Image Sensor Market worth $24.80 Billion by 2023 with a growing CAGR of 9.75%

The image sensor market is expected to witness high growth during the forecast period. The overall market is expected to grow from USD 12.78 Billion in 2016 to USD 24.80 Billion by 2023, at a CAGR of 9.75% between 2017 and 2023. The base year considered for the study is 2016, and the forecast period provided is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market based on technology, processing type, spectrum, array type, vertical, and geography; and information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). Moreover, the objective of this report is to strategically profile key players and competitive landscape for market players, and provide information on product launches, acquisitions, partnerships, agreements, and collaborations in the market.

The image sensor market, in the research report, has been segmented on the basis of technology, processing type, spectrum, array type, vertical, and geography. This market is expected to witness a significant growth during the forecast period. The image sensor market is expected to be valued at USD 24.80 billion by 2023, growing at a CAGR of 9.75% between 2017 and 2023.

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Major factors driving the growth of the image sensor market 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 grow at the highest CAGR. 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. Lower selling price and enhanced performance have been boosting the market for the CMOS technology.

The image sensor market for consumer electronics is expected to grow at the highest CAGR. Consumer electronics is the largest market for the image sensor industry. The major factor for this huge market is the advancements in the CMOS technology, which have tremendously increased the penetration of image sensors into consumer electronics such as smartphones and tablets. Smartphones and tablets accounted for a share of more than 85% of the overall image sensor market for consumer electronics. Enhanced smartphone cameras, along with the inclusion of secondary camera and dual camera, have expanded the image sensor market.
The image sensor market for 3D image sensors by processing type is expected to grow at the highest CAGR. 3D image sensors find its application in fast-growing applications such as ADAS, machine vision, and computer vision. Another driver that is expected to drive the market for 3D image sensors is artificial intelligence in smartphones. Some companies, such as Apple, are already working on the inclusion of 3D image sensors in smartphones, and other smartphone manufacturers are expected to follow the same trend.

The image sensor market for non-visible spectrum is expected to grow at the highest CAGR. The market for non-visible spectrum is gaining traction owing to its increasing use for automotive, medical, consumer electronics, and industrial applications.

The market for area image sensors is expected to grow at a higher rate than the linear image sensors, mainly because of the rising demand for camera modules in smartphones and tablets. Another reason for the rise in the use of area image sensors is that it offers features such as high sensitivity, high quality of images, and high performance. These features help in reducing noise through the use of technologies such as color noise reduction (CNR) and high dynamic range (HDR).