Market Research Future (MRFR) reports that the global Indium Gallium Arsenide (InGaAs) image sensor market was worth USD 37.12 million in 2017 and can reach the valuation of USD 101.66 million by 2025. It is estimated to accrue a CAGR of 14% during the forecast period (2018-2025).
Market Boosters and Key Restraints
InGaAs image sensors help detect and capture images in near-infrared (NIR) as well as short-wave infrared (SWIR) wavelengths. These span across several applications, which ranges from optical communication to sorting and inspection. InGaAs image sensors are incredibly operable and are accurate at sensing particles in noise and dark current situations. These properties add to its appeal and accelerate its demand across different sectors.
The strong demand for InGaAs image sensors is the result of its rising adoption in military and defense operations as well as machine vision applications. The increasing applications of InGaAs image sensors for tomography, spectroscopy, sorting, inspection, have led image sensor manufacturers to integrate InGaAs technology in their products. This creates a win-win situation as the vendors are able to expand their businesses in various geographies, and the market also gains significantly from these efforts. The market is inundated with opportunities, which includes the emergence of Industry 4.0.
In recent years, the main raw material’s price has been unstable. In addition, a sharp rise in production capacity could mean that the InGaAs Image Sensors raw material price will be relatively stable. The improvement of transportation costs, employee wages and energy will play an integral role in boosting the cost of InGaAs Image Sensors.
The worldwide Global InGaAs Image Sensor Market has been categorized depending on the type, application and vertical.
The type segment comprises InGaAs linear image sensors and InGaAs area image sensors.
Application-based segments in the market are optical communication, dense wavelength division multiplexing (DWDM), surveillance and security, physics and chemistry measurements, spectroscopy, sorting inspection, optical coherence tomography, machine vision, and others.
The vertical segment consists of military and defense, industrial automation, healthcare & life sciences, transportation, food and beverages, and others.
North America, Asia Pacific (APAC), Europe, along with the rest of the world are the main markets for In GaAs image sensors, as per MRFR analysis.
North America is on its way to becoming the most profitable market for In GaAs image sensor. It could achieve a significant CAGR during the review period. The top contributing countries in the region are the United States (US), Canada, and Mexico. During the appraisal period, the US will be at the forefront of the market growth at the rate of 11.3%, with Canada expanding at the rate of 15.2% and Mexico accumulating a CAGR of 14.1%. Market growth in the region is the result of high concentration of acclaimed vendors in the field of scientific research, military and defense, and industrial automation. Additionally, surging investments from the military and defense sector could benefit the InGaAs sensors market in the region in the coming years.
Given the rising adoption of automobiles and consumer electronics like camera and mobile phones in India, Japan, China and Taiwan, Asia Pacific is estimated to grow at the fastest rate in the next few years. APAC is home to a huge number of prominent InGaAs image sensor manufacturers, which makes it convenient to set up production facilities compared to other regions. The availability of low-cost labor also seems to help the case. Apart from this, the third-generation wireless development in China is prompting regional smartphone manufacturers to add high-quality camera features to their phones, increasing the product demand. India, China, Taiwan, South Korea and Japan have been identified as the biggest revenue contributors to the regional market. Also, these countries boast of a broad range of consumer electronics manufacturing units that add to the market strength.
Prominent companies competing in the worldwide Global InGaAs Image Sensor Market include SemiConductor Devices (Israel), First Sensor AG (Germany), Hamamatsu Photonics K.K. (Japan), New Imaging Technologies (France), Xenics (Belgium), Sofradir Group (France), Chunghwa Leading Photonics Tech (Taiwan), Jenoptik (Germany), Luna (US), Teledyne Technologies Inc. (US), United Technologies Corporation (US), FLIR Systems, Inc. (US), among others.
Browse Complete Report “InGaAs Image Sensor Market Research Report – Global Forecast till 2025” @ https://www.marketresearchfuture.com/reports/ingaas-image-sensors-market-7627