by Microelectronics refer to miniature devices and integrated circuits that are used widely across various industries such as automotive, consumer electronics, defense and healthcare. From microcontrollers in vehicles and smart home appliances to medical devices such as pacemakers; microelectronics have made devices smarter, efficient and compact. Advancements in nanotechnology have enabled manufacturing of microchips with billions of transistors on a silicon wafer. These chips form the foundation of modern electronics and have revolutionized how we connect, access information and interact with our surroundings. Microelectronics contribute significantly towards creating a more connected world through the internet of tahings (IoT).
The global Microelectronics Market is estimated to be valued at US$ 544041.47 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the microelectronics market is the increasing adoption of system on chip (SoC) technology. SoC technology integrates all the important components of a computer or any other electronic system into a single chip, providing significant advantages in terms of performance, power consumption, cost, space and compatibility. SoCs are playing a critical role in enabling IoT, AI and 5G technologies which require high processing power but low power footprint. Majority of consumer electronic devices including smartphones now utilize SoC designs. This has spurred investments in R&D of advanced SoC for new applications. Integrating more functionalities and capabilities onto a single chip through ongoing miniaturization is expected to be a major trend in driving ongoing innovations in microelectronics over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as entry barrier like capital requirement, technology requirement and presence of well established players are quite high in the Microelectronics Market.
Bargaining power of buyers: The bargaining power of buyers in the Microelectronics Market is moderate to high due to presence of many innovative products. Buyers can easily switch between vendors based on price and product offering.
Bargaining power of suppliers: Bargaining power of suppliers is moderate as there are many suppliers for raw materials and components in the Microelectronics Market.
Threat of new substitutes: The threat from substitutes is low as Microelectronics has limited substitutes and it caters to wide range of industries.
Competitive rivalry: The competitive rivalry in the Microelectronics Market is high due to presence of many global players offering similar innovative products and services.
Key Takeaways
The Global Microelectronics Market Size is expected to witness high growth. The global Microelectronics Market is estimated to be valued at US$ 544041.47 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
North America is currently dominating the Microelectronics market and is expected to continue its dominance over the forecast period. Factors such as early adoption of advanced technologies, concentration of key players and high defense expenditure are driving the growth of Microelectronics market in North America. Rapid industrialization, digitalization, rising population, growing electronics industry and government initiatives towards digital economy are fueling the demand for Microelectronics in Asia Pacific. Countries like China, Japan, South Korea and India offer huge growth potential in this region.
Key players operating in the Microelectronics market are IBM Corporation, CGI Group Inc., Accenture PLC, Deloitte LLP, AT&T Inc., PWC LLP, GE Healthcare Limited, and Syntel Inc. Strategic partnerships, new product launches and acquisitions are some of the key strategies adopted by major players to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
