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Ahead of the IPO, here's what's inside a GoPro

Since launching its first device in July 2009, GoPro has sold nearly 9 million HD cameras, including about 4 million in the last year alone.

Now, as the company prepares to go public Wednesday, some investors are wondering: If GoPro keeps selling millions of cameras, then what other publicly traded companies could get a lift?

For answers, Miroslav Djuric, chief information architect at iFixit, took apart a GoPro Hero3 to find out what makes these digital camcorders tick.

Read More GoPro's IPO price range set at $21-$24/share

Djuric says GoPro has packed several high-quality microcomponents into the camera, which has successfully differentiated it from other camera and electronics manufacturers.

At the heart of GoPro's advantage, he says, lies a Sony image sensor.

"Really, what makes them shine is that they were able to take all these components and put them in a very attractive package and be able to give to people in a specialty niche market that really didn't exist previous to them," Djuric said in an interview with CNBC.

Read More GoPro going public, but is it a good investment?

And while Sony supplies key components to GoPro, it also is a GoPro competitor with its own action camera, which costs around $200.

Take apart a GoPro, Djuric said, and you'll also find chips from a variety of vendors, including Texas Instruments and Qualcomm as well a chip from Ambarella, a little known company whose stock is up over 90 percent in just the last 12 months.

Justin Solomon | CNBC

But iFixit says it's not the chips that set GoPro apart, it's the lens.

Read MoreHere's what I love about GoPro—Commentary

"They put a lot of work into that lens," Djuric said. "That's truly what makes the GoPro special, because it has such a wide field of view."

Analysts nevertheless expect other camera and electronics manufacturers to go after GoPro in the growing action-adventure camera market.

—By CNBC's Mark Berniker and Josh Lipton

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