Image Sensor Market to reach US$ 41.672 Billion, Expanding Smartphone Industry Propels by 2032

The image sensor market is expected to reach a value of US$ 21725.8 million in 2022 and is projected to increase at a CAGR of 6.7% to reach US$ 41672.3 million from 2022 to 2032. Growth is attributed to the rising popularity of gadgets with cameras.

A CAGR of 5.9% was recorded for the market for image sensors from 2016 to 2021. In general, there are two types of image sensors: CCD image sensors and CMOS image sensors. CMOS image sensors are being adopted at a faster rate than CCD image sensors because they offer superior performance. Modern high-performance, miniaturized integrated circuits are made possible by the high integration on chips made possible by CMOS image sensors.

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Image Sensors Market: Drivers and Challenges:
The major factor driving the adoption of Image Sensors is the increasing usage of mobile devices with dual camera features which has increased the demand for image sensors. In the last 5-6 years, the adoption of smartphones and demand for high-quality cameras has increased which is helping the Image Sensors market to grow. Another factor helping the Image Sensors market to grow is the increasing demand for selfie phones which has also increased the demand for image sensors with better front cameras.

The key challenge for the Image Sensors market is the high cost of manufacturing these image sensors. With the growing demand for smartphones along with front camera features and high-megapixel cameras, manufacturers have to invest more in Image Sensors and in making high-quality image sensors.

Market Competition:
Some of the key participants present in the global image sensor market are

Toshiba Corporation
Sharp Corporation
Sony Corporation
Panasonic Corporation
Samsung Electronics among others.

Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Toshiba Corporation, and Sharp Corporation account for a considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.

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Regional Overview:
Presently, North America and Europe hold the largest market share for the Image Sensors market due to the presence of large market players who are working towards the development of image sensors that can be used mainly in the automotive industry in this region. Moreover, the rising demand for smart devices with high-resolution cameras is increasing the Image Sensors market opportunity in this region.

Asia–Pacific is also increasingly adopting Image sensor technologies with the entry of major & established players such as Samsung, Panasonic, and others.

Image Sensor Market Segmentation:

By Types: