Microelectronics MarketSize and Trends

The global microelectronics market was valued at US$ 503,742.10 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.00% from 2022 to 2030. Microelectronics components are used in various devices such as cell phones, televisions, personal computers, microwave ovens, calculators, fax machines, camcorders, stereo players, IoT devices, and others that play a vital role in the modern lifestyle of humans.

Global Microelectronics Market: Trends

Global Microelectronics Market Drivers:

Growing adoption of IoT among several industries to boost the market growth

The adoption of IoT is increasing among industries due to the emergence of applications and business models along with reduced device costs. Consequently, the number of connected devices such as connected machines, cars, wearables, meters, and consumer electronics is also increasing around the world. As per Ericsson, the volume of IoT devices having a cellular connection is likely to increase from 400 million in 2016 to 1.5 billion in 2022. This is owing to the rise in industrial focus on the deployment of the connected ecosystem and standardization of 3GPP cellular IoT technologies. Thus, due to the aforementioned factors, the demand for microelectronics is expected to increase in the coming future, which is expected to boost the growth of the global microelectronics market during the forecast period.

The increasing adoption of microelectronics devices

The increasing adoption of microelectronics devices such as resistors, transistors, capacitors, inductors, diodes, and others in various industries across the globe is one of the factors, which is expected to propel the growth of the global microelectronics market over the forecast period. Microelectronics devices are used in various sectors such as construction, medical, industrial, military and aerospace, transportation, consumer, and other sectors. For instance, in the construction industry microelectronics devices are used in various smart home applications including lighting control systems, security systems, HVAC (Heating, ventilation, and air conditioning) control systems, entertainment control systems, and other applications.

Global Microelectronics Market Opportunities:

The increasing demand for microelectronics in the healthcare industry is driving the growth of the global microelectronics market in the forecast period. The healthcare industry is witnessing a rapid evolution with the development of advanced medical devices, telemedicine, and personalized healthcare solutions. Moreover, microelectronics plays important role in the development of various healthcare devices such as wearable health monitor diagnostic equipment and telemedicine devices.

Global Microelectronics Market Trends:

Increase in the adoption of artificial intelligence is a major trend in the market

The adoption of artificial intelligence (AI) and related novel technologies such as cognitive automation, computer vision, and machine learning is increasing across several industries globally for robotic process automation. This technological convergence is generating automation capabilities that are elevating businesses' value and competitive advantages significantly for customers. Thus, this trend is expected to fuel the growth of the global microelectronics market during the forecast period.

Growing adoption of 5G technology

The deployment of the 5G network is increasing and which is driving the demand for microelectronics. 5G technology requires advanced microelectronics for supporting higher data speeds, low latency, and massive connectivity. Moreover increasing adoption of 5G technology across industries such as telecommunication, automotive, healthcare and others is also driving the growth of the global microelectronics market.