surveillance to provide ample growth opportunities in the upcoming years.
Report Coverage & Details:
The CMOS image sensors segment to maintain its leadership status throughout the forecast period-
Based on Technology, the CMOS image sensors segment held the highest market share in 2022, accounting for more than four-fifths of the global image sensor market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 13.01% from 2023 to 2032. This is due to its inherent benefits such as reduced power consumption, accelerated data readout speeds, and the potential integration of extra functions on the sensor chip.
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The consumer electronics segment to maintain its lead position throughout the forecast period-
Based on application, the consumer electronics segment held the highest market share in 2022, accounting for more than three-fourths of the global image sensor market revenue, and is projected to maintain its lead position throughout the forecast period. This segment is driven by the rising demand and technological advancements in consumer electronics devices. On the other hand, the security and surveillance segment is projected to manifest the highest CAGR of 17.68% from 2023 to 2032. This is due to the growing urban population and infrastructure development. These trends and growth factors present significant opportunities for image sensor providers in the Security and Surveillance segment.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for nearly half of the global image sensor market revenue, and is likely to dominate the market throughout the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of some of the major smartphone manufacturers. In addition, the growing population and the rising penetration of smartphones in countries in Asia Pacific are expected to further drive the image sensor market in the near future. Moreover, Europe region is expected to witness the fastest CAGR of 14.03% from 2023 to 2032. Owing to an increase in demand for automotive innovations across the region which are fueling the growth of the market in this region.
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Leading Market Players: -
The report provides a detailed analysis of these key players in the global image sensor market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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