What will be inside the iPad 2.0? If you’ve been asking yourself this question then you don’t have too long to wait — iPad 2.0 will boast a camera and is set to ship in the first quarter of 2011.

This at least is what’s being claimed by investment firm Detweiler Fenton in a note revealed by Barron’s. The next generation iPad will also host a faster processor.

Existing iPhone camera supplier, Omnivision, will be supplying image sensors fo the iPad, which will boast two cameras, a 5MP main camera and a VGA camera. This makes it pretty likely it will also support FaceTime video chat.

Detweiler believes Apple will build 2.5 million units of the next iPad in calendar Q1. This suggests a late quarter launch of the new device.

The analyst also notes that when you add these cameras to the ones Omnivision already produces for the iPhone — including the 6 million Verizon iPhones the analyst anticipates will be manufactured in the first quarter next year — and you see that Apple now accounts for nearly a third of Omnivision’s sales and nearly all its 5MP cameras.

Apple’s move to secure such a significant slice of Omnivision’s production comes as Strategy Analytics warns that component supply shortages could impact future smartphone production and industry growth.

Finally, the analyst estimates Apple will build 23 million iPhones in the first quarter of 2011.

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