Asia-Pacific Image Sensor Market Expected to Reach $34.15 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Asia-Pacific Image Sensor Market by Technology and Application: Opportunity Analysis and Industry Forecast, 2021–2030,” The Asia-Pacific image sensor market size was valued at $10.60 billion in 2020, and is projected to reach at $34.15 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030.

Image sensor is an electronic electronics application that is used to turn an optical picture into an electrical signal. Furthermore, sensor image devices use digital cameras and imaging devices to transform light into a digital picture. Moreover, next-generation infrared imaging sensors used across 24-hour robotics applications such as surveillance systems and autonomous vehicles are designed to offer visual cues at night. In addition, an increase in the need for the incorporation of high-resolution cameras such as CMOS cameras are equipped with image sensors in smartphones devices across emerging economies is expected to drive the market growth.

The growth of the Asia-Pacific image sensor market is majorly driven by rise in use of image sensors in improved medical imaging solutions coupled with surge in demand for image sensor solutions for security & surveillance. Furthermore, surge in adoption of image cameras for automotive applications is anticipated to drive the market growth. However, decline in adoption of CCD image sensor and high manufacturing cost of image sensors are acting as a prime restraints of the market. On the contrary, increased adoption of image sensor cameras in autonomous vehicles is anticipated to provide lucrative opportunities for the expansion of the Asia-Pacific image sensor industry during the forecast period.

According to Asia-Pacific image sensor market analysis, the consumer electronics segment was the highest contributor to the image sensor world in 2020, due to surge in adoption of Internet of Things application. The consumer electronics and automotive segments collectively accounted for around 85.0% market share in 2020.

The outbreak of the COVID-19 has significantly impacted the growth of the market, owing to significant impact on prime market players. Conversely, rise in demand for Internet of Things-based smart application such as smartphones and laptops escalated the demand for image sensors solutions in Asia-Pacific during the pandemic. However, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the Asia-Pacific image sensor market during a pandemic. On the contrary, the healthcare sector globally started to deploy digital image senor-based solutions, which is expected to boost Asia-Pacific image sensor market size post pandemic.

Country wise, Japan holds a significant share in the market, owing to the presence of prime players. The adoption of next-generation image sensor devices across prime sectors has strengthened the growth of the Asia-Pacific image sensor industry in this region. Moreover, surge in demand for high-resolution cameras equipped with image sensors in mobile devices is anticipated to drive the Asia-Pacific image sensor market growth.

Key Findings of the Study

• In 2020, the consumer electronics segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 12.2% during the forecast period.
• The consumer electronics and automotive segments together accounted for around 85.0% of the Asia-Pacific image sensor market trends in 2020.
• The security & surveillance segment is projected to growth at a CAGR of 14.5% during the forecast period.
• Japan contributed for the major share in the Asia-Pacific image sensor market, accounting for more than 35.4% share in 2020.

The key players profiled in the report include Canon Inc., Panasonic Corporation, SK Hynix Inc., Sony Corporation, Samsung Electronics, STMicroelectronics, Hamamatsu Photonics K.K., Omnivision Technologies Inc., Galaxycore Shanghai Limited Corporation, and Smartsens. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the market.