Market Trends of APAC Image Sensors Industry
This section covers the major market trends shaping the APAC Image Sensors Market according to our research experts:
Consumer Electronics to Show Significant Growth
- The image sensors market in the Asia-Pacific region witnessed growth due to the widespread presence of electronics companies, as well as an increase in consumers' purchasing power. The region has witnessed a growth in smartphone adoption and smart surveillance systems, fueling deployment of image sensors to cater to a booming consumer electronics manufacturing sector.
- Growing demand for smartphones and other consumer electronics products from countries such as China, the Republic of Korea, India, and Singapore are encouraging many companies to set up production establishments in the Asia-Pacific region. The abundant availability of raw materials and the low establishment and labor costs also helped the companies launch their production centers in the region.
- In 2019, the company also launched its first smartphone with Infinity-O Display, called as Samsung Galaxy A9 Pro. This device comprises a punch-hole display, triple rear camera, 6GB RAM and 128GB onboard storage. Another company, LG Innotek, in 2019, started the production of camera modules for iPhone. The company supplied triple-camera to Apple in 2019.
- Consumer electronics consumption is also on the rise in the country. According to the National Bureau of Statistics of China, the retail trade revenue of household appliances and consumer electronics in China stood at CNY 96.31 billion in June 2019 alone. Various camera-equipped electronic goods are expected to drive the market for image sensors.
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China to Hold the Highest Market Share
- China is investing heavily on its facial recognition capabilities; according to Tsinghua University, China's market size of biometric recognition technologies is expected to reach CNY 34 billion.
- The Chinese facial recognition database includes nearly every one of its 1.4 billion citizens, to cover the country the government has installed cameras in both public and private areas. According to Tencent, the number of surveillance cameras installed in China during fiscal 2017 stood at 176 million units and is expected to reach 626 million units by 2021.
- Chinese firms are utilizing the opportunity and equipping government bodies, such as police departments with the surveillance equipment. One such organization is YITU Technology, which supplies Dragonfly Eye System, a facial scanning platform that can identify a person quickly from the database of billions.
- China is expected to be a world leader in AI technologies by 2022, and a major part of the growing industry is expected to use the AI-based cameras, which are also being used in its surveillance systems across the countries. The country is home to firms, which are observing significant growth.
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