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

(IT-NEWSWIRE.COM, December 14, 2019 ) The report "Image Sensor Market by Technology (CMOS, CCD), Processing Type (2D, and 3D), Spectrum (Visible, and Non- Visible), Array Type (Linear, and Area), Vertical (Automotive, Consumer Electronics, Industrial), and Geography - Global Forecast to 2023", is expected to to grow from USD 12.78 Billion in 2016 to USD 24.80 Billion by 2023 with a growing CAGR of 9.75% during the forecast period.

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Image sensor is an electronic photosensitive device, which is used to convert an optical image into an electronic signal. It consists of millions of photodiodes and acts as an image receiver in digital imaging equipment. It is widely used in digital cameras, camera modules, and other imaging devices.

The objectives of the report includes forecast of the image sensor market size in terms of Technology (CMOS, CCD), Processing Type (2D, and 3D), Spectrum (Visible, and Non- Visible), Array Type (Linear, and Area), Vertical (Automotive, Consumer Electronics, Industrial), and Geography

The market for CMOS image sensors to grow at the highest CAGR during 2017–2023

The market for CMOS image sensors is expected to grow at the highest CAGR during the forecast period. 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 boosted the market for the CMOS technology.

The 3D image sensors market to grow at the highest rate during forecast period.

Among 2D and 3D image sensor, 3D image sensor market is expected to grow with the highest CAGR during forecast period. 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.

Asia-Pacific to hold a major share of the image sensors market in 2016

Asia-Pacific is expected to dominate the image sensor market during the forecast period. APAC is the largest and fastest-growing market because of the fact that more than 80% of the demand for image sensors is from the consumer electronics application, which includes smartphones and tablets, cameras, computers, wearable electronics. With the increasing penetration of dual camera in smartphones, the demand for image sensors is expected to increase. Automotive is another application which will contribute to the growth of the image sensor market in APAC. China is the largest producer of automobiles in the world.

Image Sensors Market

ADT (US), Moni (US), Honeywell (US), Securitas (Sweden), UTC (US), Schneider (France), Johnson Controls (US), Vivint (US), Vector Security (US), Bosch (Germany) are some of the major companies dominating the image sensor market.

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