The global image sensors market was calculated at ~US$17.6 billion in 2020. The market forecasts to reach ~US$48 billion in revenue by 2030 by registering a compound annual growth rate of 10.7% during the forecast period from 2021-2030.
The global image sensor market is expected to gain traction in the upcoming years because of the upscaling demand for image sensors technology in the automotive industry. Image sensors are highly useful in converting optical images into electronic ones. Thus, the demand for image sensors is expected to increase due to their applications in digital cameras.
Moreover, constant advancements in Complementary metal-oxide-semiconductor (CMOS) imaging technology would positively impact the growth of the global image sensors market. Recent advancements in CMOS technology have improved visualization presentations of the machines. Moreover, the cost-effectiveness of these technologies, together with better performance, would bolster the growth of the global image sensor market during the analysis period.
The growing adoption of smartphones and advancements in the industry are driving the growth of the global image sensor market. Dual camera trend in smartphones and tablets, forecast to accelerate the growth of the global image sensor market. In addition, excessive demand for advanced medical imaging systems would present some promising opportunities for the prominent market players during the forecast timeframe.
Various companies are coming up with advanced image sensors with Artificial Intelligence capabilities. Sony Corporation (Japan) recently launched IMX500, the world's first intelligent vision sensor that carries out machine learning and boosts computer vision operations automatically. Thus, such advancements are forecast to prompt the growth of the global image sensor market in the coming years.
Furthermore, the growing trend of smartphone photography has surged the demand for the image sensor to provide clear and quality output. Growing demand for 48 MP and 64 MP cameras would lead to the growth of the global image sensors market in the future.
Asia-Pacific forecasts to hold the maximum share with the highest revenue in the global image sensors market. The growth of the region is attributed to the increasing research and development activities. Moreover, the growing number of accident cases in the region is boosting the use of ADAS (advanced driver assistance system), together with progressive image sensing proficiencies. Thus, it would surge the demand for image sensors in the region during the forecast period.
Covid-19 Impact Analysis
The use of image sensors in smartphones has been the key reason for the growth of the market. However, the demand for smartphones severely declined during the pandemic. Thus, it rapidly slowed down the growth of the global image sensor market.