SHUTTER IMAGE SENSOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The shutter image sensor market size was estimated to be  valued at US$ 2.37 Bn in 2023 and is expected to reach US$ 4.3 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030.

Shutter image sensors are a type of image sensor that can capture fast-moving objects with minimal motion blur. They utilize a global electronic shutter that exposes the entire image at the same time, unlike rolling shutters that scan line-by-line. The key market drivers include the growing adoption in consumer electronics and automotive industries along with advancements in image sensor technology.

Global shutter image sensor market is segmented into technology, processing type, spectrum, array type, vertical, application, and region. By technology, the CMOS image sensor segment accounted for the largest share of the market in 2022. CMOS image sensors offer advantages like low power consumption, high speed, and lower costs which make them suitable for integration in various electronic devices. Their adoption is expected to continue growing over the forecast period.

Global Shutter Image Sensor Market Regional Insights

• Asia Pacific market is expected to be the largest market for shutter image sensor market, accounting for over 45% of the market share in 2023. The growth of the market in Asia Pacific is due to the presence of key manufacturers and increasing demand from consumer electronics and automotive sectors in countries like China, Japan, and South Korea.
• North America is expected to be the second-largest market for shutter image sensor market during the forecast period, accounting for over 30% of the market share in 2023. The growth of the market in North America is due to early adoption of advanced camera technologies and significant research and development (R&D) activities by leading manufacturers in the region.
• The Europe market is expected to be the fastest-growing market for shutter image sensor market, with a CAGR of over 20% during the forecast period. The growth of the market in Europe is due to the growing adoption in applications like machine vision systems, robotics, and industrial automation.

Figure 1. Global Shutter Image Sensor Market Share (%), By Region, 2023

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Global Shutter Image Sensor Market: Analyst’s Viewpoint

Global shutter image sensor market is expected to grow rapidly over the next decade driven by increased adoption of camera-enabled devices across various industries. The declining prices of image sensors along with their improving functionality is expanding their use beyond smartphones and cameras to various internet-of-things (IoT) applications such as drones, augmented reality (AR) devices, surveillance cameras, and automobiles. Rising demand for high resolution and low power consuming image sensors from the electronics and automotive sectors presents significant opportunities for shutter image sensor manufacturers to develop innovative solutions.

The Asia Pacific region, led by countries such as China, Japan, and South Korea, dominates the global shutter image sensor market and is expected to maintain its lead. This is due to presence of leading sensor manufacturers and a growing electronic goods manufacturing base in these countries. Europe is also expected to witness healthy growth in demand for shutter image sensors from the burgeoning automotive industry in Germany and consumer electronics sector in Nordic nations.

While growing applications of computer vision and artificial intelligence (AI) will drive the global shutter image sensor market, data privacy regulations could limit their use in certain end-uses. High import duties on image sensor shipments between countries also act as a restraint. Manufacturers may face challenges in developing low cost advanced sensors capable of 4K and 8K video resolutions demanded by next generation cameras, smartphones and automotive Advanced Driver Assistance Systems (ADAS) applications.

Global Shutter Image Sensor Market Drivers:

• Growing adoption in consumer electronics industry: Growing adoption of shutter image sensors in consumer electronics such as smartphones, tablets, digital cameras, wearable devices is a major factor driving the growth of the shutter image sensor market. With technological advancements, shutter image sensors are gaining traction for their ability to provide distortion-free high resolution images and videos in compact consumer electronic devices. The miniaturization of camera modules along with rising demand for multi-camera systems in smartphones and integration of cameras in emerging consumer devices creates significant opportunities for shutter image sensor manufacturers.
• Increasing utilization in automotive applications: Shutter image sensors are being increasingly utilized in advanced driver assistance systems (ADAS), in-cabin monitoring systems, surround view systems, rear view cameras in modern automobiles. Stringent safety norms and growing demand for autonomous vehicles globally is resulting in increased implementation of computer vision capabilities in cars, which is boosting the uptake of shutter image sensors. The ability of shutter image sensors to capture distortion-free images of fastmoving objects makes them ideal for automotive applications. Growing electric vehicle sales and autonomous driving concept cars by leading automakers provides a positive outlook for the shutter image sensor market. For instance, In June 2023, OMNIVISION, a prominent global developer of semiconductor solutions specializing in advanced digital imaging, analog, and touch & display technology, introduced two latest additions to its Nyxel® near-infrared (NIR) technology family. These include the OX02C1S, a 2.5-megapixel (MP) RGB-IR backside-illuminated (BSI) global shutter (GS) sensor designed for in-cabin driver and occupant monitoring systems (DMS and OMS), and the OX01H1B, a 1.5MP monochrome (IR) GS sensor tailored for driver monitoring systems (DMS).
• Proliferation of industrial automation and robotics: Growing trend of automation and robotics across manufacturing, healthcare, agriculture, food & beverage, and other industries is driving the demand for vision systems and shutter image sensors for inspection, guidance, quality control and identification applications. Shutter image sensors allow industrial cameras to capture fast moving objects on production lines accurately and are being increasingly integrated in machine vision systems. Rising need for automation across various sectors is expected to spur the adoption of shutter image sensors in the near future.
• Emergence of new application areas: Shutter image sensors are expected to find new application areas such as security & surveillance, biomedical devices, AR/VR systems, drones and robotics, thereby creating growth avenues for manufacturers. Their high speed capturing capability makes them suitable for surveillance systems. Advancements in drone and robotics technologies are expected to increase the implementation of shutter image sensors for navigation, mapping, and analytics purposes. The introduction of innovative imaging devices in medical industry also favors the growth outlook of the shutter image sensor market.

Global Shutter Image Sensor Market Opportunities:

• Rising adoption in emerging economies: Growing population, improving economic conditions and technological advancements in emerging economies such as China, India, Brazil, Mexico, Indonesia are creating new opportunities for shutter image sensor manufacturers. The consumer electronics and automotive sectors are expected to exhibit substantial growth in these countries, thereby spurring the demand for shutter image sensors. Local manufacturing initiatives by governments coupled with growing application areas positions emerging markets as high growth regions for shutter image sensor companies.
• Development of innovative technologies: Introduction of next-generation image sensor technologies presents new growth prospects for market players. The emergence of global shutter technologies with advanced architectures such as stacked, high dynamic range, backside illumination, 4D depth sensing provides benefits of higher resolution, faster speeds, lower noise in shutter image sensors. Graphene-based image sensors also offer advantages of being lightweight and flexible. Investments in research and development (R&D) for enhancing performance parameters and new capabilities opens up future opportunities. For instance, in February 2023, Mr. Terushi Shimizu, the chief executive of Sony Semiconductor Solutions, expressed that the semiconductor division of Sony Group Corp (6758.T), is expected to experience minimal repercussions from the chip export restrictions imposed on China by the U.S., Japan, and the Netherlands.
• Rising adoption in healthcare applications: Shutter image sensors are expected to find increasing applications in the healthcare industry for capsule endoscopes, surgical robotics, microscopy devices enabling faster disease detection and surgical procedures. Their ability to capture distortion-free, high speed images of inner organs makes them useful for healthcare. Partnerships among sensor companies and medical device manufacturers are expected to result in innovative shutter image sensors catered to medical applications.
• Implementation in space systems: Adoption of shutter image sensors is rising for earth observation, space research, and satellite applications. Key advantages include ability to capture fast moving objects like stars and planets accurately. Collaborations between space agencies and sensor companies to develop shutter image sensors for space probes, rovers, and satellites focused on climate monitoring and interplanetary exploration provides growth opportunities.

Global Shutter Image Sensor Market Trends:

• Miniaturization and integration: The miniaturization of image sensors with smaller pixel sizes and high resolution capabilities along with easy integration due to packaging improvements are key trends in the shutter image sensor market. The demand for more compact cameras in smartphones and embedded vision systems requires further size reduction. Wafer-level packaging and 3D stacking are enabling the manufacturing of tiny shutter image sensors. These trends allow increased adoption across consumer devices.
• Shift towards CMOS technology: The shift from charge-coupled devices (CCDs) image sensors to complementary metal oxide semiconductor (CMOS) image sensors is an ongoing trend in the shutter image sensor market due to advantages such as low power consumption, faster readout capability, and ease of integration offered by CMOS. Most key companies are focused on enhancement of CMOS image sensors with global shutter functionality to meet end user demand. The improvements in CMOS fabrication due to wafer-scale production further augment this trend. For instance, In November 2023, Teledyne e2v, a subsidiary of Teledyne Technologies and a global pioneer in imaging solutions, unveiled the Emerald Gen2, a cutting-edge CMOS image sensor family. Leveraging Teledyne e2v's sophisticated imaging technologies, this latest sensor lineup offers improved performance, catering to diverse applications in the field of machine vision.
• Transition to higher resolutions: The migration to higher resolution image sensor technologies beyond 2K, 4K to 5K and 8K are format, defined by the Digital Cinema Initiativesalong with larger sensor formats is a noticeable trend, especially for applications requiring enhanced image quality. The usage of larger photodiodes and advanced semiconductor fabrication aids development of high resolution shutter image sensor capabilities. This allows sharper, ultra-high definition image, and video capture.
• Increasing integration of AI capabilities: Increasing on-chip integration of artificial intelligence and machine learning capabilities in image sensors is gaining traction. This provides benefits like advanced analytics at the edge, faster processing speeds and data compression. Investments in AI by leading image sensor manufacturers for enabling smarter vision capabilities in devices drive this trend.

Global Shutter Image Sensor Market Restraints:

• High initial costs: The complex manufacturing process of shutter image sensors by using specialized semiconductor fabrication techniques results in high initial costs. Significant capital investments are required by companies to set up sensor manufacturing facilities. End users also face high costs for integrating shutter image sensors in devices as compared to alternatives like rolling shutters. These can restraint adoption by cost-sensitive consumer device makers.
• Counter Balance: As demand grows and competition intensifies, market forces and innovations may lead to more competitive pricing structures, making shutter image sensors more accessible and appealing to cost-sensitive consumer device manufacturers in the future.
• Technological limitations: Certain limitations of current shutter image sensor technologies such as lower fill factors, photodiode crosstalk issues, and higher noise in low light affect image quality. This can hamper adoption in high-end photography and industrial applications with stringent requirements.
• Counterbalance: Overcoming these technological barriers requires substantial investments in R&D which can restrain market growth. Furthermore, the application of advanced algorithms, sensor fusion techniques, and software enhancements can mitigate some of these limitations, thereby offering innovative solutions that meet the stringent requirements of high-end photography and industrial applications.
• Supply chain disruptions: The image sensor supply chain has witnessed constraints including chip shortages, wafer fab capacity limitations, raw material price fluctuations. Shutter image sensors require advanced semiconductor foundries for manufacturing. Disruptions in wafer fab operations or raw material supplies can reduce shutter image sensor availability. This supply-demand imbalance can temporarily affect their adoption across devices. Building resilient supply chains remains a challenge.
• Counter Balance: As global awareness of supply chain vulnerabilities grows, collaborative efforts among stakeholders are fostering more robust and agile supply chain architectures. Advancements in technology, including alternative manufacturing techniques and materials, are paving the way for increased flexibility and efficiency within the supply chain. While building a fully resilient supply chain is an ongoing endeavor, the collective actions, innovations, and adaptive strategies of industry players are steadily enhancing the stability and availability of essential components like shutter image sensors, thus ensuring sustained adoption across a wide range of devices in the long term.

Recent Developments

New product launches

• In September 2023, Sony Semiconductor Solutions Corporation (SSS) develops various technologies, products, and solutions, unveiled its latest innovation, the IMX735, a cutting-edge CMOS image sensor that is designed for automotive cameras. Boasting an industry-leading pixel count of 17.42 effective megapixels, this advanced sensor aims to empower the creation of automotive camera systems with enhanced sensing and recognition capabilities. Ultimately, the introduction of this sensor is expected to advance the development of safe and reliable automated driving technologies.
• In July 2021, Samsung consumer electronics corporation, announced its new ISOCELL auto 4AC image sensor with a 1.0-micrometer pixel size for rear-view cameras in vehicles. It captures quality images even in low light conditions.

Acquisition and partnerships

• In November 2021, TSMC a semiconductor manufacturing company, listed on TWSE as 2330 and on NYSE as TSM partnered with Sony Semiconductor Solutions Corporation (“SSS”) to declare the establishment of a subsidiary named Japan Advanced Semiconductor Manufacturing, Inc. (“JASM”) in Kumamoto, Japan, provide foundry service with initial technology. This move aims to offer foundry services starting with 22/28-nanometer processes, catering to the rising global demand for specialized technologies. SSS will join as a minority shareholder in this venture.
• In November 2023, Teledyne e2v, part of Teledyne Technologies and a leading developer of imaging solutions worldwide, introduced the Emerald Gen2, its latest advanced CMOS image sensor series. Leveraging Teledyne e2v's cutting-edge imaging expertise, these new sensors offer improved performance, positioning them perfectly for diverse machine vision applicationsTop of Form

Figure 2. Global Shutter Image Sensor Market Share (%), By Array Type, 2023

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Top Companies in Global Shutter Image Sensor Market

• Sony
• Samsung
• OmniVision
• ON Semiconductor
• Canon
• SK Hynix
• STMicroelectronics
• Panasonic
• Teledyne Technologies
• Hamamatsu Photonics
• Infineon Technologies
• ams
• Himax Technologies
• Gpixel
• New Imaging Technologies
• Sharp
• Lite-On Technology Corporation
• Winbond Electronics Corporation
• Holst Centre/imec
• Made-in-China.com

Definition: the shutter image sensor market refers to the global market for image sensors that utilize a global shutter technique to capture distortion-free images of fast moving objects. Unlike rolling shutter image sensors, global shutter image sensors expose the entire image frame at once.