According to a new report by Market Research Future (MRFR), the global image sensor market is expected to touch a revenue of USD 19,615 million by 2023. The market is anticipated to witness 14 % CAGR during the assessment period (2017-2023) owing to the growing demand for camera-enabled cell phones. Image sensor being one of the most lucrative businesses is the company’s primary focus area.
Drivers and Restraints Affecting the Market
The emerging trend in image sensor market is its application in several industries. For instance, Sony Corporation has come up as a separate company for profitable image sensor division. Samsung has also developed an advanced pixel technology in CMOS image sensor called ISOCELL. In order to meet the growing demand of image sensor in high-end photography, mobile imaging, and security and surveillance application, the company has converted one of its water fabrication lines into CMOS sensors.
Owing to the growing demand for low power consumption, camera enabled mobile phone, growing use in biometric applications, and compactness of CMOS image sensor, the global market for image sensor is likely to propel over the forecast period. Image sensors are also used in industry quality control to improve the product yield and spot detective units in the production line. The use of image sensors in biometrics, camcorders, video-conferencing applications, virtual keyboards, optical mice, and others have been in huge demand. The demand for such sensors has contributed to the market growth in a positive way. Moreover, with the innovation in technology, product upgrades and development coupled with new product launches in the market is expected to act as a traction to the growth of the market during the review period.
Meanwhile, the declining market of the digital still camera and high power consumption in CCD image sensors are some of the major factors hindering the market growth globally over the assessment period.
Competitive Dashboard:
Some of the major market players profiled in this MRFR report are Sony Corporation (Japan), GalaxyCore Inc. (China), OmniVision Technologies Inc. (U.S.), Aptina Imaging Corporation (ON Semiconductor) (U.S.), Samsung Semiconductor Inc. (South Korea), Himax Imaging (Taiwan), SK Hynix Inc. (Korea), and STMicroelectronics N.V (Switzerland)
Industry News:
In January 2019, Samsung, a South Korean multinational conglomerate, has announced the launch of ISOCELL Slim 3T2 image sensors for full-screen phones. These sensors are of 1/3.4 inches in size and are claimed to be the smallest image sensors.
In October 2018, Samsung, a South Korean electronics giant, announced the launch of 0.8-micrometre (micron) pixel image sensors under the name of the 32-megapixel ISOCELL Bright GD1 and 48-megapixel Samsung ISOCELL Bright GM1.
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Market Research Future published a research report on “Image Sensor Market Research Report - Global Forecast till 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.Market SynopsisThe global image sensor market is expected to grow from USD 21.94 million in 2018 to USD 34.64 million by 2025, at a CAGR of 7.02%, during the forecast period.Image sensor is a photosensitive electronic device that converts light signals into digital signals.
These sensors provide the consumers with higher image quality, superior frame rate, dynamic range along with reduced noise, lower dark current, and low power dissipation.
The other applications of image sensors include machine vision, sensing, UV spectroscopy, Optical coherence tomography, and sorting inspection among others.Increasing penetration of image sensors in automobiles, the trend of miniaturization, and dual camera in Smartphones and Tablets and demand for improved medical imaging solutions are expected to drive the image sensor market during the forecast period.
Sony Corporation has come up as a separate company for a lucrative image sensor division.
The image sensor is one of the company’s most profitable business and critical focus area.
The semiconductor business is highly profitable owing to multipurpose utilization of image sensor in smartphone and DSLRs cameras from manufacturers like Nikon, and Sony’s popular cameras are fueling semiconductor business.
San Francisco, 17 June 2020 — “Image Sensor Market Analysis By Regions (North America, Europe, Asia-Pacific, Latin America and Africa), Product, By Application And Segment Forecasts To 2027” Global Image Sensor Market size is expected to value at USD 26.41 billion by 2024.
The market is subject to witness a substantial growth due to the growing demand for the miniature pixel devices offering superior resolution and cost efficiency.
Globally, the image sensor industry is predicted to display higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the image sensor technology.
Get a Free Sample Copy of Report @ https://www.millioninsights.com/industry-reports/image-sensor-market/request-sample Growing investment by industry participants in the research & development activities to gain competitive edge over their counterparts is anticipated to favor market expansion in the near future.
Development of cost-effective, compact, high performance and energy efficient sensors are propelling the growth of image sensor industry as well.
Soaring demand for image sensors from surveillance & security sector owing to the prevalence of terrorist activities and theft, thus bolstering market growth in the recent years.
