Image Sensor Market to reach $24.8B in 2023
22 January, 2018
More than 80% of the demand for image sensors is from the consumer electronics. With more than 10 cameras installed in future vehicles, Automotive creates a huge demand for image sensors
The image sensor market was valued at USD 14.19 Billion in 2017 and is projected to reach USD 24.80 Billion by 2023, growing at a CAGR of 9.75% between 2017 and 2023. According to a new research by Markets and Markets (Image Sensor Market by Technology) the major factors driving the growth include the increasing penetration of image sensors in automobiles, the trend of miniaturization and dual camera in smartphones and tablets, and the demand for improved medical imaging solutions.
The image sensor market for CMOS technology is expected to hold the largest share by 2023. CMOS image sensors are preferred over CCD sensors owing to small size, low power consumption, ease of integration, faster frame rate, and lower manufacturing cost. Advancement in the CMOS image sensor technology has improved the performance of image sensors, which have increased the penetration of the CMOS technology in consumer electronics.
3D Goes Faster
The 3D image sensor market is expected to grow at the highest CAGR during the forecast period. 3D image sensors find its application in fast-growing applications such as ADAS, machine vision, and computer vision. Another driver of 3D image sensors market is artificial intelligence in smartphones. Some companies, such as Apple, are already working on the inclusion of 3D image sensors in smartphones, and other manufacturers are expected to follow the same trend.
The market for non-visible spectrum (IR) is expected to grow at the fastest rate during the forecast period. It is gaining traction owing to its increasing use in automotive, medical, consumer electronics, and industrial applications. Images captured using low-megapixel cameras have numerous drawbacks. The image quality of such images gets reduced while zooming in, cropping, or taking prints. Hence, the demand for high-megapixel cameras is growing. To increase the number of pixels, manufacturers either have to increase the chip size or shrink the pixel pitch. However, a larger chip size would incur higher cost.
Consumers drive the Market
More than 80% of the demand for image sensors is from the consumer electronics application, which includes smartphones and tablets, cameras, computers, and wearable electronics. With the increasing penetration of dual camera in smartphones, the demand for image sensors is expected to increase. Automotive is another application that will contribute to the growth of the image sensor market. The development of advanced driver assistance system (ADAS) for automotive application is also expected to boost the demand for image sensors. It has been observed that with the development of ADAS, the number of cameras installed in a vehicle will be more than ten. This will create a huge demand for image sensors in automotive application.
Photo above: Samsung’s ISOCELL Image Sensor