Market Overview
The Image Sensor market is expected to grow at a significant rate with a CAGR of 8.20% during the forecast period. Rising demand for camera-enabled mobile phones, low power consumption and compactness of CMOS image sensors, and increased use of image sensors in biometric applications are among the primary growth drivers of the image sensor market. However, among other things, excessive power consumption in CCD image sensors and a declining market for digital still cameras are limiting the growth of the image sensor market.
COVID-19's recent outbreak is predicted to have a substantial influence on the market this year. It is expected to continue to harm the first two quarters of next year, as global supply chains have been severely disrupted, owing to limitations on the movement of goods and employees. Employees are also seeing compensation cuts as a result of companies' significant economic downturn across industries. This could have a direct influence on the buying of image sensor-equipped consumer electronics.
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The major key players in the global CCD image sensor market include Sony Corporation (Japan), Samsung Semiconductor Inc. (South Korea), OmniVision Technologies Inc. (U.S.), Aptina Imaging Corporation (ON Semiconductor) (U.S.), Himax Imaging (Taiwan), GalaxyCore Inc. (China), SK Hynix Inc. (Korea), and STMicroelectronics N.V (Switzerland) among others. The CMOS image sensor market is highly competitive due to the large number of competitors who sell their goods both domestically and internationally. The market looks to be somewhat concentrated, with key players pursuing tactics such as product innovation, expansions, and alliances to stay ahead of the competition and broaden their market reach.
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Market Segmentation
Based on the Application, the image sensor market has been segmented into Mobile Phones, Tablets, PC Cameras, Digital Still Cameras (DSC), Automotive, Medical Imaging, and Security & Surveillance.
Based on the Technology, the image sensor market has been segmented into CCD and CMOS among others.
Based on the Operating Spectrum, the image sensor market has been segmented into Visible and Invisible.
Based on the Array Type, the image sensor market has been segmented into Linear Array type and Area Array Type.
Based on the Region, the image sensor market has been segmented into The Americas which include North America which further includes US and Canada, then in Europe which includes Germany, France, the U.K, and the Rest of Western Europe, is Asia-Pacific which includes China, India, Japan, South Korea, and Rest of Asia and last but not the least is the Rest of the World (RoW).
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Regional Classification
Due to its rising economy and worldwide electronics market share, China is exhibiting a substantial growth rate among Asia-Pacific countries. Electronic items are produced and consumed in large quantities in China. India is seeing an increase in the number of smart cities as a result of government initiatives. Smart cities are expected to feature electronic solutions for surveillance, maintenance, monitoring, and other purposes. The cameras are employed in non-invasive testing equipment in the healthcare industry, and they are also utilized for scanning. India's healthcare business is predicted to grow at a rapid pace. In the Asia-Pacific region, Japan currently leads the market. The region's need for CMOS image sensors is projected to be driven by the deployment of smart homes.