Compact Camera Module Market size would register notable gains through 2027, fueled by the rising penetration of smartphones, laptops, and other electronic gadgets that require cameras for interaction and security. Compact camera module is developed for easy operation, making use of focus-free or autofocus lenses for focusing, and have automatic systems to set exposure options and built-in flash units. These modules generally seek adoption in medical devices application, consumer electronics, security monitoring, and communication.
Innovations in the business space are further expected to stimulate the compact camera core module market progression. For instance, in August 2021, Teledyne launched a new compact, low power camera platform, MicroCalibir. The platform showcases the minutest VGA IR core module on the market, making it ideal for handhelds, OEM drones, and vehicular integration products.
Moreover, the deployment of compact camera modules in diverse electrical devices and electronics has gained traction, thereby enabling manufacturers to incline towards comprehensive applicability of CCMs. The effective application of compact camera modules in automotive technologies would further open new growth opportunities for the global market over 2021-2027.
However, increased deployment and maintenance costs of compact camera modules market is poised to hinder the industry progression in the coming years.
The consumer electronics segment will register gains over the forecast period. Mobile phones have been gaining huge ground, driving the growth of CCM market. This can be attributed to the rising consumer specifications and stringent competition in the global market. Cameras have emerged as a critical feature for mobile device manufacturers as the purchasing decision of the consumer is also highly reliant on the type of camera and the pixel size. The market is also being driven by the growing resolution requirement for multiple fronts and both-facing mobile cameras.
Furthermore, consistent advancements in the sensors technology and the trend towards the depth effect of mobile cameras have increased the application of multiple compact camera modules for every smartphone unit, accelerating the demand for CCM.
Market is also predicted to generate considerable returns from the automotive sector. The application of compact camera module in automobile for advanced driving assistance and automotive electronics would spur the product demand. Besides, innovations in the CCM design have benefitted the expanding application in vehicles.
Asia Pacific compact camera module market would gain significant growth over the coming years, impelled by the increasing demand for connected cars and autonomous vehicles, along with the rising penetration of smartphones in India, China, and other APAC countries. The aforementioned countries have observed increased sales of consumer electronics including smartphones, notebooks, and laptops, over the recent years. Surging growth of consumer electronic sales could be reasoned to the expanding disposable incomes of the Asian population. Alongside, the introduction of smart cities is acting as a catalyzing force for the video surveillance market in China, boosting the regional growth.
The global market is highly consolidated. It boasts of the presence of major industry players including LG Innotek, Chicony Electronics Co., Limited, LITE-ON Technology Corporation, Samsung Electro-Mechanics (Samsung Group), OFILM Tech Co., Ltd., and Sunny Optical Technology (Group) Company Limited, amongst others.
These market vendors are investing heftily in developing modern solutions to offer high picture quality and portable modules to gain a competitive edge in the global market.
Global market is estimated to be moderately affected by the coronavirus pandemic. The market would be propelled during 2020, owing to the rising penetration of consumer electronics in light of the online studies and working from home trends. However, a slight decline in the semiconductor industry would impact the market statistics.
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