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Image Sensors Market Report 2024 - Image Sensors Market Share And Size By 2033
Image Sensors Market
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According to The Business Research Company's, The image sensors market size has grown rapidly in recent years. It will grow from $23.99 billion in 2023 to $26.18 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased medical imaging, increased mobile cameras, and increased demand from automotive industry.
The image sensors market size is expected to see rapid growth in the next few years. It will grow to $37.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing demand for high-quality imaging in autonomous vehicles, increasing consumer electronics, and growing population. Major trends in the forecast period include partnerships, product innovations, and technological advancements.
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Market Drivers and Trends:
The increasing number of autonomous vehicles is expected to propel the growth of the image sensors market going forward. Autonomous vehicles are self-driving cars that employ advanced sensor technologies, computer systems, and artificial intelligence to operate and navigate without constant human intervention or monitoring. Autonomous vehicles have the potential to significantly reduce accidents caused by human error, which accounts for a large percentage of traffic collisions, and improve overall transportation efficiency by communicating with each other and coordinating their movements. Image sensors, combined with computer vision algorithms, enable autonomous vehicles to detect and recognize objects such as pedestrians, other vehicles, traffic signs, and obstacles on the road. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, there are expected to be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the increasing number of autonomous vehicles drives the image sensors market.
Major companies operating in the image sensors market are developing complementary metal oxide semiconductor (CMOS) image sensors to cater to the growing demand for high-performance imaging solutions across various industries. A CMOS image sensor is widely used in digital cameras, smartphones, and different imaging devices, including those employed in autonomous vehicles. For instance, in November 2023, Sony Semiconductor Solutions, a Japan-based company, launched a new CMOS image sensor. It is specifically designed for automotive cameras. The sensor boasts an industry-leading 17.42 effective megapixels, enabling high-definition capture of distant objects and supporting the development of advanced automotive camera systems capable of sophisticated sensing and recognition performance. The IMX735 features a wide dynamic range of 106 dB, even when simultaneously employing high dynamic range (HDR) imaging and LED flicker mitigation, ensuring high-quality images in various lighting conditions.
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Major Key Players of the Market:
Samsung Electronics Co., General Electric Company, Sony Corporation, Panasonic Corporation, SK Hynix Inc., Toshiba Corporation, Canon Inc., STMicroelectronics NV, Micron Technology Inc., Infineon Technologies AG, ON Semiconductor Corporation, Ams AG, Hamamatsu Corp., Omnivision Technologies Inc., Tower Semiconductor, Sharp Electronics Corporation, Himax Technologies Inc., FLIR Systems Inc., Teledyne Dalsa Inc., PixArt Imaging Inc., PMD Technologies GmbH, GalaxyCore Inc., Raytek Corporation, Pixel Plus AG, New Imaging Technologies (NIT)
Image Sensors Market 2024 Key Insights:
• The image sensors market size is expected to see rapid growth in the next few years. It will grow to $37.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Autonomous Vehicles Driving Growth In Image Sensors Market
• Revolutionizing Machine Vision With High-Speed Image Capture and Processing
• North America was the largest region in the image sensors market in 2023
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