The low-light imaging market is expected to be valued at USD 10.0 billion in 2019 and is likely to reach USD 18.4 billion by 2024, growing at a CAGR of 12.8% during the forecast period. Increasing penetration of low-light image sensors in smartphones is the primary driving factor for the low-light imaging market. Increasing penetration of low-light imaging sensors in advanced driver-assistance systems (ADAS) and endoscopic devices coupled with the rising demand for these systems are other factors having a positive impact on the growth of the market.
The CMOS technology-based low-light imaging market is expected to witness significant growth during the forecast period. The high growth rate of CMOS technology can be attributed to its advantages over CCD technology-based image sensors such as small size, low power consumption, easy integration, faster frame rate, and lower manufacturing cost.
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The market for monitoring, inspection & detection application is expected to grow at the highest rate during the forecast period. Automotive and medical & life sciences are the major verticals wherein low-light imaging cameras are used for monitoring, inspection & detection applications. Rising demand for low-light imaging cameras from the automotive vertical is one of the major factors accelerating the growth of the low-light imaging market for this application segment.
Among all verticals, the low-light imaging market for automotive vertical is expected to grow at the highest rate from 2019 to 2024. Rising demand for automotive ADAS is one of the main factors boosting the growth of the low-light imaging market for the automotive vertical. Europe and APAC are the major regions generating demand in the low-light imaging market for automotive vertical. Among all regions, the low-light imaging market in North America is expected to grow at the highest rate during the forecast period. There is an increasing demand for low-light imaging devices for use in industrial, commercial, & residential infrastructure and automotive verticals. The key players in the low-light imaging market are grabbing opportunities by expanding their global reach and launching new products. Besides, expansion and product launch; and partnership, collaboration, & acquisition were some other strategies adopted by companies in this market to strengthen their market positioning.