Chicago, May 08, 2024 (GLOBE NEWSWIRE) — The Image Sensor Market size is projected to reach USD 38.6 billion by 2027 from an estimated USD 26.1 billion in 2022, at a CAGR of 8.1% from 2022 to 2027. Growing adoption of ADAS in automobiles and rising demand for multiple cameras in mobile devices are among the factors driving the growth of the image sensor industry.
To know about the assumptions considered for the study
- Sony Group (Japan),
- Samsung Electronics Co., Ltd. (Japan),
- OMNIVISION (US),
- STMicroelectronics N.V. (Switzerland),
- GalaxyCore Shanghai Limited Corporation (China),
- ON Semiconductor Corporation (US),
- Panasonic Holdings Corporation (Japan),
- Canon Inc. (Japan), SK hynix Inc. (South Korea),
Image Sensor Market Share Dynamics:
Driver: Rising demand for multiple cameras in mobile devices
The growth in the number of cameras in the smartphones has bolstered the image sensor market. High-resolution image sensors are being adopted by smartphone rear cameras along with different types of cameras such as standard/main camera, telephoto or periscope zoom camera, ultra-wide camera, monochrome camera, depth sensor or 3D ToF sensor, and macro camera. Addituionally, the growing adoption of smartphones on a global scale and the increasing popularity of smartphone photography has created a surge in the demand for image sensors.
Restraint: Growing preference for LiDAR solutions by automobile manufacturers
LiDAR systems use millions of laser pulses to measure the change in the distance and require finely tuned systems to make accurate and faster decisions than humans. These systems offer higher accuracy and precision than image sensor cameras, with some drawbacks such as high-power consumption, poor performance in difficult weather, heavyweight, and high costs. Despite these disadvantages, automobile companies still prefer LiDAR systems over image sensor camera systems. The easy availability of light detection and ranging (LiDAR) solutions for use in autonomous vehicles is restraining the growth of the image sensor market.
Opportunity: Rising innovations and advancements in image sensors
Image sensor innovations focus on enhancing image quality by increasing pixel density on the sensor, lowering noise, and optimising the size of the sensor platform. Image sensors will gain significant value from features such as depth sensing as they are employed in robotic surgery systems and surgical navigation and guidance systems. The multiple innovations by the ecosystem players also provide ample opportunities for the growth of image sensors. For instance, from January 2022 onwards, approximately 23 product launches were observed by the top image sensor players.
Challenge: Reduced time-to-market of smartphones creates challenges for image sensor manufacturers
The majority of digital cameras with image sensors are marketed in the consumer market are extremely competitive due to the constantly shortened time-to-market for new and improved versions. Because of the continuously shortening product lifecycles, product lines must be constantly improved. As a result, reducing development time is a significant challenge, given that the company that is the first to market the new or improved version can gain a significant competitive advantage.
