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Press Release: Microelectronics Market is Expected to Exhibit a CAGR of 5.4% during the Forecast Period (2021-2028)
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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 plays a vital role in modern lifestyle of the human.
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 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 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.
However, microelectronics devices are susceptible to extensive heat and humidity, and this is expected to hamper growth of the global microelectronics market growth.
Global Microelectronics Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including automotive, medical & healthcare, consumer electronics, clothing & textile, food & beverage, automation, manufacturing, aerospace & defense, oil & gas, construction, semiconductor, agriculture, and others. Liquidity shortfall, cash crunch, and others are the factors that are restraining growth of the various sectors during COVID-19 pandemic.
The global microelectronics market is affected, as many key players in the market had to temporarily closedown, in order to safeguard health of their employees. Furthermore, on the supply chain side, unavailability of raw materials for manufacturing of microelectronics components due to complete lockdown is a major restraint for the growth of the market. Due to delay in supply of raw materials and components, the manufacturing companies were unable to deliver the products in 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 delay in completing their production target.
Electronics industry’s supply chain is majorly centered in China. As leading OEMs (Original Equipment Manufacturers) of consumer electronic devices have their manufacturing facility in China, along with the manufacturing facility OEMs of components, the shutdown of manufacturing facilities in China has caused serious implication on 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 has reduced considerably, with the changed in discretionary spending of consumers on non-essential items.
North America held dominant position in the global microelectronics market in 2020
Statistics:
North America held dominant position in the global microelectronics market in 2020, accounting for largest share in terms of value, followed by Europe and Asia Pacific
Figure 1: Global Microelectronics Market Share (%), By Region, 2020
Owing to presence of leading market players such as Honeywell International Inc., Crestron Electronics, Inc., and others, North America held dominant position in the global microelectronics market in 2020 and is estimated to retain its dominance during the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2020: | US$ 432,398.1 Min |
| Historical Data for: | 2017 and 2019 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 5.4% | 2028 Value Projection: | US$ 656,688.9 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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. |
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| Restraints & Challenges: |
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HVAC controls segment is expected to drive the market growth during the forecast period.
On the basis of product, the global microelectronics market is segmented into lighting control, security and access control, entertainment control, HVAC control, and other controls. HVAC controls segment is expected to account the largest share in the market. The increasing adoption of HVAC control technologies for building automation is expected to drive the segment growth during the forecast period. For instance, in October 2019, Honeywell launched controller for HVAC, CIPer Model 30 is a compact, multi-purpose 1Gbps internet protocol controller for many HVAC applications.
Figure 2: Global Microelectronics Market Value (US$ Mn) Analysis and Forecast, 2017 - 2028
The global microelectronics market was valued at US$ 432,398.1 Mn in 2020 and is expected to reach US$ 656,688.9 Mn by 2028, exhibiting a CAGR of 5.4% between 2021 and 2028.
Major players operating in the global microelectronics market include 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.
Microelectronics is used in various industries such as medical, automotive, construction, aerospace, and others for design optimization and miniaturization of electronics to increase capabilities of products without increasing its size. Microelectronics market is segmented on the basis of software & algorithm, product, vertical, and region
Market Dynamics
Growing consumer electronics industry; increasing security concern, owing to the rising number of IoT-based automation systems; increasing adoption of microelectronics devices such as resistors, transistors, capacitors, inductors, diodes, and others in various industries across the globe are the factors, which are expected to propel growth of the global microelectronics market over the forecast period.
Furthermore, companies operating in the market are engaged in product launches, partnerships, mergers, acquisitions, and others, in order to strengthen their market position and enhance their offerings and this is expected to propel 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., offer various rad-hard sensors & microelectronics components for aerospace sector including application-specific integrated circuits, random access memory, mixed signal devices, magnetic sensors, and pressure sensors.
However, microelectronics devices are susceptible to extensive heat and humidity, and this is expected to hamper growth of the global microelectronics market growth.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 60 market data tables and 40 figures on "Microelectronics Market - Global forecast to 2028”.
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