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.

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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.

North America Holds Significant Market Share

- The growing adoption of camera modules across the region is due to a strong consumer electronics market, which is fueling the market's usage at a high rate. Electronic gadgets, such as smartphones, see a high adoption rate in the country. The United States is a technologically advanced nation globally, and its population buys consumer electronics regularly.

- For instance, according to the Consumer Technology Association (CTA), smartphone revenues in the United States, in 2018 and 2019, were USD 79.1 billion and USD 77.5 billion, respectively. CTA expected that the country's sales would reach 2.1 million units and cross USD 1 billion in revenue in 2019, with triple-digit increases through 2021.

- Consumer electronics adoption in Canada is also expected to drive the camera module industry. High living standards and growing economic stability in the country have led to higher disposable incomes in the nation.
- Some of the prominent manufacturers across the region are expanding their business footprint to cater to the market's growing demand. In 2018, Apple launched iPhones with rear camera module design. The company is also planning to launch an iPad Pro with a rear 3D sensing camera module in 2020.

- The automotive sector is expected to be one of the largest consumers of the region's camera module. The United States is one of the world's largest automotive markets and is home to over 13 major auto manufacturers. With changing dynamics in the industry, automotive manufacturers are moving toward autonomous vehicles to meet consumers' needs.

Competitive Landscape

The major companies in the market are Chicony Electronics Co. Ltd, Cowell E Holdings Inc., Fujifilm Corporation, LG Innotek Co. Ltd, Samsung Electro-Mechanics Co. Ltd, Sony Corporation, among others. The market appears to be fragmented since it has high competition without dominant players. The market vendors adopt strategies, such as product innovation and expansion, to stay competitive in the market. Some of the recent developments in the market are:

- January 2020 - Ams launched the AS7350, an advanced spectral ambient light sensor (ALS) for high-end mobile phone cameras. The new sensor enables high-quality images even in extreme color contrast or under non-ideal/mixed light source conditions, allowing professional-grade photography using a consumer device.

- October 2019 - OmniVision Technologies developed the world’s smallest wafer-level camera module measuring just 0.65x0.65 mm and 1.158 mm tall. The OVM6948 CameraCubeChip is making the mass production of disposable medical imaging equipment possible. This complete module can be integrated into a catheter or endoscope with a diameter as small as 1.0 mm.

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