Camera Module Market Size & Share to Surpass USD 86.63 billion by 2031, Rising at a CAGR of 10.4%- Transparency Market Research, Inc.
Rapid technological infrastructure growth has been one of the main reasons for developing the global camera module market. The overall demand for top-notch cameras has increased among consumers and businesses. Furthermore, this technological and technical infrastructure enhancement allows electronics companies to manufacture and sell high-quality products more rapidly, signifying the hyperactivity within the market.
Wilmington, Delaware, United States, March 11, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *Till the year 2021, the market valuation of the *global camera module market* was about US $ 28.99 billion. However, this market valuation is expected to reach a whopping US $ 86.63 billion in the upcoming decade. This advancement in the market is at an impressive *CAGR of 10.4%*. Due to this, several employment opportunities could also be created worldwide.
The high production volume is encouraged after the diminishing of the COVID-19 pandemic wave, and due to increased remote working cases, having better camera quality to connect with other people is essential. Therefore, the demand for better cameras increased in no time. Thus, this is one of the main market drivers.
The consumer electronics market has caught a boom recently, where cameras are integrated into nearly every digital device, including smartphones or tablets. Furthermore, innovation is fostered by electronics manufacturers with excellent quality products being installed in devices, which requires precision. Therefore, this creates another market driver.
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The automotive industry is a market opening that has been integrating cameras with vehicles. This is made to ensure consumer safety with the help of ADAS systems. Consequently, a surge in the global camera module market comes from the automotive industry.
*Key Findings from the Market Report
*
· CMOS image sensors are one of the crucial market segments of the global camera module market that have been actively boosting the market. Due to the cost-effectiveness of these devices, they are in greater demand by consumers. Also, being energy-efficient, the life span of devices increases. Thus, they are significant market drivers.
· In the case of the market segment of the technology used, autofocus has been the mandatory feature to be integrated with cameras. Hence, this market segment has gained more popularity, which drives the market under consideration.
· The type of resolution determines the quality of the image processed on the screen, which determines the device's cost. Consequently, this market segment is diversified, serving the needs of consumers depending on their requirements. Thus, it ranges in various verticals.
· According to the end-user industry segment, the global camera module market can serve a large crowd, which justifies the extensive growth of the market.
*Regional Profile
*
· The technological infrastructure in North America has been bolstered due to the immense technological development. Also, various allied industries, like the automotive industry, gaming industry, etc., require camera modules on a larger level. Therefore, North America secures a significantly larger global camera module market share.
· Europe also follows the same practices related to technological upgradation and, hence, demands camera modules more frequently. Due to this, the industry is known to operate on a considerably large scale in the said continent.
· Asia-Pacific and the Middle East also contribute substantially to the market.
*Key Trends for the Camera Module Market
*
· Samsung Electro-Mechanics introduced a 10x optical zoom smartphone camera in March 2021, revolutionizing and disrupting the global camera module market.
· In the same month, LG Innotek and Microsoft collaborated to innovate 3D vision camera technology, uplifting the market.
· In September 2021, MIPI A-PHY-compliant chipsets were integrated into the next-generation camera sets by the partnership of Valens Semiconductor and Sunny Optical Technology.
*Competitive Landscape
*
In the highly competitive landscape of the global camera module market, LG Innotek produces diversified products, including 3D sensing modules, actuators, optics solutions, and so on. Apart from this, the organization also provides smart connectivity solutions.
· Sunny Optical Technology (Group) Co., Ltd. It is known to manufacture medical instruments that are integrated with high-quality cameras to carry out intricate surgeries.
· Samsung Electro-Mechanics produces various camera modules and various passive components. These components include inductors, MLCCs, chip resistors, and so on.
*Key Players
*
· LG Innotek
· Sunny Optical Technology (Group) Co. Ltd.
· Hon Hai Precision Inc. Co. Ltd. (Foxconn)
· Samsung Electro-Mechanics
· Q Technology
· ams AG
· Chicony Electronics Co. Ltd
· MCNEX Co. Ltd.
· STMICROELECTRONICS N.V.
· TOSHIBA CORPORATION
· KYOCERA Corporation
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*Market Segmentation
*
*Sensor Type*
· CMOS
· CCD
*Technology*
· OIS (Optical Image Stabilization)
· AF (Auto Focus)
*Sensor Resolution*
· Under 500 GB
· 500 GB - 1 TB
· 1T B - 2 TB
· Above 2 TB
*End-use Industry*
· Consumer Electronics
· Automotive
· Medical
· Industrial & Security
· Defense & Space
*Region*
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· South America
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