The camera module market was valued at USD 32.14 billion in 2022, and it is expected to reach USD 49.69 billion by 2031, registering a CAGR of 8.1%, during the forecast period. The recent trend of security cameras is expected to drive the camera module market in the forecast period.
– Increasing demand for camera modules in the security and surveillance systems is further driving its growth opportunities. Thus, tapping into the household security market, intelligent buildings, and outdoor security market, along with the opportunities in government facilities and commercial buildings. They consume low power, have a faster frame rate, and are easy to manufacture at low cost. They have better performance and quality of images even in low light conditions.
– The growth in ADAS and automated driving presents a lucrative opportunity for the growth of the market studied. Moreover, the increasing focus of the governments, across the world, on installing ADAS and legislation mandating the installation of safety technologies in passenger cars. For instance, both the European Union and the United States are mandating that all vehicles be equipped with autonomous emergency-braking systems and forward-collision warning systems by 2020.
– 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 quality of images even in low light conditions.
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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, there have been several recent business collaborations 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 the way people 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, globally, the next-generation ADAS will increasingly 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.
Asia-Pacific Holds the Largest Market Share
– The camera modules market in the Asia-Pacific region witnessed growth due to the widespread presence of electronics and automobile manufacturing companies, as well as an increase in consumers’ purchasing power. The region has witnessed a growth in smartphone adoption and smart surveillance systems, fueling deployment of camera modules to cater to a booming consumer electronics manufacturing sector.
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