By Type :

Based on the type, the market is bifurcated into InGaAs linear image sensor and InGaAs area image sensor. The InGaAs linear image sensor accounted for the largest revenue share in the year 2022 due to its stable operation and high-density in the near-infrared range. InGaAs linear image sensors are deployed in foreign object inspection and optical communication applications. Moreover, the utilization of InGaAs linear image sensor for scanning barcodes in grocery stores, agro-industries, and banking sectors is driving the growth of InGaAs image sensor market.

The InGaAs area image sensor market is expected to register the fastest CAGR growth during the forecast period. InGaAs area image sensors are widely used in smartphones, digital cameras, and security cameras due to their ability to capture full two-dimensional images with high resolution. For instance, in September 2020, Aval Global Co., Ltd. introduced a wide-range, high-sensitivity SWIR camera called ABA-013VIR featuring InGaAs image sensor to capture images in visible and near infrared region. Consequently, the application of area image sensors in inspection and monitoring purposes is propelling the growth of the market.

By Resolution :

Based on the resolution, the market is trifurcated into 320x256, 640x512, and 1280x1024. The 640x514 resolution accounted for the largest revenue share in the year 2022. The application of image sensors in emerging machine vision, AR/VR, and Artificial Intelligence (AI) applications due to its square format, small size, and high frame rate is driving the growth of the market. InGaAs image sensors with 640x514 resolution deliver high-performance and flexible image capture with minimal power in applications that provide still or streaming images. Moreover, the sensors are well-suited for applications where orientation isn't fixed but space is limited such as goggles for AR/VR to monitor the eye movement. Thus, the application of InGaAs image sensors with 640x514 resolution in the aforementioned applications is driving the growth of the market.

The 1280x1024 resolution is expected to register fastest CAGR growth during the forecast period. The 1280x1024 resolution camera has the ability to capture images on short-wavelength infrared light spectrum (SWIR) that is well-suited for industrial applications with greater precision such as packaging, fruit inspection and sorting, semiconductor inspection, IR microscopy, material sorting and more. For instance, in January 2022, LUCID Vision Labs Inc. launched Atlas SWIR IP67 Camera called IMX990 with 1.3 MP (1280x1024) and IMX991 with 0.3 MP featuring InGaAs sensors capable of capturing images across both visible and invisible light spectrums. Consequently, the utilization of 1280x1024 resolution image sensors in industrial applications is propelling the growth of the market.

By Wavelength :

Based on the wavelength, the market is trifurcated into Visible (VIS), Near-Infrared (NIR), and Short Wavelength Infrared (SWIR). The visible region segment accounted for the largest revenue share of 46.03% in the year 2022. InGaAs image sensors capable of capturing images in visible region (400-700nm) are constructed to create images that is similar to human vision, capturing light in red, blue and green wavelengths (RGB) for accurate color representation. Modern security & surveillance cameras capture images in visible spectrum for inspection & monitoring purposes. Moreover, visible light imaging is used in medical photography applications. Medical photographs are used to support diagnosis, document clinical conditions, guide, monitor procedures and to enable collaboration among colleagues. Thus, the ability of image sensors to capture images in visible regions for the aforementioned applications is propelling the growth of the market.

The short wavelength infrared (SWIR) segment is expected to witness the fastest CAGR growth during the forecast period. The SWIR spectrum is deployed in applications such as product inspections to detect minute contaminants or defects that are invisible to the human eye. SWIR light has the potential to penetrate silicon and visualize moisture. Leveraging the aforementioned properties, the image sensor gains application in a variety of industries, including semiconductor and food production for inspection purposes. For instance, in May 2020, New Imaging Technologies (NIT) launched HiPe SenS SWIR camera for low light, long exposure time applications. In conclusion, the ability of InGaAs image sensors to capture images beyond visible spectrum is propelling the growth of the market.

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By Application :

Based on the application, the market is segregated into spectrometers, scientific cameras, machine vision, security & surveillance, and radiation thermometry. The security & surveillance segment accounted for the largest revenue share in the year 2022. InGaAs SWIR imagers are similar to thermal imagers providing good detection abilities and improves visibility in poor weather conditions. As a result, InGaAs image sensors are well-suited for port and harbor security scenarios for the detection and identification of floating objects or approaching ships. For instance, in March 2022, Marktech Optoelectronics launched latest lineup of advanced InGaAs photodiode photodetectors providing low noise, high sensitivity, excellent linearity, and high quantum efficiency in daylight detectors, smoke detectors, optical power meters, particle analyzers, and smoke detectors. Consequently, the application of InGaAs image sensors in analyzing the above mentioned parameters is accelerating the growth of the market.

The machine vision segment is expected to witness the fastest CAGR growth during the forecast period. InGaAs image sensors are deployed in machine vision applications due to their ability to capture high-speed and high-resolution images for assembly inspection, surface inspection, dimensional measurement, and object identification. Therefore, InGaAs area image sensors are well-suited for machine vision applications due to its ability to produce desired final image resolution and the necessary read-out speed, contributing to the growth of the market.

By End-User :

Based on the end-user, the market is segregated into military & defense, food & beverages, healthcare, industrial automation, transportation, and others. The industrial automation segment accounted for the largest revenue share in the year 2022. The increasing adoption of connected and smart electronic devices to facilitate efficient and less labor-intensive industrial processes in sorting and production facilities is driving the growth of this segment. InGaAs image sensors are deployed in industries to automate tasks that are performed bymanpower.. Thus, image sensors are deployed in industries for automated visual inspection of materials and processes.

The healthcare sector is expected to register the fastest CAGR growth during the forecast period. InGaAs image sensors offer high pixel counts, large pixel sizes, and high sensitivity with low power requirements. As a result, medical practitioners are able to create smaller and more powerful imaging devices that help to improve diagnoses, procedures and research. For instance, in December 2020, Imec launched a thin-film Short-Wave-InfraRed image sensor with Sub-2µm pixel pitch for application in industries such as healthcare, life sciences, and smart agriculture. Consequently, the application of InGaAs image sensors in medical diagnostics is contributing to the growth of InGaAs image sensor market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022 valued at USD 35.92 million and is projected to grow at a CAGR of 5.2% during the forecast period. The growth of InGaAs image sensor market is attributed to the increasing demand for InGaAs sensors for industrial automation, academic and scientific research, and military and defense industries. Moreover, the growing investments in the military and defense sector for security & surveillance applications is contributing to the growth of the regional market.

The Asia-Pacific region is anticipated to witness the fastest CAGR of 6.3% during the forecast period. In addition, in the region, China accounted for the maximum revenue share of 29.1% in the same year. The increasing adoption of consumer electronics devices including cameras and smartphones in the region is driving the growth of InGaAs image sensors market. Moreover, the application of InGaAs image sensors in food & beverage, construction, and healthcare industries for inspection & monitoring purposes is contributing to the growth of the market. Moreover, the growing demand for public safety in the region is driving the growth of the market. For instance, the government of South Korea has installed nearly 1.46 million CCTV cameras in public spaces in 2021. In conclusion, the growing adoption of security surveillance cameras in Asia-Pacific is expected to drive the market growth during the forecast period.