Yahoo Finance Camera Module Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Camera Module Market was valued at USD 40. 08 billion in 2021 and is expected to register a CAGR of 9. 79% over the forecast period 2022-2027. A camera module is a product used to take photos and videos from devices like smartphones, automobiles, smart home appliances, etc.
New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Camera Module Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06325598/?utm_source=GNW
It is widely used in video conferencing, security systems, and real-time monitoring as a video input device. It comprises image sensors, an IR-cut filter, an actuator (AF/OIS), a lens set, lens mount, etc. Module assembly brings all these components together into a module.
Key Highlights
The increasing adoption of self-driving or autonomous vehicles is a primary growth factor for the ADAS market. For instance, according to Intel, global car sales are expected to reach over 101.4 million units in 2030, and autonomous vehicles are expected to account for about 12% of car registrations by 2030.
The increasing construction activities worldwide provide lucrative opportunities for incorporating security systems. According to Statistics Norway, Housing Starts in Norway increased to 2,777 units in May from 1,929 units in April of 2022. Furthermore, in January 2022, the Norwegian municipality of Stavanger gave Swedish construction company Skanska a USD 85.5 million (NOK 750 million) contract to develop a new municipal town center. The Storhaugneighborhood of Stavanger would receive the LervikQuarter development project. The 26,000 m2 structure would have parking places, a primary school, a kindergarten, offices, a grocery shop, a multipurpose hall, and other amenities.
The rising number of terrorist attacks and organized crimes worldwide, expanding adoption of IP cameras, and rising adoption of IoT-based security systems are primarily driving the demand for security cameras in households and commercial establishments. For instance, according to Office for National Statistics (UK), in 2019/20, the crime rate for the United Kingdom was 96.4 crimes per one thousand people, with England & Wales having a much higher crime rate of 102.8 crimes per thousand people. In 2021/22, with a crime rate of 129 per 1,000 people Cleveland, in Northeast England, had the highest crime rate of all the police force areas in England and Wales.
Compact camera modules are complex systems involving a myriad of disciplines, technologies, and processes. The supply chain of CCMs is witnessing complexities against the backdrop of overlaps between activities of CCM’s sub-component manufacturing companies. Challenges in realizing robust CCM technology further add to the complexity of the market‘s ecosystem, thereby creating challenges for the evolution of the technology.
The COVID-19 pandemic has resulted in several innovations in the medical camera module segment, like thermal camera modules and single-use camera modules. The transition from reusable to disposable bronchoscopes has recently accelerated in endoscopic procedures like bronchoscopy. The COVID-19 pandemic has triggered increased demand for disposable bronchoscopes as single-use devices that ensure a high level of sterility, reducing the likelihood of cross-contamination, and is essential in critically ill patients with COVID-19.
Key Market Trends
Increased Market Demand for Advanced Driver Assistance Systems in Vehicles Drive the Market
The increasing adoption of self-driving or autonomous vehicles is a primary growth factor for the ADAS market. For instance, according to Intel, global car sales are expected to reach over 101.4 million units in 2030, and autonomous vehicles are expected to account for about 12% of car registrations by 2030.
The automotive market is also witnessing several regulatory changes, funding, and innovations catering to the evolution of autonomous vehicles. For instance, in March 2022, Federal vehicle safety regulators cleared the way for the production and deployment of driverless vehicles that do not include manual controls such as steering wheels or pedals. The US National Highway Traffic Safety Administration issued final rules eliminating the requirement that cars with automated driving systems, or self-driving vehicles, include these conventional controls. Current self-driving cars, operating in small numbers in the United States today, typically include manual controls for backup safety drivers and to meet federal safety standards. The 155-page, first-of-its-kind ruling facilitates companies to build and deploy autonomous vehicles without manual controls as long as they meet other safety regulations. Such developments would augment the requirement for ADAS.
In May 2022, the UK Government announced funding to encourage autonomous commercial vehicle development. The UK government launched a new EUR 40 million competition to kick-start commercial self-driving services, like delivery vehicles and passenger shuttles. The Commercializing Connected and Automated Mobility competition would provide grants to help roll out commercial use of self-driving vehicles across the UK from 2025.
Globally, the rising focus of the governments on installing ADAS and legislations that mandate the installation of safety technologies in passenger cars are expected to drive the market’s growth during the forecast period.
Furthermore, advanced driver assistance systems offer an extra layer of safety and comfort while driving. Besides, they are also an essential step toward fully autonomous vehicles. Radar, vehicle-to-vehicle communication, 5G connectivity, smart road infrastructure, and satellite navigation help ADAS systems be aware of their surroundings to offer efficient performance.
Asia Pacific is Expected to be the Fastest Growing Market
Many vendors in the smartphone sector are collaborating to develop imaging capabilities for a new smartphone. For instance, in December 2020, Zeiss and Vivo announced their collaboration to co-engineer an imaging system for Vivo’slatest flagship smartphones. The companies will also launch the ’Vivo Zeiss Master Photography’ campaign to promote the new co-engineered imaging system, which will debut in Vivo’snext X60 smartphone.
Moreover, in September 2021, Sunny Optical Technology Group Company Limited and Valens Semiconductor announced that they had partnered to integrate MIPI A-PHY-compliant chipsets into next-generation camera modules.
In March 2021, LG Innotek announced that it had collaborated with Microsoft to unblock access to 3D vision technology and unleash innovation across multiple industry verticals such as fitness, healthcare, logistics, and retail with LG Innotek’s ToF(Time of Flight) technology-based 3D camera modules and Microsoft’s Azure Depth Platform.
Similarly, in March 2021, Samsung Electro-Mechanics revealed that it had developed an optical 10x zoom folded camera module and is supplying it to global smartphone companies. It is the first company in Korea to realize folded optical 10x zoom in smartphone cameras.
Further, automation in the region is expected to augment the camera module market during the forecast period. For instance, the Chinese government’s programs, such as the Made in China 2025 plan, promote R&D in factory automation and technology investments. As most of the automation equipment is imported from other countries, the ’Made in China’ initiative aims to expand the country’s domestic production of automation equipment.
The regional governments are increasingly adopting surveillance equipment to improve security and safety, which, in turn, will impact the growth of the camera module market in the region. For instance, the Telangana government wants more surveillance on the streets to improve safety. It has asked enterprises, public sectors, residential associations, and individuals to install CCTVs in and around their premises.
Moreover, companies in India, such as SyskaGroup, partnered with Taiwanese component manufacturer SuyinOptronics and Singapore’s Biometronicto to begin India’s first camera module factory. This factory will make camera modules for mobile handsets, the medical, automotive industry (rearview camera), and security industry (CCTV).
Competitive Landscape
The major companies in the market are Chicony Electronics, Co. Ltd, Cowell E Holdings Inc., Fujifilm Corporation, LG Innotek Co. Ltd, and LuxVisions Innovation Limited (Lite-On Technology 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:
September 2022 - Fujifilm launched the FUJINON Lens XF56 mm F1.2 R WR (XF56 mm F1.2 R WR) in late September. The lens joined the line-up of XF lenses, interchangeable lenses for the X Series of lightweight and compact mirrorless digital cameras.
May 2022 - Samsung Electronics is working on a smartphone camera with a resolution of 200 megapixels. This is the most advanced smartphone camera ever created. This camera is expected to be included in the Galaxy S23,’ which is set to be released next year. On the 8th, it was discovered that Samsung Electronics’ mobile division and Samsung Electro-Mechanics are nearing the end of developing a 200-megapixel camera. The most significant partnership of Samsung Electronics’ smartphone camera module is with Samsung Electro-Mechanics.
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