New York, US, June 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global InGaAs Image Sensors Market information by Type, by Vertical, by Application and Region – forecast to 2027” the market reached a valuation of USD 37.12 Million in 2017, which is expected to grow further to USD 101.66 Million by 2025, at 14% CAGR.
Market Scope:
InGaAs image sensors are sensors that are utilized in image sensing as well as easy signal processing applications. Owing to its alluring features and benefits, it has wide applications in fiber optic communication, optical coherence tomography, sorting inspection, spectroscopy, and surveillance & security. The market is majorly driven by an increase in the number of smart connected devices, the need to improve company efficiency, and an increase in reliance on the Internet. The increased need for real-time networking across industry sectors such as manufacturing, automobile, transportation, energy & utility, aerospace, and oil & gas is also aiding the market growth.
Dominant Key Players on InGaAs Image Sensors Market Covered Are:
- Luna
- SemiConductor Devices
- First Sensor AG
- Jenoptik
- Synergy Optosystems Co. Ltd
- Xenics
- Sofradir Group
- New Imaging Technologies
- FLIR Systems Inc.
- Chunghwa Leading Photonics Tech
- Teledyne Technologies Inc.
- Hamamatsu Photonics KK
- United Technologies Corporation
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Market USP exclusively encompassed:
Market Drivers
According to the MRFR report, there are numerous factors that are propelling the InGaAs image sensor market growth. Some of these include the rapid growth of the maintenance and manufacturing industry, the growing trend of global security and surveillance market, increase in crime rates, rising terror threats, the ability to identify human beings and objects in complete darkness, the capability to work in all weather conditions, demand for smartphones with a high-resolution camera, and proliferation of industry 4.0 and advent of industry 5.0.
Market Restraint
On the contrary, the soaring price of such sensors and complexities in manufacturing may impede the global InGaAs sensor market growth over the forecast period.
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Segmentation of Market covered in the research:
The Market Research Future report offers an inclusive analysis of the InGaAs image sensor market based on vertical, application, and type.
By type, the global InGaAs image sensor market is segmented into InGaAs area image sensor and InGaAs linear image sensor.
By application, the global InGaAs image sensor market is segmented into fiber optic communication, optical coherence tomography, sorting inspection, spectroscopy, and surveillance & security.
By vertical, the global InGaAs image sensor market is segmented into food and beverages, transportation, healthcare, and life science, industrial automation, military and defense, and others.
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Regional Takeaway
North America to Rule InGaAs Image Sensor Market
Geographically, the global InGaAs image sensor market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will rule the market over the forecast period. The presence of key players, increasing adoption of such sensors in industrial automation, scientific research, and military and defense, increasing defense budgets, and investments from military and defense sectors are adding to the global InGaAs image sensor market growth in the region. Besides, advances in imaging sensor technologies, and the increasing use of InGaAs image sensors spectroscopy, monitoring devices, fiber-optic communication, and optical coherence tomography are also adding market growth. The US will hold the utmost market share, followed by Canada and Mexico.
APAC to Grab Second-Largest Share in InGaAs Image Sensors Market
The InGaAs image sensor market in the APAC region is predicted to hold the second-largest share over the forecast period. Growing adoption in consumer electronics like mobile phones and cameras and automobiles, the presence of several key manufacturers for the accessibility of cost-competitive workforce and raw material advances, rising application in medical diagnostics, machine vision, precision agriculture, waste management, and food sorting, and the presence of several consumer electronics manufacturing units in South Korea, Taiwan, China, and Japan are adding to the global InGaAs image sensor market growth in the region. Besides, a wide range of applications and constant technological advances in sensing technology are also adding market growth.
Europe to Have Notable Growth in InGaAs Image Sensors Market
The InGaAs image sensor market in Europe is predicted to have notable growth over the forecast period. The presence of several industry players in the field of industrial automation, scientific research, and military and defense, growing investments in the robust defense and military sectors, the increasing proliferation of smartphones, and demand for consumer electronics products are adding to the global InGaAs image sensor market growth in the region.
Rest of the World to Have Sound Growth in InGaAs Sensors Market
In RoW, the InGaAs image sensor market is predicted to have sound growth over the forecast period.
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COVID-19 Impact on the Global InGaAs Image Sensors Market
The ongoing COVID-19 crisis has severely impacted the InGaAs image sensor market. It has forced production plants to reduce as well as shutdown for some time. The pandemic caused a disruption that prompted technology providers and key component suppliers to cut back production and expenses in some areas. Technical trends and emerging economic trends presented some form of challenges to the ICT construction. Industry players thus resultantly have intensively begun to work on alternatives and countermeasures to reduce the impact. The market, however, is getting back to normal, and revenues subsequently are gradually picking up. To maximize the perks of InGaAs image technologies, an increasing number of countries have begun to implement ICT-enabled applications to offer more convenient imaging devices.
Industry News
January 2021- Teledyne Technologies Incorporated has acquired FLIR Systems. This deal will mark the merger of two biggest names in infrared sensor and optical sensor technology. FLIR Systems is a renowned name in thermal and infrared imaging. The company specializes in the production and design of thermal imaging sensors, components, and imaging cameras.
December 2020- Quantum Design has lately announced that Raptor Photonics has introduced the Ninox 640 SU, an InGaAs-based camera that is vacuum cooled with a sensor of 640x512 with a pixel pitch of 15µm x 15µm for the highest spatial resolution.
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