The Apple Insider has reported that analyst Brian White with Ticonderoga Securities has described Apple's iPad 2 event, to be held tomorrow, as a "crucial product launch."

"We estimate there are well over one hundred tablets coming to market around the world this year," the site reports White as having said in a note to investors. "Assuming a new iPad is unveiled at this event, we believe Apple must make a convincing case for why the iPad 2 is better than the plethora of competitors coming to market, while at the same time persuading iPad 1 buyers to upgrade to iPad 2."

White also noted that the iPad and related products and services generated $4.61 billion in sales in the first quarter of Apple's fiscal 2011, amounting to 17.2 percent of the company's revenue, with the site reporting White's 'conservative' estimate of 27.36 million iPad sales in fiscal 2011, generating $16.92 billion.

"In fact, we estimate that iPad sales will contribute nearly one-third of Apple's $36.8 billion in incremental revenue that we are modeling in (fiscal year 2011)," he wrote. "If we exclude iPad revenue from Apple's (fiscal year 2010) results and our FY11 model, our revenue growth rate projection for Apple would be 41% in FY11 versus our current projection of 56%.

White also drew attention to the fact that this will be a key public test for Apple COO Tim Cook, who is expected to host the event. "In particular, [White] said, analysts will look to see how well Apple handles the debut of its second-generation iPad with Chief Executive Steve Jobs on a medical leave of absence."