Global InGaAs Image Sensor Market reached a valuation of USD 37.12 Million in 2017, which is expected to grow further to USD 101.66 Million by 2025, registering approx. 14% CAGR during the forecast period (2019-2025).
Imaging technologies are used to enhance public health, food quality, and product inspections. The ability to image beyond the visible spectrum offers more than a quantitative expansion of perceptions.
InGaAs image sensors also provide qualitative improvements with applicable value to public health, manufacturing, and safety & quality of food. Advancements in higher sensor resolutions, new lighting strategies, and more cost-effective system-level designs increase the InGaAs image sensor applications.
The COVID-19 outbreak severely affected the InGaAs image sensor industry, forcing production plants to reduce the output and shut down for some time. The disruption caused by the pandemic prompted various key component suppliers and technology providers to cut back expenses and production in some areas.
Emerging economic and technical trends presented new challenges to ICT construction. Resultantly, industry players intensively started working on countermeasures and alternatives to minimize the impact.
However, the InGaAs image sensor market is returning to normal, and subsequently, revenues are too picking up gradually. To maximize the core advantages of InGaAs image technologies, growing numbers of countries are implementing ICT-enabled applications to provide more convenient imaging devices.
Demand for Smartphones with High-Resolution Camera, a Key Driving Force
The progress of third-generation wireless development encourages smartphone manufacturers to develop superior camera functionalities of their phones, which increases the demand for InGaAs image sensors.
The rising demand for CMOS image sensors due to their advantages such as low power cost consumption, affordable prices, and compactness fosters market growth. Rising demand from some of the rapidly growing industries such as consumer electronics, automotive, healthcare, and defense increases the InGaAs image sensor market size.
Proliferation of industry 4.0 and the 5.0 advent
The InGaAs image sensor market is driven by the increasing applications of sensors in medical and biomedical devices. Moreover, the rising uptake of smart connected devices due to the industry 4.0 compliances and the advent of industry 5.0 is estimated to offer tremendous InGaAs image sensor market opportunities.
The InGaAs image sensor market outlook appears promising, demonstrating tremendous opportunities in the automotive, consumer electronics, healthcare, industrial, and aerospace & defense sectors. Additionally, the spurring rise in IoT & IIoT technology would foster the growth of the market.
Restraints & Challenges
Complexities in InGaAs image sensor Manufacturing to Restrain Market Growth
Despite significant prospective, the InGaAs image sensor market witnesses major setbacks. Complexities involved in the InGaAs sensor manufacturing are projected to restrain the market growth.
The InGaAs image sensor market is segmented into type, application, vertical, and region. The type segment is sub-segmented into InGaAs linear image sensor and InGaAs area image sensor. The application segment is sub-segmented into surveillance & security, spectroscopy, sorting inspection, optical coherence tomography, and fiber optic communication.
The vertical segment is sub-segmented into military & defense, industrial automation, healthcare & life science, transportation, food & beverages, and others. By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
InGaAs linear image sensors find extensive applications in object screening and medical diagnostic equipment due to their high-speed infrared image sensing. These sensors are primarily used in near field multichannel spectrophotometers, radiation thermometers, and non-destructive inspection. InGaAs linear image sensors are easy to handle when built-in readout integrated circuit (ROIC) and find applications in high-end devices.
North America Leads the Global InGaAs image sensor Market Growth
North America is the major player in the global InGaAs image sensor market. Factors such as the presence of key players and the vast demand for these sensors in the field of military & defense, scientific research, and industrial automation in the region increase the InGaAs image sensor market size.
Moreover, increasing defense budgets and investments from the military & defense sector are further expected to propel the InGaAs sensors market share in North America. Vast advances in imaging sensor technologies and rising uses of InGaAs image sensors spectroscopy, optical coherence tomography, fiber-optic communication, and monitoring devices used in surveillance & security fosters market growth.
The US is the largest market for InGaAs image sensors, followed by Canada and Mexico. The InGaAs image sensor market in the US is projected to grow at an 11.3% CAGR, while Canadian and Mexican markets are estimated to grow at a 15.2% CAGR and a 14.1% CAGR, respectively.
APAC Seizes Second Highest InGaAs image sensor Market Share
Asia Pacific holds the second-leading share in the global InGaAs image sensor market. Factors such as the growing adoption in automobiles and consumer electronics, such as cameras and mobile phones, drive the region's InGaAs image sensor market share. Besides, the presence of a large number of major InGaAs image sensor manufacturers due to the raw material advances and availability of cost-competitive workforces in the region influence the market growth.
Moreover, rising applications of these sensors in food sorting, waste management, precision agriculture, machine vision, and medical diagnostics have increased the InGaAs image sensor market share. Japan, China, India, Taiwan, and South Korea are the major revenue contributors to the regional market. These countries have a number of consumer electronics manufacturing units, which contributes to the market demand for InGaAs image sensors.
Europe Holds a Sizable Share in Global Market
Europe derives a sizable share in the global InGaAs image sensor market. The growth is driven by the presence of key players in the field of military and defense, scientific research, and industrial automation.
Moreover, increasing investments in the robust military and defense sectors in various European countries propel the InGaAs sensors market. Furthermore, augmenting demand for consumer electronics products and the proliferation of smartphones in the region boost the InGaAs image sensor market size.
Players Focus on Product Development & Expansion
The market appears extremely competitive due to the strong presence of well-established market players. They seek opportunities to integrate across the extensive value chain while focusing on R&D investments, production facility expansion, and M&A activities to gain impetus. New players enter the market with aggressive pricing to undercut the established providers and gain footholds in international markets.
United Technologies Corporation, Hamamatsu Photonics KK, Teledyne Technologies Inc., Chunghwa Leading Photonics Tech, FLIR Systems, Inc., New Imaging Technologies, Sofradir Group, Xenics, Synergy Optosystems Co., Ltd, Jenoptik, First Sensor AG, SemiConductor Devices, and Luna are some of the affluent contenders holding sizeable InGaAs image sensor market share.
Jan. 05, 2021 – Teledyne Technologies Incorporated, an American industrial conglomerate, announced the acquisition of the world's largest commercial imaging product developer company FLIR Systems. This deal marks the merging of two of the biggest names in optical and infrared sensor technology.
FLIR Systems is one of the best-known companies in infrared and thermal imaging. It specializes in the design and production of thermal imaging cameras, components, and imaging sensors.
Dec. 11, 2020 – Quantum Design announced that Raptor Photonics has launched the Ninox 640 SU, a vacuum cooled InGaAs based camera with a 640×512 sensor with a 15µm x 15µm pixel pitch for the highest spatial resolution.
May 28, 2020 – ATD Electronique, a major distributor of Sony image sensors, announced that Sony's CMOS-like InGaAs image sensors make SWIR technology marketable. Sony has developed a futuristic sensor technology, combining visible wavelength and SWIR. This new approach addresses and solves major obstacles that prevented the commercial breakthrough of the current available SWIR-sensor technology in industrial applications.
The InGaAs image sensor market analysis features unique and relevant factors expected to significantly impact the market growth during the forecast period. The detailed InGaAs image sensor market forecast would help industry players understanding the market better. The MRFR report elaborates on the historical and current trends boosting the growth of the InGaAs image sensor industry.
Additionally, the COVID-19 impact on the InGaAs image sensor market is also included in the report. Regional assessment in this report unlocks several untapped opportunities in regional and international market spaces. Detailed company profiling enables users to evaluate company shares, scope of the existing & emerging product lines in new markets, pricing strategies, innovation possibilities, and much more.
|Market Size||USD 101.66 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||United Technologies Corporation, Hamamatsu Photonics KK, Teledyne Technologies Inc., Chunghwa Leading Photonics Tech, FLIR Systems, Inc., New Imaging Technologies, Sofradir Group, Xenics, Synergy Optosystems Co., Ltd, Jenoptik, First Sensor AG, SemiConductor Devices, and Luna|
|Key Market Opportunities||Rising uptake of smart connected devices due to the industry 4.0 compliances and the advent of industry 5.0.|
|Key Market Drivers||
FLIR Systems, Inc. (US), Teledyne Technologies Inc. (US), Chunghwa Leading Photonics Tech (Taiwan), Xenics (Belgium), Sofradir Group (France) and New Imaging Technologies (France) are the central competitors in the market.
A CAGR of 14% is projected to boost the market in the coming period.
The region of North America is projected to stimulate the market due to amplifying investments in the military and defense sector.
The earnings of the market are expected to be elevated from USD 37.12 million in 2017 to USD 101.66 million by the conclusion of 2025.
The segments in the market globally are application, type, vertical, and region.
The collective implementation of InGaAs image sensors in machine vision applications is likely to enhance the market in the coming period.
The intricacies in the manufacturing of InGaAs sensors might limit the market growth in the forecast period.