Global Microelectronics Market, by Software & Algorithm (Behavioral and Proactive), by Product (Lighting Control, Security and Access Control, Entertainment Control, HVAC Control, and Other Controls), by Vertical (Aerospace and Defense, Medical, Construction, Automotive, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2028, is expected to be valued at US$ 656,688.9 million by 2028, exhibiting a CAGR of 5.4% during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
Microelectronics has applications in various sectors such as military and aerospace, automotive, medical, construction, and others. For instance, in medical sector microelectronics are used in miniaturized medical devices and instruments. Moreover, in other industries microelectronics are used for design optimization and miniaturization of electronics to increase capabilities of products without increasing size.
The global microelectronics market was valued at US$ 432,398.1 Mn in 2020.
Growing consumer electronics industry
The growth of consumer electronics industry owing to the rising adoption of smart devices such as smartphones, computers, smart speakers, and others is expected to drive growth of the microelectronics market during the forecast period. Furthermore, growing adoption of voice-controlled speakers such as Google Home, Sonos One, and Amazon Echo in households is expected to fuel the market growth. For instance, according to the Retailers Association of India (RAI), sales of consumer electronics and appliances in the third quarter of 2021 increased by 23.5%, as compared with the same period of the year 2020.
The increasing security concern, owing to the rising number of IoT-based automation systems is driving the market growth.
Several players are focusing on developing wireless home security systems due to increasing demand for alarms, door locks, door sensors, security cameras, and smoke detector devices. For instance, Mul-T-Lock, a company which develops, manufactures, and markets high-security locking products and access control solutions for institutional, commercial, industrial, and residential applications offers CLIQ, a security system with high-end microelectronics, programmable keys, and cylinders, enabling superior locking capabilities.
Global Microelectronics Market - Impact of Coronavirus (Covid-19) Pandemic
During the pandemic, several key players operating in the global microelectronics 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 components due to complete lockdown is a major restraint for the growth of the market. Moreover, 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.
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Key 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.