The global microelectronics market size was valued at USD 325 billion in 2022 and it is expected to surpass around USD 474.17 billion by 2032 with a registered CAGR of 3.90% from 2023 to 2032.
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
The U.S. microelectronics market size reached USD 78 billion in 2022 and is projected to hit around USD 116.01 billion by 2032 with a CAGR of 4.10% between 2023 to 2032.
North America dominated the microelectronics market in 2022. The U.S. dominated the microelectronics market in North America region. The market for microelectronics in North America is growing due to rise in investments in research and development activities. The U.S. companies are heavily investing in research and development activities. The growth of microelectronics market in North America region is attributed to the expansion of automotive industry. In addition, adoption of new and innovative technologies is also driving the demand for microelectronics in global market. The surge in demand for advanced devices is also supporting the growth of global microelectronics market over the forecast period.
Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK dominates the microelectronics market in Europe region. The Europe region has huge number of market players. These major market players are known for delivering a wide choice of products at low wholesale prices. In addition, the people of Europe region are adopting laptops and smartphones on large scale. Furthermore, rising disposable income is also driving the growth of the global microelectronics market over the projected period.
Electronics has a subsection called microelectronics. Microelectronics is the production of a very small electronic devices and gadgets. This usually refers to micrometer scale. Semiconductor materials are commonly used in microelectronic devices. Many elements of traditional electronic design have microelectronic counterparts. Due to the very small size of the devices, innovative wiring techniques such as wire interconnects are frequently utilized in microelectronics. This method necessitates specialist equipment and is costly in nature.
The size of microelectronic devices and gadgets has shrunk as technologies have developed. At lesser scales, inherent network features like linkages may have a greater impact. The purpose of the microelectronics design engineer is to find solutions to correct for or limit negative impacts while providing thinner, quicker, and less expensive devices. Electronic design automation software now plays a significant role in microelectronics design.
Microelectronics have wide range of applications in diverse sectors. Microelectronics parts and components are used in various gadgets and devices such as smartphones, laptops, and televisions. All these devices and gadgets are essential for the luxurious lifestyle of people. Hence, this factor is driving the growth of global microelectronics market.
|Market Size by 2032
|USD 474.17 Billion
|Growth Rate from 2023 to 2032
CAGR of 3.90%
|Fastest Growing Market
|2023 to 2032
|Type, Software & Algorithm, Product, Vertical, Geography
|Acuity Brands Inc., ADT Corporation, Control4 Corporation, Crestron Electronics Inc., Cisco Systems Inc., Honeywell International Inc., United Technologies Corporation, Johnson Controls Inc., Ingersoll Rand PLC, Schneider Electric SE
In addition, the wide range of microelectronics parts and components such as capacitors, transistors, inductors, and resistors are used across various industries and sectors such as transportation, medical, construction, and industrial sectors. This factor is driving the demand for microelectronics in the global market. On the other hand, microelectronics is prone to extreme humidity and heat, which is restricting the growth of global microelectronics market during the projected period.
The COVID-19 pandemic brought drastic changes in every vertical of different sectors and industries. Similarly, COVID-19 pandemic also negatively affected the global microelectronics market. The global microelectronics market was affected due to supply chain disruptions, halt of manufacturing units, non availability of raw materials, and trade restrictions.
The technological advancements in semiconductor sector in terms of various devices and gadgets are also driving the growth of global microelectronics market. Initially, semiconductor devices use to come in bigger size. But as technological developments are taking place, the size of semiconductor devices and gadgets is decreasing. This factor is supporting the growth and development of global microelectronics market as microelectronics devices are semiconductor materials.
Microelectronics are lightweight and low cost in nature. That’s the reason microelectronics are in demand on a large scale. The technologies such as artificial intelligence and internet of things are providing lucrative opportunities for the growth of global microelectronics market over the forecast period. In addition, other technologies such as next generation sequencing, hybrid cloud storage, and wireless charging are creating growth prospects for microelectronics in the global market.
In addition, the growth and expansion of electronics industry is also paving way for the growth of global microelectronics market. The government of developed and developing economies is taking constant efforts for the expansion of semiconductor industry. This is directly impacting the growth of global microelectronics market. Moreover, government of such regions is providing tax benefits such as subsidies and tax incentives to the manufacturers of microelectronics. This factor is boosting the growth of global microelectronics market over the forecast period.
Furthermore, government of emerging and established nations is heavily investing in new and advanced technologies such as industry 4.0, blockchain, and artificial intelligence. This factor is offering new opportunities for expansion of microelectronics in the global market. The government are also collaborating with market players for the development and launch of new microelectronic devices and gadgets. In addition, major market players are adopting unique strategies such as joint venture, partnership, collaboration, merger, acquisition, and business expansion for enhancing their market position in the market. All of these aforementioned factors are propelling the growth and development of global microelectronics market during the forecast period.
The transistors segment dominated the microelectronics market in 2022. The growing need for internet of things is driving the growth of the segment. The internet of things devices is being widely used by end user sectors such as automotive, industrial, consumer electronics, and communication to simplify their operations. Home appliances, smart gadgets, gateways, smart homes, and sensors with basic network protocols are among the internet of things applications gaining traction. As a result, this factor is driving the growth of segment during the forecast period.
The industrial segment is fastest growing segment of the microelectronics market in 2022. The growing rise of smart home and smart city initiatives around the world will open up new potential for the insulator market. The insulator segment will benefit from increased demand for insulation materials from commercial sector, public sector, and transportation industry. Furthermore, throughout the forecast period, the insulator segment will benefit from increased emphasis on technology upgradation as well as increasing and enhancing wireless communication technology for expansion of the segment.
Segments Covered in the Report
By Software & Algorithm
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client