Camera Modules Market Opportunities and Challenges

Northbrook, USA, 2020-Feb-10 — /EPR Network/ —

According to MarketsandMarkets, the global camera modules market is projected to grow from USD 31.5 billion in 2020 to USD 44.6 billion by 2025, at a CAGR of 7.2%. Major factors driving the growth of the camera modules industry include increasing trends of multi camera-based smartphones, rising public safety, and security concerns led to the adoption of surveillance, technological advancements in components of camera modules for its integration in devices, and rising demand for ToF camera in smartphones.

Camera modules market for consumer electronics to account for the largest share from 2020 to 2025. Factors such as the need for advancement in electronic components such as camera modules due to increasing competition in the consumer electronics industry, trend of multiple camera smartphones, increasing applications of AR glasses, and VR headsets to drive market growth.

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The camera modules market for image sensors is expected to dominate the market throughout the forecast period. The image sensor is the most important component of camera modules and helps improve image quality. Requirements of advanced features including optical zoom, wide-angle, facial recognition, artificial intelligence, depth detection, 3D interactions, and so on in various devices, such as smartphones and vehicles, provide an opportunity for the market. Adoption of ADAS, technological advancements in the medical industry, and increasing industrial automation are some of the factors that would create an opportunity for the image sensor market during the forecast period.

The market for camera modules featuring above 13 MP resolution is expected to grow at a higher CAGR during the forecast period. The significant growth rate of higher resolution camera modules market can be attributed to the increasing demand for better image quality. To gain a competitive advantage in the consumer device industry has pushed OEMs to adopt higher megapixel cameras in their devices. Increasing the adoption of high megapixel cameras in smartphones drives the growth of the market.

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In terms of geographic coverage, the camera modules market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). APAC is expected to continue to lead the camera modules market during 2020–2025. APAC has a leading consumer electronics market along with the presence of some of the leading smartphone and other consumer device OEMs such as Samsung (South Korea), Huawei (China), Oppo (China), and Xiaomi (China). Increasing demand for camera modules from these OEMs drives the growth of the market. The consumer electronics market is the largest market for camera modules holding high growth opportunities due to its application, especially in smartphones. Other applications such as automotive, and security & surveillance, too, are expected to contribute notably during the forecast period. Some of the key players of the camera modules market-based in APAC include LG Innotek (South Korea), Sunny Optical (China), Sharp (Japan), Samsung Electro-Mechanics (South Korea), and OFILM Tech (China).

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