The global microcontroller socket market is forecast to be valued at US$ 1236.3 million in 2022 and will exceed US$ 2497.5 million in 2032, at a CAGR of 7.3% during the forecast period (2022-2032). It is expected to grow.
Gradually reducing package size in the microelectronics industry has had a positive impact on the microcontroller socket market growth. Industrial requirements such as higher density, improved operating speed, and lower power have driven the industry packaging, which has further increased the demand within the microcontroller socket market.
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Microcontroller Socket Market: Driving Factors and Challenges
Cost reduction is a key driver in the IC manufacturing industry. Advances in technology help meet the requirements of cutting-edge electronic systems. Nevertheless, when an IC manufacturer is given the option of controlling costs or leveraging the most advanced technologies, his options will most likely lean towards minimizing costs, and the same is true in the microcontroller socket market.
The major challenge faced by the Microcontroller Socket market is the intense competition among the leading vendors in this market, which does not allow the market to grow.
Microcontroller Socket Market: Competitive Landscape
In October 2016, STMicroelectronics acquired NFC and RFID reader assets, strengthening its portfolio of secure microcontrollers for next-generation mobile and Internet of Things devices.
In September 2012, Sensata Technology Inc. acquired WELLS-CTI Inc., a product division known as Qinex that designs and manufactures sockets for the semiconductor industry. WELLS-CTI Inc. specializes in manufacturing test sockets, including microcontroller sockets.
Leading Key Players:
Key players in the microcontroller socket market include Intel, Loranger International Corporation, Aries Electronics Inc., Enplas Corporation, FCI, Johnstech International Corporation, Mill-Max Mfg. Corporation, Molex Inc., Foxconn Technology Group, Sensata Technologies BV, Plastronics Socket Company Inc., Tyco Electronics Ltd., Chupond Precision Co. Ltd., Win Way Technology Co. Ltd., 3M Company, Enplas Corporation, Yamaichi Electronics Co. Ltd. and Johnstech International Corporation
Microcontroller Socket Market: Regional Overview
On the basis of geography, the microcontroller socket market can be segmented into five major regions: North America, Latin America, Europe, APAC, and Middle East & Africa. Among various regions, the microcontroller socket market in APAC is expected to dominate during the forecast period due to the adoption of microcontroller sockets in several industries to implement automotive and medical industry products. The Asia Pacific region is expected to be followed by North America and Europe.
In North America and Europe, the microcontroller socket market is growing gradually due to the presence of both large and small IC manufacturers in these regions.
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