Albany, NY -- (SBWIRE) -- 04/30/2018 -- The growing application of image detection sensors in consumer electronics, automotive and healthcare sector is having a very strong influence on the growth of the global image detection sensor market. The technological advancements and the expanding application range of CMOS and CCD sensors, such as in lighting solutions and displays for tablets, PC cameras, mobile front and back cameras, and point-and-shoot cameras, are also adding substantially to the market's progress.
Over the forthcoming years, the rising usage of image detection sensors in photography application for consumer electronics is expected to drive the growth of the market significantly. The widespread application of CMOS sensors have in smartphone cameras, thanks to the single chip integration and the relatively low price of these sensors, is also projected to benefit this market in the near future.
In 2015, the global image detection sensor market was valued at US$9.67 bn. Progressing at a CAGR of 9.60% between 2016 and 2024, the opportunity in this market is likely to reach a value of US$22.01 bn by the end of 2024. Although, the market looks flourishing at present, the declining demand of still camera may limit the demand for image detection sensors, hindering the market's growth over the years to come.
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CMOS Sensors to Continue Enjoying Strong Demand
In terms of the technology, the global market for image detection sensors has been classified into thermal, charge-coupled device (CCD), and complementary metal-oxide semiconductor (CMOS). Currently, the demand for CMOS-based image sensors is higher than others. The scenario is anticipated to continue like this in the near future, thanks to the rising awareness among consumers pertaining to the advantages of CMOS, such as low power dissipation and single chip IC integration.
Apart from this, the high cost efficiency of CMOS sensors is also projected to add to their popularity significantly over the forthcoming years. Over the next few years, the increasing demand CCD sensors from the healthcare industry is likely to boost the CCD segment while the rising application of infrared cameras for industrial usage is projected to drive the demand for thermal sensor.
Asia Pacific to Remain on Top
The Middle East and Africa, Europe, North America, Latin America, and Asia Pacific are the prime regional markets for image detection sensors across the world. Asia Pacific held the leading position in this market in 2015 with a share of more than 35% and is anticipated to remain doing so over the next few years. China, India, and Japan have emerged as the key domestic markets for image detection sensors in Asia Pacific.
The increasing usage of image detection sensing technology in consumer electronics, automobiles, and defense application is likely to boost the Asia Pacific image detection sensors market over the next few years. The rising application of thermal sensors in the aerospace and defense industry is also projected to propel this regional market in the near future.
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In North America, increasing application in Internet of Things is considered as one of the prime driving factors for the market. The U.S. held the largest market share in terms of revenue owing to growing application of image detection sensors in consumer electronics, automotive and healthcare among others.
Hamamatsu Photonics, ON Semiconductor Corp., Canon Inc., Panasonic Corp., Sony Corp., Teledyne Technologies Inc., Toshiba Corp., Samsung Electronics CO. Ltd., Omron Corp., Omnivision Technologies Inc., FLIR Systems, and Hikvision are some of the prominent vendors of image detection sensors across the world.