MarketersMEDIA / Newsroom / Camera Module Market to reach USD 63.92 billion by 2024 with Application in Automation Accounts for Significant Market Share

Camera Module Market to reach USD 63.92 billion by 2024 with Application in Automation Accounts for Significant Market Share

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Global Camera Module Market 2019-2024 Growing at a CAGR of 11.71%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.

— Market Overview

The camera module market was valued at USD 32.9 billion in 2018 and is expected to reach USD 63.92 billion by 2024, registering a CAGR of 11.71%, during the forecast period of 2019-2024. The recent trend of security camera will drive the camera module market in the forecast period.

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- Increasing demand for camera module 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 are low power consuming, have a faster frame rate, easy to manufacture at low cost. They give better performance and quality of images even in low light conditions.
- The growth in ADAS and automated driving makes way for a lucrative opportunity for the studied market growth. Moreover, the increasing focus of the governments across the world toward 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, government rule on implementation of the driver assistance system on vehicles is expected to boost the growth of the camera module market in this region.
- The major challenge for the camera module market would be the manufacturing of these modules since very skilled personnel needed because components are very delicate.

Scope of the Report

The camera module is a set of standardized parts or independent units that can be used to construct a more complex camera structure depending on its usage in end-users, which are Automotive, Healthcare, Consumer Electronics, and others.

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Key Market Trends

Application in Automation Accounts for Significant Market Share

- As the automotive sector is steadily transitioning toward the autonomous era, owing to the 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, or continuous vibrations. Or long distance driving assistance system which reduces accidents due to negligence and fatigue from long duration driving
- For instance, Sony Corporation is increasingly investing in image sensor technology that gives vehicles evolved vision as society moves toward the advent of fully autonomous driving. They have launched IMX324, a CMOS image sensor equipped with the industry's highest resolution for forward-sensing cameras in advanced driver assistance systems (ADAS).
- 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

- Asia-Pacific had the largest market share, due to the presence of several established vendors of the camera module in the region, and also due to the established electronics industry in this region.
- The growing market for ADAS in this region is one of the prime factors leading to the growth of the camera module market, as major Japanese tier-1 companies, such as Denso, Aisin, etc., are aggressively investing to launch newer and better products.
- Industrial automation adoption in China is also expected to drive the camera module market for industrial image processing systems. Manufacturing output in China increased by 7.40% in April 2018, when compared to that of the same month in the previous year. Manufacturing output in China averaged 7.84% from 2013 to 2018.
- The increasing infrastructure development, growing economy, rising automation and digitization, and the growing electronic industry are expected to fuel the demand for image sensor in India, thus, driving the demand for the camera module market over the forecast period.

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Competitive Landscape

The major companies like Chicony Electronics Co. Ltd, Cowell E Holdings Inc., Fujifilm Corporation, LG Innotek Co. Ltd, Primax Electronics Ltd, Samsung Electro-Mechanics Co. Ltd, Sony Corporation, STMicroelectronics NV, Toshiba Corporation, and others. the market is fragmented since the market has high competition without dominant players. Hence, the market concentration will be low.

- October 2018 - Samsung Electronics, a world leader in advanced semiconductor technology, introduced two new 0.8-micrometer (?m) pixel image sensors – the 48-megapixel (Mp) Samsung ISOCELL Bright GM1 and the 32Mp ISOCELL Bright GD1.
- January 2018 - STMicroelectronics exhibited its latest camera module semiconductor for smart driving at the Automotive World 2018, owing to the rapid advances in the development of leading-edge technologies, such as autonomous driving, advanced driver-assistance systems (ADAS).

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Contact Info:
Name: Hector Costello
Email: Send Email
Organization: Orbis Research

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Source: MarketersMedia

Release ID: 88924049

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