Microelectronics market size will be worth around $455.67 billion
Tokyo, April 29, 2022 (GLOBE NEWSWIRE) — The world microelectronics market size was estimated at 318.15 billion USD in 2021. Microelectronics is found in a large number of industries. Microelectronic elements and components are found in a wide range of gadgets and equipment, including cell phones, laptops, and televisions. All these equipments and gadgets are necessary for people to lead a lavish life. As a result, this aspect propels the global microelectronics market forward. Capacitors, transistors, inductors, and resistors, among other microelectronic parts and components, are used in a variety of industries and sectors, including transportation, medical, construction, and industrial.
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The demand for microelectronics in the global market is driven by this aspect. Microelectronics, on the other hand, is susceptible to extreme humidity and heat, which limits the growth of the global microelectronics market over the forecast period.
North America is the largest segment of the microelectronics market in terms of region. The United States dominates the microelectronics market in the North America region. Microelectronics is gaining popularity in North America due to increased spending on research and development. American companies are actively investing in research and development. The expansion of the automotive industry is considered to be driving the microelectronics market in North America. During the forecast period, the peak in the demand for advanced gadgets would also contribute to the expansion of the global microelectronics market.
|Market size in 2021||$318.15 billion|
|CAGR||4.1% from 2022 to 2030|
|Revenue forecasts by 2028||$419.11 billion|
|Forecast data||2022 to 2030|
|Companies covered||Acuity Brands Inc., Crestron Electronics Inc., ADT Corporation, Control4 Corporation, Honeywell International Inc., United Technologies Corporation, Johnson Controls Inc., Cisco Systems Inc., Ingersoll Rand PLC, Schneider Electric SE|
The Europe region is the fastest growing region in the microelectronics market. The UK holds the highest market share in the European microelectronics market. The European market has a large number of market players. These big market competitors are known to offer a diverse selection of products at affordable wholesale prices. In addition, Europeans are rapidly adopting laptops and smartphones. Also, increasing disposable income will propel the global microelectronics market forward during the forecast period.
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Growth adoption of various technologies
Microelectronics manufacturers are adopting a wide range of microelectronics manufacturing technologies. These technologies are the Internet of Things and Artificial Intelligence. These technologies help add advanced functionality in microelectronic devices and gadgets. These technologies had also increased the efficiency of microelectronic devices and components. In addition, all microelectronics components are interconnected through these technologies. Accordingly, increasing adoption of various technologies is driving the growth of the global microelectronics market during the forecast period.
Tariff disruption and trade restrictions
The growth and development of the global microelectronics market is entirely dependent on the developed and developing regions. Countries like the US, UK, and China are having a substantial impact on the growth of the global microelectronics market. The government rules and regulations of a particular region and country have a significant impact on the growth of the microelectronics market. The trade restrictions imposed by these countries have a negative impact on the microelectronics market. As a result, price disruptions and trade restrictions are limiting the growth of the microelectronics market.
Growth adoption of consumer electronics
Factors such as growing disposable income and rapid urbanization are driving the demand for consumer electronics. Consumer electronics such as smartphones, televisions, washing machines and refrigerators are being widely adopted. Embedded chips are widely used in these consumer electronic devices. Many market players manufacture consumer electronics with microelectronics. Thus, the increasing adoption of consumer electronics creates lucrative opportunities for the growth of the global microelectronics market over the forecast period.
Limits with the design microelectronics
Market players operating in the microelectronics market face a huge challenge when it comes to designing and packaging microelectronic devices and gadgets. Manufacturers must pack small and micro devices in a small package. Due to size limitations, manufacturers and market players are unable to package microelectronic devices and gadgets effectively and efficiently. As a result, microelectronics design limitations pose a major challenge for the growth of the microelectronics market.
- Based on type, the transistor segment holds the largest market share in the global microelectronics market. The segment’s growth is fueled by the increased need for the Internet of Things. End-user industries such as consumer electronics, automotive, manufacturing, and communication are widely using Internet of Things devices to streamline their processes. IoT applications that are gaining traction include smart appliances and smart homes. Thus, during the projected period, this factor boosts the growth of the segment.
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- Broadcom Inc. announced the release of the BCM6710, a Wi-Fi 6 3*3 chip specifically designed for WLAN applications and configuration boxes. It is a highly engineered semiconductor with RF power amplifiers that paves the way for high-bandwidth, low-latency applications such as 4K UHD video streaming and augmented reality.
- Qualcomm Technologies Inc. announced the Qualcomm QCS410 and Qualcomm QCS610 system-on-chips in July 2020. These processors are designed for high-end camera technology, with artificial intelligence and advanced machine learning.
By software and algorithm
- Lighting control
- Security and access control
- Entertainment Control
- HVAC control
- Aeronautics and Defense
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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