Image Sensors Market Forecast to Reach $29.13 Billion by 2025

The Image Sensors Market is forecast to reach $29.13 billion by 2025, by growing at a CAGR of 8.71% during 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 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 and autonomous vehicles.

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Image Sensors Market Segment Analysis - By Technology

CMOS image sensors hold a major share in the image sensors market globally. They find varied range of applications covering customer electronics, security and surveillance, automotive and others owing to the advantages offered by them in terms of compactness, higher frame rates low power consumption and importantly the costs over the other types of image sensors. Additionally, the emergence of multi camera-equipped smartphones has impelled the market for CMOS sensors in the recent past.

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Image Sensors Market Segment Analysis - By Application

Large scale usage of image sensors in Industrial applications are one of the biggest growth factors for the image sensors market globally. The Industrial Image Sensors market is poised to grow at a CAGR of 10.94% in the forecast period 2019-2025. The forthcoming wave of Industry 4.0 will make use of 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 a great significance in Industry 4.0, as industrial cameras incorporated with image sensors and machine vision systems will take part in inspection, predictive maintenance, process control, robot guidance systems, and track and trace applications.

Image Sensors Market Segment Analysis - By Geography

APAC is one of the largest market for image sensors and it can be attributed to the growing adoption of Advanced Driver Assistant Systems (ADAS) in automobiles. Governmental regulations for vehicle safety coupled with consumer demand for active safety features are poised to impact the image sensors market positively. In India, the government has disclosed its plans of mandatory inclusion of ADAS systems for all the cars by 2022 along with Electronic Stability Control. In China, the number of automotive camera installations accounted for over six million units in 2017, which is anticipated to cross 30 million units by 2021. Trends such as these present excellent growth opportunities for the automotive image sensors market in the APAC region.

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Image Sensors Market Drivers

Medical Imaging

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 the applications of image sensors in endoscopy and X-ray imaging. Emerging endoscopy solutions such as capsule endoscopy and disposable endoscopes are poised to further fuel the 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

Smartphones of consumer electronics segment are driving the image sensor market growth with growing adoption of dual, triple, and quadruple-camera setups. Penetration of dual-camera smartphones increased from 3% in July 2016 to 42% in July 2018. Owing to the stiff competition amongst the 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.

Image Sensors Market Challenges

Optimal Performance at All Temperatures

The image sensors achieve best image qualities at a particular temperature and a given read speed. Outside those ranges the image sensors are still functional, however, cannot achieve their best performance. This is a major technical challenge for image sensors that limit the growth of the market. As we move towards autonomous systems such as autonomous vehicles and smart manufacturing, it is essential that the image sensors give optimal performance at all conditions.

Market Landscape

Partnerships and acquisitions along with product development and up-gradation are the key strategies of the players in the Image Sensors market. In 2018, the market for Image Sensors is highly consolidated with the top 5 players accounting for majority of the market share. 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.

Partnerships/Mergers/Acquisitions/Developments

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 Company Light, a leader in advance computational imaging, partnered with Sony Semiconductor Solutions for the development of multi-image sensors for smartphones built with four or more cameras.

In May 2019, Samsung unveiled industry’s highest-resolution image sensor with 64 megapixels for smartphones. The 64-megapixel ISOCELL Bright GW1 is part of the company’s 0.8-micrometer image sensor line up which is currently the smallest available pixel size in the market.

R&D Investments/Funding

MultiVu in May 2019 announced that they have received $7m as seed funding for the 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.

Image Sensors Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the image sensors market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of image sensors market, and their specific applications in the consumer electronics, industrial, medical, and security and surveillance sectors.

Key Takeaways

The market is highly consolidated with the top players including Sony Corporation, Samsung, Omni Vision Technologies, On Semiconductor, STMicroelectronics accounting for major share in the Image Sensors Market in 2018.

CMOS image sensors are anticipated to grow at an extremely fast pace in the technology segment owing to the advantages in terms of manufacturing, cheaper costs, and lower circuit complexities. These features drive the usage of CMOS sensors in smartphones, digital and industrial cameras.

The industrial image sensors market is set to grow at a CAGR of over 10% in the forecast period 2019-2025 fuelled by the Industry 4.0 applications.

Automatic Driver Assistance Systems (ADAS) are anticipated to drive the growth of image sensors market in the APAC region. Favorable governmental regulations coupled with the consumer demand for safety features in automobiles are driving the usage of automotive cameras and image sensors.

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