Asia-Pacific Image Sensor Market to Reach $34.15 Bn, Globally, by 2030 at 12.8% CAGR: Allied Market Research
Thursday, March 3, 2022
Rise in adoption of image cameras for automotive applications and surge in demand for image sensor solutions for security & surveillance drive the growth of the Asia-Pacific image sensor market.
PORTLAND, Ore., Feb. 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Asia-Pacific Image Sensor Market by Technology (CMOS Image Sensor (FSI and BSI) and CCD Image Sensor) and Application (Consumer Electronics, Defense & Aerospace, Medical, Industrial, Automotive, and Security & Surveillance): Opportunity Analysis and Industry Forecast, 2021-2030." According to the report published by Allied Market Research, the Asia-Pacific image sensor industry was estimated at $10.60 billion in 2020, and is expected to hit $34.15 billion by 2030, registering a CAGR of 12.8% from 2021 to 2030.
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Drivers, Restraints, and Opportunities-
Rise in adoption of image cameras for automotive applications, increase in use of image sensors in improved medical imaging solutions, and surge in demand for image sensor solutions for security & surveillance drive the growth of the Asia-Pacific image sensor market. On the other hand, rise in adoption of CCD image sensors restrain the growth to some extent. However, increased adoption of image sensor cameras in autonomous vehicles is projected to create lucrative opportunities in the industry.
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COVID-19 Scenario-
-- Increase in penetration of consumer electronics such as laptops,
smartphones, and PCs has worked as the major factor boosting the
Asia-Pacific image sensors market during the pandemic.
-- On the contrary, the market was principally hit by several obstacles
that were created amid the Covid-19 pandemic such as lack of skilled
workforce availability and delay or cancelation of projects due to
partial or complete lockdown globally.
-- These factors have had a mixed impact on the Asia-Pacific image sensors
market.
The CMOS Image Sensor Segment to Retain the Lion's Share-
By technology, the CMOS image sensor segment held the major share in 2020, garnering more than four-fifths of the Asia-Pacific image sensor market. The same segment is also projected to cite the fastest CAGR of 13.3% throughout the forecast period. This is attributed to the fact that CMOS image sensors are being increasingly used in machine vision solutions. The research also analyzes the CCD image sensor.
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The Consumer Electronics Segment to Dominate by 2030-
By application, the consumer electronics segment contributed to the lion's share in 2020, holding nearly four-fifths of the Asia-Pacific image sensor market. Rise in utilization of image sensor technology across internet of things solutions such as TV, Mobile, and others is boosting the growth of the segment. However, the defense & aerospace segment is projected to manifest the fastest CAGR of 15.5% from 2021 to 2030. Surge in investment by government and private agencies to boost the growth of the machine learning and AI technology across the defense and aerospace sector is fueling the segment growth.
Japan Held the Major Share in 2020-
By region, Japan dominated in 2020, garnering nearly one-third of the Asia-Pacific image sensor market. Increasing deployment of next generation image sensor-based applications is propelling the market in Japan. The market across India, on the other hand, is expected to cite the fastest CAGR of 15.3% throughout the forecast period. This is due to the fact that key players in the market have been developing and adopting various advanced strategies to increase the penetration of image sensor-powered electronics equipment.
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Key Players in the Industry-
-- Panasonic Corporation
-- SK Hynix Inc.
-- Smartsens
-- Canon Inc.
-- Sony Corporation
-- STMicroelectronics
-- Hamamatsu Photonics K.K.
-- Omnivision Technologies Inc.
-- Samsung Electronics
-- Galaxycore Shanghai Limited Corporation
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SOURCE Allied Market Research
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