An image sensor is a type of sensor that is installed in various devices used to translates the light waves into signals and conveys information about the image when detected. Image sensors are widely used across various industries, prominently in consumer electronics.
Increasing Investment in Industrial Automation
Industrial automation has revolutionized the way industries operate. Automation has also led to many new approaches that were not previously possible by human-controlled machines. According to the 2016 World Robotics Report by the International Federation of Robotics (IFR), the number of industrial robots deployed will increase to 2.6 million worldwide by 2019. Industrial PCs along with being a core part of industrial automation, also provide a leu of supplementary benefits to automation by checking for machinery damages and maintaining proper service schedules, further increasing its need with the rising industrial automation.
Increase in Demand for Consumer Electronics
Image sensors like CMOS sensor is an electronic chip that converts the photons to electrons which are further used for digital image processing. Consumer electronics comprising CMOS sensors include smartphones, wearables, and cameras, in which smartphones hold a significant share for the image sensor market resulting from the continuous technological advancements across the globe, among the manufacturers of these devices. Furthermore, due to the increasing adoption of consumer electronics and the availability of a variety of products, the demand for consumer electronics is increasing, simultaneously which will further push the demand for image sensors during the forecast period. In addition, the increasing household consumption expenditure also plays an important role in increasing the demand for consumer electronics, which further favour the image sensors market trend in the coming years. For instance, as per the World Bank, the household’s final consumption expenditure has grown remarkably from US$2.732 trillion in 2011 to US$4.698 trillion by 2017(Source: The World Bank Group).
The Automotive Industry Is Holding a Significant Share in the Global Market
The automotive market is expected to capture a significant share of CMOS image sensors on account of the technological advancements in the latest vehicles that are manufactured with inbuilt Advanced Driver Assistance Systems (ADAS). The vehicles are equipped with backup cameras with blind-spot detection and collision avoidance. Furthermore, CMOS image sensors are expected to have increased demand on account of an increasing number of applications like reverse cameras and parking cameras, simultaneously increasing awareness of dash-cams in vehicles will also push the demand for these sensors in the automobile sector during the forecast period. The growing number of automobiles is another factor driving the demand for CMOS image sensors. In fact, as per the International Organization of Motor Vehicle Manufacturers, the number of automobiles has grown to 5746808 units by 2016 from 5439904 units from 2013, which is expected to grow further at a significant rate owing to a rise in disposable income.
Today advanced optical measurement solutions are used for the measurement of different components for the development, inspection, and evaluation of products to ensure it meets the stringent industry standards. To maintain the quality of the product more number of companies are adopting precision engineering solutions for faster product analysis and enhance the ability to make quick and accurate changes if needed, which in turn is boosting the adoption of image sensor across semiconductor industry. The manufacturing industry has been increasingly using optical measurement systems to identify and eliminate potential causes of defects at various stages of product development, thereby reducing rejection rates and improving the quality of products and increasing productivity. The aerospace industry is also witnessing the increasing use of various optical measurement systems and sensors to minimize the overall cost and saving time. In addition, the growing demand for 3D metrology which plays an important role in the lightweight components’ development process is anticipated to boost the demand for advanced image sensors in the coming years.
Asia Pacific Region Is Anticipated to Witness Exponential Growth in the Global Market
The rising disposable income is expected to push the demand for consumer electronics which is simultaneously going to push the demand for CMOS image sensors. In addition, expanding the automotive industry is expected to boost the demand for CMOS image sensors during the forecast period. For instance, according to the International Organization of Motor Vehicle Manufacturers, automotive production in China has increased from 19.27 million units in 2012 to 25.7 million units in 2018.
Current Health Expenditure per Capita, China, 2000 to 2018, in US$
Source: The World Bank, Knowledge Sourcing Intelligence Analysis
Furthermore, an increase in the investment in the healthcare sector by both public and private players are also expected to anticipate the demand for CMOS image sensors owing to its applications in medical imaging (Endoscopy and X-rays), peripheral vein imaging and surveillance. Moreover, an increase in the military expenditure is also expected to further boost the demand for these sensors during the forecast period, for their application in various activities such as unmanned vehicles and surveillance. As per the World Bank Group, the military expenditure in China increased from US$115.712 billion in 2010 to US$228.231 billion by 2017.
Furthermore, favorable healthcare policies and initiatives by major players and governments in the country are further projected to expand the network of monitoring systems that uses image sensors. For instance, In April 2018, British software developer Medopad, in collaboration with its Chinese partners started seeking investors to launch a pilot program offering monitoring systems designed to remotely collect biometric data on hospital outpatients suffering from chronic diseases. In addition, rapid innovations in the telecommunications industry within the region are also projected to amplify the demand for advanced healthcare monitoring solutions within the region. In May 2019, recently established a 5G remote ultrasound clinic for the army personnel and residents on the islands in the South China sea, allowing them to get timely medical treatment via 5G technology.