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| Global Microelectronics Market Size |
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.
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, as highlighted in a new report published by Coherent Market
Insights.
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.
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