Allied Market Research published a report, titled, “Image Sensor Market by Technology, Application: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global Image Sensor Market generated $26.3 billion in 2022 and is predicted to reach $87.5 billion by 2032, registering a CAGR of 12.9% from 2023 to 2032.
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Prime Determinants of Growth:
The image sensor market growth is attributed to factors such as growing demand for multiple cameras in mobile devices, an increase in the adoption of ADAS systems in automobiles, and a surge in the use of image sensors for biomedical applications.
On the other hand, the high cost of manufacturing image sensors is anticipated to restrain the market growth during the forecast period. Furthermore, advancements in image sensor technology, and increasing investments in security and surveillance to provide ample growth opportunities in the upcoming years.
The CMOS image sensors segment to maintain its leadership status throughout the forecast period-
Based on Technology, the CMOS image sensors segment held the highest market share in 2022, accounting for more than four-fifths of the global image sensor market revenue, and is estimated to maintain its leadership status throughout the forecast period.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for nearly half of the global image sensor market revenue, and is likely to dominate the market throughout the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of some of the major smartphone manufacturers. In addition, the growing population and the rising penetration of smartphones in countries in Asia Pacific are expected to further drive the image sensor market in the near future.
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Leading Market Players: –
Samsung Electronics Co. Ltd
GalaxyCore Shanghai Limited Corporation
SK HYNIX INC.
Sony Group Corporation
ON Semiconductor Corporation
The report provides a detailed analysis of these key players in the global image sensor market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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