Wilmington, Delaware, United States, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The compact camera modules market was valued at US$ 40.3 billion by 2022. By 2031, the market is expected to expand at a CAGR of 11.7% and reach US$ 67.6 billion. Compact camera modules are preferred because of their small form factor, making them ideal for small, sleek electronic gadgets. The need for smaller camera modules is growing as consumer tastes move towards lighter and thinner devices.
Endoscopes and other diagnostic tools are among the medical gadgets that use compact camera modules. The market is growing due to the medical industry's embrace of sophisticated imaging technology. The demand for compact camera modules is being driven by increased demand for smartphones and other electronic devices. Compact camera modules are becoming more accessible due to ongoing attempts to achieve economies of scale and lower production costs, which makes it easier for them to be integrated into a larger variety of consumer devices.
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Compact camera modules are now included for features like advanced driver assistance systems (ADAS), lane departure warnings, and parking aids due to the car industry's growing emphasis on security and driver assistance systems. The increasing acceptance of augmented and virtual reality applications has fueled the need for superior imaging solutions. Compact camera modules are essential to AR and VR technology, which fuels the market's growth.
Global Compact Camera Module Market: Key Players
Compact camera modules are subject to intense competition and fragmentation on a global scale. Leading players are launching enhanced module designs to increase research and development spending to meet demand.
According to the latest compact camera module market analysis, key players are diversifying their product portfolios through collaborations and partnerships.
- LG Innotek
- Semco
- Foxconn Sharp
- O-Film
- Sunny Optical
- Henkel
- Liteon
- Menex
- Q-tech
- Cowell
Key Findings of the Market Report
- The market value of compact camera modules increases as smartphones and tablets become more prevalent
- A growth in demand is expected for the auto-focus segment in the coming years.
- The automotive sector will likely be a major driver of the demand for compact camera modules.
- Smart cities are becoming increasingly popular in Asia, and advanced video cameras are being integrated for surveillance.
Global Compact Camera Module Market: Growth Drivers
- The widespread use of smartphones has significantly fueled the need for small camera modules. Smartphones' increasing popularity and functionality have led to a growing need for high-quality cameras built into these devices.
- Manufacturers in response to consumer demand are making compact camera modules with more functionality, better performance in low light, and higher resolution.
- Compact camera modules are becoming more complex and capable due to ongoing developments in camera sensor technology, image signal processing, and lens design. Better image quality, quicker autofocus, and improved overall performance are what manufacturers aim to provide.
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Global Compact Camera Module Market: Regional Landscape
- Asia Pacific is likely to drive demand for the compact camera module market. Mobile phone sales in Asia-Pacific have contributed greatly to the smartphone market worldwide. India, China, South Korea, and Japan are big smartphone markets, so compact camera modules are in high demand. The growing demand for smartphones and other electronic gadgets drive compact camera module sales from the middle class's development and growing urbanization in emerging markets.
- Compact camera module sales have increased due to the growing middle class in nations like China and India, which has increased the number of consumers with the means to purchase smartphones and other electronics. A major center for the production of consumer electronics, such as digital cameras and smartphones, is the Asia-Pacific area.
- Production facilities are located in nations such as South Korea and China for numerous top regional and international manufacturers of camera modules. The proliferation of small camera modules in automotive applications, like advanced driver assistance systems (ADAS), and the growing popularity of Internet of Things (IoT) devices are factors driving the market's expansion in the area.
Key Developments
- In January 2024, Samsung unveiled the Galaxy S23 lineup, which boasts three different models to meet a range of budgets and preferences. S23, S23 Plus, and S23 Ultra each continue Samsung's legacy of flagships, but they differ subtly. The S23 Ultra has a unique camera module and built-in S Pen slot that set it apart from the rest of its range with its sleek glass and aluminum construction.
- In December 2023, InfiRay, the leader in infrared thermal imaging, is preparing to display its technological revolution at CES in Las Vegas on January 9, 2024, with its latest masterpiece InfiRay P2 Pro.
Global Compact Camera Module Market: Segmentation
By Lens Type
- Auto-Focus
- Fixed-Focus
By End Use
- Mobile
- Automotive
- Security
- Industrial
- Healthcare
- Computing
- Others
By Region
- North America
- Europe
- Asia Pacific
- MEA
- South America
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