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