Northbrook, IL 60062 -- (SBWIRE) -- 09/01/2022 -- The global image sensor market size is estimated to be USD 26.1 billion in 2022 and is projected to reach 38.6 billion by 2027, at a CAGR of 8.1% during the forecast period. The increased demand for improved medical imaging solutions and the increasing use of image sensors in automobiles are expected to drive the market growth for image sensor market.
The image sensor market has promising growth potential due to several factors, including the rising innovations and advancements in image sensors, and growing focus of market players on R&D activities. Emerging image sensor technologies such as organic photodetectors, SWIR image sensors, event-based vision, hyperspectral imaging, flexible x-ray detectors, and wave-front imaging have enhanced image sensors.
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In 2021, the 2D image sensors segment accounted for a larger size of the image sensor market than the 3D image sensors segment. 2D image sensors are used on a large scale in consumer electronics applications, and in terms of price, these image sensors are lower than 3D image sensors. As a result, 2D image sensors are extensively used in machine vision systems, industrial automation, and robotics for a wide range of tasks. When combined with imaging library software, the standard 2D image sensors used in machine vision have shown to be quite effective in applications such as barcode scanning, presence detection, and object tracking, and these technologies are only improving with time.
In the forecasted 2022-2027, the non-visible spectrum segment is projected to grow at a faster CAGR than the visible spectrum segment. Growing use of infrared sensors in automotive applications is one of the key driving factor for the growth of the non-visible spectrum segment. Further, also some of the developments by the ecosystem players also foster thr growth of the segment For instance, Sony Group launched IMX990, and IMX991 SWIR image sensors that are specifically designed for industrial equipment with visible and non-visible spectrum capturing capabilities. Additionally, the tremendous research and development in medical imaging applications has fostered the growth of the non-visible segment.
Consumer electronics segment aims to hold the largest share of the image sensor market in 2027. The growing adoption of smartphones, increased use of cameras equipped with image sensors in smartphones across the world will contribute to the growth of the segment. The rise in the adoption of wearables and commercial drones will also bolster the growth of the market. Additionally, evolution of smartphone photography over the years, and their offerings with a large array of lenses in the form of ultra-wide cameras, macro cameras, telephoto lenses, depth-sensing cameras, etc. foster the growth of the segment.