The global Microelectronics Market was valued at US$ 503,742.1 Mn in terms of value by the end of 2022. Microelectronics is a branch of electronics that deals with the design and manufacture of very small electronic components and circuits Microelectronics is helpful in the development of modern electronic devices such as smartphones, computers, and others. Moreover, some of the components of microelectronics include a microprocessor, memory chips, sensors, and others.
Global Microelectronics Market: Drivers
The demand for wearable devices such as smart watches, fitness trackers, and other is increasing. Moreover increasing consumer awareness about health and finesses devices is driving the growth of the global microelectronics market.
Global Microelectronics Market: Opportunities
Companies operating in the market are engaged in product launches, partnerships, mergers, acquisitions, and others, to strengthen their market position and enhance their offerings and this is expected to propel the growth of the market over the forecast period. There are various market players such as Honeywell International Inc., United Technologies Corporation, Crestron Electronics, Inc., and others, which offer microelectronics products. For instance, Honeywell International Inc. U.S-based technology provider, offers various rad-hard sensors & microelectronics components for the aerospace sector including application-specific integrated circuits, random access memory, mixed-signal devices, magnetic sensors, and pressure sensors.
Global Microelectronics Market: Restraints
The microelectronics industry required a highly skilled workforce with skilled expertise in the areas such as semiconductor design, process technology, and others. However, there is a growing shortage of skilled talent in the industry which is hampering the growth of the global microelectronics market.
Global Microelectronics Market- Impact of Coronavirus (Covid-19) Pandemic
The global microelectronics market is affected, as many key players in the market had to temporarily close down, to safeguard the health of their employees. Furthermore, on the supply chain side, the unavailability of raw materials for manufacturing microelectronics components due to a complete lockdown is a major restraint on the growth of the market. Due to a delay in the supply of raw materials and components, the manufacturing companies were unable to deliver the products to the market. Therefore, the global microelectronics market is affected by the pandemic. As governments are releasing the lockdown restrictions to some extent in various countries, production is resuming, however, companies are still working with partial employees on the shop floor and remaining from home. Hence, the lower production results in lower sales and ultimately in lower revenue. Therefore, the manufacturers of various electronic and semiconductor components are experiencing a delay in completing their production targets.
Electronics industry’s supply chain is majorly centered in China. As leading OEMs (Original Equipment Manufacturers) of consumer electronic devices have their manufacturing facilities in China, along with the manufacturing facility OEMs of components, the shutdown of manufacturing facilities in China has caused serious implications for the entire ecosystem of the electronic industry. Though the impact on supply-side of the market is currently minimum as manufacturing in China has resumed, the market of the consumer electronic industry has highly impacted the sales for products such as televisions, ACs, refrigerators, and other white goods reduced considerably, with the changed in discretionary spending of consumers on non-essential items.
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https://www.coherentmarketinsights.com/market-insight/microelectronics-market-4664
Key Takeaways:
The global microelectronics market was valued at US$ 503,742.10 Mn in 2022 and is forecast to reach a value of US$ 930,345.00 Mn by 2030 at a CAGR of 8.00% between 2022 and 2030.
HVAC Control segment held a dominant position in the global microelectronics market in 2022, accounting for a 60.2% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Global Microelectronics Market: Competitive Landscape
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.
