The image sensor market was valued at USD 14.19 Billion in 2017 and is projected to reach USD 24.80 Billion by 2023, growing at a CAGR of 9.75% between 2017 and 2023.
Major factors driving the growth of this market include the increasing penetration of image sensors in automobiles, the trend of miniaturization and dual camera in smartphones and tablets, and the demand for improved medical imaging solutions.
This report segments the image sensor market on the basis of technology, processing type, spectrum, array type, vertical, and geography. The image sensor market for CMOS technology is expected to hold the largest share by 2023. CMOS image sensors are preferred over CCD sensors owing to small size, low power consumption, ease of integration, faster frame rate, and lower manufacturing cost. Advancement in the CMOS image sensor technology has improved the performance of image sensors, which have increased the penetration of the CMOS technology in consumer electronics. Lower selling price and enhanced performance have boosted the market for the CMOS technology.
The 3D image sensor market for image sensors is expected to grow at the highest CAGR 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.
The market for non-visible spectrum is expected to grow at the fastest rate during the forecast period. The market for non-visible spectrum is gaining traction owing to its increasing use in automotive, medical, consumer electronics, and industrial applications.
Increasing Penetration of Image Sensors in Automobiles
Trend of Miniaturization and Dual Camera in Smartphones and Tablets
Demand for Improved Medical Imaging Solutions
High Manufacturing Cost
Innovation By OEMs of Image Sensors Will Lead to the Increase in the Use of Image Sensors in Applications Such as Machine Vision, ADAS, and Wearables
Decreasing Market for CCD Technology and Migration From CCD to CMOS is Posing as A Challenge