Microelectronics components are used in various electronic devices for miniaturization of components, improving efficiency, productivity and performance. These components include integrated circuits, sensors, memory chips and microchips that have wide applications in consumer electronics, automobiles, medical devices, telecommunications equipment and other industrial equipment. Growing demand for electronic gadgets and systems is increasing the scope of sophisticated microelectronics that can perform multiple functions in smaller sizes with lower energy consumption such as wearable devices, IoT devices and electric vehicles.
Market key trends:
The increasing adoption of IoT technology across various industries is expected to boost the microelectronics market growth during the forecast period. IoT requires tiny sensors, memory and communication modules that need to be integrated into various devices. Growing connectivity through IoT is generating huge volumes of data that need to be processed and analysed, thereby increasing the demand for more powerful yet efficient microchips, processors and other microelectronic components. Advancements in nanotechnology have enabled newer materials like carbon nanotubes to be integrated in the manufacturing of microchips which have improved their performance considerably. This growing penetration of IoT technology in industrial sector, consumer goods, automobiles and healthcare is anticipated to propel the microelectronics market expansion over the next few years.
Segment Analysis
The global microelectronics market is segmented on the basis of component, application, industry vertical, and region. Among the component, the integrated circuits (ICs) segment dominates the market. ICs are an electronic circuit in which all the components, such as transistors, resistors, and capacitors are miniaturized on a silicon chip. This miniaturization results in smaller size, lower production cost, and higher reliability.
Key Takeaways
Global Microelectronics Market Size is expected to witness high growth over the forecast period. Growing adoption of consumer electronics coupled with increasing penetration of IoT is boosting the market growth. The global Microelectronics Market is estimated to be valued at US$ 544041.47 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific region is expected to be the fastest growing as well as dominating region in the global microelectronics market during the forecast period. Growing electronics industry in countries such as China, Japan, Taiwan, and South Korea is driving the market growth. In addition, strong presence of key players is contributing to the region's large share.
Key players
Key players operating in the microelectronics market are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited.
Explore More Related Article On This Topic: https://www.ukwebwire.com/microelectronics-market-size/
Explore More Related Article On This Topic: https://www.newsintv.com/health/crispr-and-cas-gene-a-revolutionary-gene-editing-technology/
Comments
0 comment