HYDERABAD, India, June 27, 2019 /PRNewswire/ -- The Image Sensors Market is forecast to reach $29.13 billion by 2025, after growing at a CAGR of 8.71% in the period 2019-2025. The growth of the Image Sensors Market can be attributed to increasing applications of image sensors in automotive and industrial segments.
The market for Image Sensors is poised to grow at a rapid pace owing to increasing adoption of image sensors in industrial applications requiring machine vision. The Industrial Image Sensors market is poised to grow at a CAGR of 10.94% in the forecast period. The upcoming wave of Industry 4.0 will utilize image sensors for automation of manufacturing processes to achieve efficient production through a network of vision systems that will monitor operational processes. Going forward, image processing is poised to have great significance in industries for workflow management, inspection and quality assurance applications. This will drive usage of image sensors in the industrial environment. Industrial cameras incorporated with image sensors and machine vision systems can take part in inspection, predictive maintenance, process control, robot guidance systems and track and trace applications. In countries such as Italy and Germany, there is growing governmental support to increase adoption of Industry 4.0. Italy adopted a national plan 'Industrie 4.0' aiming to increase investments into innovation and technology. Similarly Germany started a strategic initiative 'Industrie 4.0' to establish itself as a leader in advanced manufacturing solutions.
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The Asia-Pacific region has emerged as the largest market for image sensors in 2018, with a market share of 34.72%. The domination of the APAC region in the Image Sensors market can be attributed to growing adoption of Advanced Driver Assistant Systems (ADAS) in automobiles. Governmental regulations in terms of vehicle safety in economically advanced countries coupled with consumer demand for active safety features are poised to impact the image sensors market positively. In China, the number of camera installations accounted for over six million units in 2017, which is anticipated to increase to 30 million units by 2021. Trends such as these present excellent growth opportunities for the automotive image sensors market in the APAC region. Additionally, the increasing shift to autonomous vehicles will further propel the image sensors market. A fully autonomous driving vehicle should have more than 25 on-board image sensors for constant monitoring of potential obstacles and traffic. A demand of one million vehicles each year is anticipated by 2025 which will significantly drive the image sensors market.
Image Sensors Market Growth Drivers
Medical diagnostics is a surging application field for image sensors. Growing scope for imaging diagnostics in the medical industry is anticipated to improve the market for medical image sensors, which is mainly driven by applications of image sensors in endoscopy and X-ray imaging. Emerging endoscopy solutions such as capsule endoscopy and disposable endoscopes are poised to fuel growth of the market. An increase in therapeutically treated ailments such as cancer and gastrointestinal diseases coupled with growing patient preference for minimal abrasive surgeries are boosting endoscopy applications globally.
Dual and Triple Cameras in Smartphones
Additionally, smartphones are driving the market growth with growing adoption of dual, triple and quadruple camera set ups. Penetration of dual camera smartphones rose from 3% in July 2016 to 42% in July 2018. Owing to excessive competition amongst market players, companies are forced to tinker with traditional camera setups and grab consumer attention with new features and technological developments, which is leading to an increase in the number of image sensors used in smartphones.
MultiVu in May 2019 announced that they have received $7m as seed funding for development of 3D imaging solutions using a single image sensor instead of the usual practice of two sensors. The company believes that the project will make 3D imaging solutions more affordable.
In October 2018, Sony announced plans to invest $5.3 billion into production of image sensors over three years through fiscal 2020, and position itself for the rise of technologies such as autonomous driving and Internet of Things.
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The Major Players in this Market Include
The major players in the Image Sensors Market include Sony Corporation, Samsung, OmniVision Technologies, On Semiconductor, STMicroelectronics, Panasonic Corporation, Canon Inc., SK Hynix Inc., Galaxycore Inc., Hamamatsu Photonics K.K., Pixelplus Co., Ltd., and Sharp Corporation among others.
In May 2019, Microsoft Corporation announced a strategic partnership with image sensors giant Sony Corporation. This partnership will involve joint development of intelligent image sensor solutions and its integration with Microsoft's Azure AI technology.
In February 2019, U.S.-based Light, a leader in advance computational imaging., partnered with Sony Semiconductor Solutions for development of multi-image sensors for smartphones built with four or more cameras.
The Image Sensors market is anticipated to hugely benefit from the upcoming wave of new technologies in the industrial and automotive sectors in the form of Industry 4.0, which will include autonomous vehicles. This will significantly drive usage of image sensors which they require for monitoring processes in the absence of human intervention. Additionally, the growing market for imaging solutions in medical diagnostics is also anticipated to add to the growth of Image Sensors Market.
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