Camera Modules Market Size to Grow at a CAGR of 7.5% During the Forecast Period 2021-2026

(I-BusinessNews.Com, August 07, 2021 ) Camera Modules Market size was valued at $30.1 billion in 2020, and it is estimated to grow at a CAGR of 7.5% during 2021-2026. The growth is mainly attributed to the growing trend for multi-camera smartphones and security concerns led to the adoption of surveillance is set to drive the camera module market. Additionally, technological advancements in compact camera modules provide opportunities for market growth during forecast period 2021-2026.

The increased demand for camera components in consumer electronics driven by the growth in demand for smartphones, digital cameras tables and wearables will be significant drivers of the camera module market. The increasing shift to high-resolution camera modules especially in machine vision systems is driven by improved technology and price decline of these camera components and modules. These camera modules are also being increasingly adopted in a number of applications ranging from machine vision in robotics, ADAS in vehicles, Magnetic Resonance Imaging (MRI) and 3D Motion Sensors.

Camera Modules Market Segment Analysis – By Type

CMOS Image Sensor held the major share of 30.3% in 2020. Adoption of CMOS (Complementary metal-oxide-semiconductor) image sensor owing to its higher sensitivity due to the latest pixel architecture which is beneficial in lower light applications drive the market. CMOS image sensors offer lower power consumption and provide lower dark noise compared to other image sensors and this has increased the demand in the market. Additionally, these sensors are increasingly used in machine vision. With the integration of machine vision technology, there has been increase in adoption of image sensors.

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Camera Modules Market Segment Analysis – By Industry Vertical

Automotive is the fastest-growing segment in Camera Modules market and estimated to grow at a CAGR of 8.2% during forecast period 2021-2026. Adoption of camera modules in advanced driver assistance systems (ADAS) with growing trend for autonomous vehicles provides opportunities for market growth. Adoption of advanced camera modules to assist the driver in prevention of collisions and provide enhanced driving experience and this set to push the market growth. In 2020, OmniVision Technologies Inc had launched wafer-level camera module for driver monitoring applications. This kind of advanced innovative development provide opportunities for market growth.

Camera Modules Market Segment Analysis – By Geography

APAC dominated the Camera Modules market in 2020 with a market share of 32.6%, followed by North Europe and APAC owing to the presence of large number of players and huge adoption of consumer electronics in this region. Furthermore, growing trend of advanced cameras in consumer devices advanced cameras in consumer electronics and ADAS in vehicles, and increasing need for 3D Motion sensors in security and surveillance cameras are one of the major factors that drive the market in this region.

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Camera Modules Market Drivers

Advancements in technology

Machine vision technology is one of the major factors that drives the compact camera module market. Integration of this technology in camera modules assists in positioning, identification, measurement, verification and in flaw detection in various industries. This is set to push the market. Integration of machine vision technology in machine technology features a shutter for accurate capture of moving scenes. Furthermore, increasing market demands for inspection of larger parts and identification of smaller defects in images have led to the adoption of smart cameras and this set to push the market. In 2020, Sony had launched the world’s first image sensor with integrated artificial intelligence (AI) . Introduction of camera modules with the adoption of advanced technologies drive the market.

Consumer Electronics Demand

Adoption of camera modules with the growing demand for consumer electronics due to increased demand for smartphones, tablets and cameras is set to drive the camera module market. The use of 3D image sensors in indoor navigation and advancement in image storing has increased the demand of the market. The companies are using 3D imaging technology and innovating new products for the camera module market. Cameras have become a critical and important feature for mobile device manufacturers as the purchasing decision of the consumer is also greatly dependent on the type of camera and the pixel size of the camera and this has further increased the demand of the camera module market.

Camera Modules Market Challenges

High Cost

High cost and heavy maintenance are the major challenges that restraint the camera module market. CCD image sensors offer high power consumption and consecutively short battery life due to the requirement of active cooling of CCD which hamper the growth of the market. Furthermore, in CCD sensors, greater sensitivity differences among the pixels due to production tolerances, which leads to stronger color noise is also a major problem and this hampers the market growth.

Market Landscape

Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Camera Modules market. Camera Modules top 10 companies include Samsung Electro-Mechanics Co, Ltd, Partron Co., Ltd, LG Innotek, Sharp Corporation, ams, Omni vision Technologies, Primax Electronics, Chicony Electronics Co. Ltd, Cowell e Holdings Inc, Foxconn Electronics Inc and others.

Acquisitions/Technology Launches

In December 2020, ams had launched the world’s smallest digital camera module which makes the camera invisible in wearable devices such as VR headsets.

In June 2020, Omni vision Technologies had launched world’s first image sensor for automotive applications. It combines a large 3.0-micron pixel size with a high dynamic range (HDR) of 140dB and the LED flicker mitigation (LFM) performance for viewing applications with minimized motion artifacts. Introduction of advanced camera modules drive the company’s market share.

Key Takeaways

APAC dominated the Camera Modules market in term of revenue in 2020 owing to the increase in adoption of camera modules in consumer electronics applications.

Adoption of advanced technologies such as machine vision and artificial technology for the development of smart cameras is poised to propel market growth.

Increasing adoption of Compact camera Modules in ADAS in autonomous vehicles sector is poised to provide opportunities for market growth.

High cost is the major challenge that hampers the camera modules market growth.

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