July 20, 2024

The Global Microelectronics Market Growth Accelerated By Rising Adoption Of Iot Devices

Microelectronics involves miniaturizing electronic components like resistors, diodes, transistors among others and facilitating applications like electronic circuits, integrated circuits and microprocessors. Products like processors, sensors, memory devices and integrated circuits find wide usage in consumer electronics, automotive, industrial and healthcare sectors owing to their small physical size, low energy consumption and high computing power.

The global Microelectronics Market is estimated to be valued at US$ 544041.47 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

IoT connects physical devices like smartphones, vehicles, home appliances among others through internet. These connected devices rely on microchips, sensors and other microelectronics components to sense environmental changes, transmit and receive data over the network. As more physical objects are integrated with software, electronics and connectivity, it is catalyzing the demand for microchips, memory devices and other integrated circuits used in IoT devices. Growing dependence of industries and consumers on IoT is expected to remain a key trend driving the microelectronics market over the forecast period.

Segment Analysis

The global microelectronics market is dominated by the semiconductor subsegment. This can be attributed to the fact that semiconductors are the basic building blocks of all microelectronic devices. They form the integral components of almost all electronic devices including computers, smartphones, automobiles and many more. The growing demand for consumer electronics and proliferation of IoT devices has propelled the demand for various semiconductor ICs like microprocessors, memory chips, logic devices etc.

Key Takeaways

The Global Microelectronics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Advancements in nanotechnology, miniaturization of devices and demand for portable electronics will steer the market progress.

Regional analysis
Asia Pacific region currently dominates the global microelectronics market with a share of over 35% in 2023. The presence of key manufacturing hubs in countries like China, Taiwan, South Korea and Japan has cemented Asia Pacific’s leadership. Further, the rising electronic goods consumption in densely populated economies of India and China will continue augmenting the regional market. North America and Europe are other major regional markets fueled by presence of developed economies, technological superiority and design innovation.

Key players
Key players operating in the microelectronics market are Honeywell International Inc., United Technologies Corporation, Crestron Electronics, Inc., Cisco Systems, Inc., Ingersoll-Rand PLC, Schneider Electric SE., Johnson Controls Inc., Acuity Brands, Inc., ADT Corporation, Control4 Corporation, and Others. Honeywell International Inc. and United Technologies Corporation have been pioneering in microelectronics component manufacturing and integration for aerospace, defense and building automation systems.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it