Modular Camera System Market to Witness Increase in Revenues by 2024

Modular camera system is just a simple camera that consists of several smaller components that can be used for configuring the camera according to the user’s preference. The modular camera system enables the user to interchange the parts and accessories. The advantage of modular camera system is any damaged part can be replaced with a new one, not only this increases the life of the camera, it also provides the user to upgrade the camera according to the changing technologies. The global modular camera system market is driven by the demand from its end users like, automotive, consumer electronics, industrial robotics, security & surveillance, defence and aerospace. The growth in number of tech savvy population and photography enthusiasts are also contributing to the demand for modular camera systems globally. Various trending technologies in the modular camera system like, 3D sensing, ultra HD technologies are fuelling the demand for modular camera market. The global modular camera system market is foreseen to register a promising double digit CAGR over the forecasted period.

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The key drivers that are expected to increase the market potential of the global modular camera system market are the demand from the end user mostly from consumer electronics. Growth in automotive industry is one of the major driver for the growth of global modular camera system market, as the Advanced Driver Assistance Systems (ADAS) in automotive is trending in the market which is a positive point in the growth of global modular camera market. Modular cameras used in the security and surveillance are also adding to the growth of modular camera system globally, as it is used in household, commercial buildings and government organisations. Modular camera find its application in the healthcare industry for proper guidance of blind peoples and the one who is in support of wheelchair. On the other hand, the volatile price of the camera modules and the cost of maintenance pose as a restraint to the growth of global modular camera system market. The trends in the global modular camera market are the new technological innovations like, 3D depth sensing, 4K pixel and ultra HD technologies to name a few.

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In APEJ, China holds the largest share in the market for modular camera systems, this is due to the growing demand of the consumer electronics namely, mobile phones and tablets. The tremendous demand for smart phones and tablets in India is also adding to the growth of modular camera systems in the APEJ region. The North American market will also lead the modular camera system market followed by the Europe modular camera system market over the forecasted period. The growth in construction sector in the Middle East will also propel the growth for security and surveillance cameras in the region contributing to the modular camera systems market growth in the region. Overall, the global modular camera system market will showcase a promising CAGR over the forecasted period.

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Some of the key players identified in the global modular camera market include Toshiba Corporation, Samsung Electro-Mechanics, BYD Company Limited, LG Electronics Inc., Sharp corporation, Robert Bosch GmBH, Topsee Electronic Tech Co.,Ltd., tryker Corporation, Coherent, Inc., Bartec, Sick AG, Sony Corporation, Panasonic Corporation, Chicony Electronics Co.Ltd. and Foxconn Electronics Inc.

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