Image Sensor market worth $15.77 billion by 2020, says market researcher

According to a new market research report, Image Sensor Market by Technology, published by MarketsandMarkets, the image sensor market is expected to reach $15.77 billion by 2020, growing at a CAGR of 8.06% from 2014 to 2020.

“Image Sensor Market by Technology (CMOS, CCD), Spectrum, Array, Scanning Method, Application (Consumer Electronics, Healthcare, Industrial, Security, Automotive, Aerospace, and Defense) and by Geography – Analysis and Forecast (2013 – 2020) includes 61 market data tables with 83 figures spread throughout its 191 pages and in-depth table of contents.

An image sensor is a device that is used to convert an optical image into an electronic signal. It is widely used in digital cameras, camera modules and other imaging devices, says a company news release.

Recent advancements in CMOS design and fabrication such as miniaturization and use of back side illuminated technology in manufacturing CMOS sensors made it possible to grab more market share in various fields. The key applications of image sensors are in the consumer, automotive, surveillance and medical segments. The largest application of image sensors is in the consumer segment due to the massive growth in demand for camera-enabled mobile phones and tablets across the globe. These applications mainly use CMOS image sensors due to their lower power consumption, faster frame rates, and ease of integration.

The overall image sensor market is segmented into six major segments: technology, operating spectrum, array type, scanning method, applications and geography. All the segments are separately classified in the report. The Image Sensor Market is expected to grow at an estimated CAGR of 8.06% from 2014 to 2020.

Geographically, the image sensor market is segmented into North America (the U.S., Canada, & Mexico), Europe (Germany, UK, Sweden, the Netherland, and France), APAC (China, India, &Japan), and Rest of the World (the Middle East, South America, &Africa). The APAC market accounts for the highest market size of 38.30% and is estimated to grow at a CAGR of 10.15% from 2014 to 2020. RoW (Rest of the World) is also expected to grow at a significant CAGR of 9.75% from 2014 to 2020; this is mainly due to the fact that telecommunication infrastructure has improved in these region which is translated to higher demand for camera enabled mobile phone and thus, will boost the demand for image sensor.