Camera Module Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The camera module market was valued at USD 34.81 billion in 2020, and it is expected to reach USD 59.68 billion by 2026, registering a CAGR of 9.56% during the forecast period (2021 - 2026). The global camera module market is expected to grow significantly over the forecast period, owing to the increasing demand for high-resolution smartphones, coupled with the rising adoption of advanced driver assistance systems (ADAS) in vehicles. Camera modules have expanded from their traditional digital camera applications to various applications, such as security, automotive, etc.

• Smartphone manufacturers have started focusing on the quality of their cameras in order to achieve higher product differentiation. At the Qualcomm Tech Summit in Hawaii (held recently in December 2019), Motorola announced that its flagship 5G smartphones with advanced camera features would be launched by 2020. Further, OnePlus launched OnePlus 7T in September 2019, which features a round camera module at the back with three cameras aligned horizontally. The triple camera at the back consists of a 48- megapixel main sensor joined by 16 megapixel and 12-megapixel cameras, which can record wide-angle as well as 960 frames-per-second slow-motion videos.
• The growth in automated driving also makes way for a lucrative opportunity for the growth of the market studied. According to a NASDAQ, driverless cars are likely to dominate the market by 2030. Thus, these investments are also likely to provide a platform for the market studied, to expand further in the automotive sector.
• The increasing demand for camera modules in the security and surveillance systems further drives its growth opportunities, thus, tapping into the household security market, the intelligent buildings, and the outdoor security market, and opportunities in government facilities and commercial buildings further augmented by the smart home market opportunities.
• Additionally, the demand for CMOS camera modules is increasing rapidly, as CMOS sensors offer various advantages over CCD sensors, such as low power consumption, faster frame rate, ease of manufacturing, and low cost. Moreover, the advancements in CMOS design, like miniaturization, make it possible to achieve better performance and images even in low light conditions.
• With the outbreak of COVID-19, companies are innovating and launching new products to cater to the market's growing demands. For instance, recently, Athena Security launched security cameras that use thermal imaging and computer vision tech to detect people who have fever related to the coronavirus.

Scope of the Report

A camera module is an image sensor integrated with a lens, control electronics, and an interface, like CSI, ethernet, or plain raw low-voltage differential signaling. A camera module comes with image pre-processing, a software package (or software development kit - SDK) for the operation and control of the module, APIs for the programming, all desired drivers, comprehensive documentation, and sometimes even a support hotline. They are used for applications such as smartphones, laptops, and other industrial, healthcare, and automotive applications, etc. are analyzed as a part of the study.

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Key Market Trends

Application in Automation Accounts for Significant Market Share

• As the automotive sector steadily transitions to the autonomous era, several recent business collaborations have emerged among automotive giants, chip makers, and system integrators. The manufacturers are producing innovative image sensors and cameras to withstand the toughest conditions, such as cold, heat, continuous vibrations, or long-distance driving assistance system, which reduces accidents due to negligence and fatigue from long-duration driving.
• According to Omnivision, by 2020, the number of automotive image sensors sold annually is likely to exceed 170 million, fueled by a revolution in people's commute. Thus, vehicle connectivity is expected to become indispensable in the future, primarily for proper communication among vehicles, especially for decision making and comprehension of geographical, audio, and other data. This is likely to drive the adoption of image sensors technology.
• Since the production of ADAS is increasing, the next-generation ADAS are expected to leverage wireless network connectivity to offer improved value by using car-to-car (also known as vehicle-to-vehicle, or V2V) and car-to-infrastructure (also known as vehicle-to-infrastructure, or V2X) data.
• Globally, the governments' rising focus toward installing ADAS and legislation that mandate the installation of safety technologies in passenger cars is expected to drive the market's growth during the forecast period. For instance, in September 2019, the UK government inaugurated Autonomous Village, a testing facility for self-driving cars in Bedfordshire, and launched a new safety regime, CAV Pass. This facility is expected to help companies test software, sensors, data collection, and security systems for self-driving cars.

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