-- Emerging applications in the automotive, industrial, and medical segments will ensure strong market growth
LONDON, March 5, 2014 /PRNewswire/ -- Consumer demand for high-quality imaging capabilities, enhanced viewing experience, and power saving capabilities in cell phones, tablets, and industrial machine vision will lend momentum to the global optical and image sensors market. Evolving opportunities in the automotive, security and medical sectors will further drive the development of high-performance, high-priced sensors with features such as wide dynamic range and low-light sensitivity.
New analysis from Frost & Sullivan (http://www.sensors.frost.com), Strategic Analysis of the World Optical and Image Sensors Market, finds that the market earned revenues of $9.07 billion in 2013 and estimates this to reach $15.12 billion in 2019.
"For entry into automotive markets, sensor manufacturers need to work with large original equipment manufacturers (OEMs) to develop the next generation of automotive vision systems," said Frost & Sullivan Measurement and Instrumentation Senior Industry Analyst Sankara Narayanan. "For the medical segment, attaining complexity of design and adhering to strict safety standards will be crucial."
Maintaining a balance between high image quality, technology and price is the biggest challenge for optical and image sensor suppliers. This is compounded by the large number of established and emerging participants, especially in the consumer electronics segment that have intensified competition and pricing pressures. Since smaller manufacturers find it difficult to differentiate products by any factor other than price, their entry into high-volume application markets will be tough.
Another barrier for entrants is the strong brand image and customer loyalty that established competitors have built in the image sensors market. Smaller manufacturers need to enhance their product development and target niche areas (low volume but high margin) to contend with large companies.
"A successful product differentiation strategy can move a product from competing purely on price to other non-price factors," noted Sankara Narayanan. "Shortening the development time for optical and image sensors too is important because they are primarily targeted at the consumer market where product life cycles are short."
Overall, superior product quality, consistent innovation, and strong relationships with top-tier companies including cell phone, tablet, automotive, and medical OEMs are critical ingredients to success in the optical and image sensors markets.
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Strategic Analysis of the World Optical and Image Sensors Market
SOURCE Frost & Sullivan