An image sensor is a type of sensor which is installed in various devices. It translates the light waves into signals and conveys information about the image when detected. The image sensor is used to manufacture devices across various industries including consumer electronics, healthcare, and automotive.
According to the report, the Global Image Sensor Market is projected to increase at a CAGR of 7.91% over the forecast period 2019-2025.
Growing demand for various consumer electronics
Increasing global sales of consumer electronics is the major driver of global image sensor market. Rising purchasing power and increasing urbanization is encouraging people to buy smart devices such as smartphones, tablets, and others which, in turn, is bolstering the market growth of image sensor globally. Increasing focus on surveillance and security is also spurring the market growth of image sensors. Growing global gaming and entertainment industry is also augmenting the demand for image sensors. This is due to the fact that this industry heavily relies on audio-visuals which require the use of image sensors. Increasing investments in the healthcare sector is another major driver of global image sensor market. Rise in the demand for advanced medical devices is spurring the demand for image sensors.
APAC projected to witness a significant CAGR during the forecast period
Geographically, the global Image Sensor market is segmented as North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). APAC is projected to grow at a substantial CAGR during the forecast period owing to the presence of major manufacturers across consumer electronics industry in countries like China, India, and South Korea. In August 2019, Samsung Electronics announced to supply ultrahigh-resolution image sensors to Chinese smartphone manufacturers- Xiaomi and Oppo. Rising manufacturing of automobiles in various APAC countries is also a driving factor for the growth of APAC image sensor market. North America Image Sensor market also holds a significant market share over the forecast period on account of early adoption of new technologies in countries like the U.S. and Canada supported by the presence of major market players in the region. Growing military and defense budget in the U.S. will further continue to drive the demand for image sensors, thus positively impacting the overall regional market growth during the next five years. Supportive government policies to ramp up the domestic manufacturing across various end-use industries will also escalate the demand for image sensors in the North American region during the forecast period.
The major players covered as part of the report are Omni Vision Technologies Inc., ams AG, Hamamatsu Photonics K.K., SK Hynix Inc., Samsung Electronics, Semiconductor Components Industries, LLC, and Teledyne Imaging Inc. among others.
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This report has segmented the global Image Sensor marketon the basis following segments