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| Microelectronics Market |
The
microelectronic market includes a wide range of semiconductor devices and
components that form an integral part of several sectors ranging from consumer
electronics to healthcare and industrial applications. From microprocessors and
memory chips to sensors and integrated circuits, microelectronics provide the
core computational and functional abilities to power numerous modern devices
and systems. Advances in nanotechnology have further enabled the development of
more compact and powerful microelectronic components. The miniaturization of
electronic components has allowed for significant performance improvements and
new form factors in applications as diverse as mobile phones, home appliances,
medical equipment, clean energy solutions, robotics and more.
The
global Microelectronics Market is estimated to be valued at US$ 544041.47 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the microelectronics market is the shift
towards new materials. Conventionally, silicon semiconductor technology has
remained the mainstream. However, growth opportunities in emerging applications
are driving research into novel material systems with properties better suited
for specific use cases. For instance, gallium nitride and silicon carbide are
gaining prominence for their high-power switching capabilities desired in
electric vehicles, 5G networks, and renewable energy conversion equipment.
Meanwhile, organic semiconductors and 2D materials like graphene show potential
for flexible electronics, biomedical devices, and quantum computing. Continuous
evolution of materials is expected to widen the scope and augment the
performance of microelectronic components going forward.
Porter’s
Analysis
Threat of new entrants: The threat of new entrants in the microelectronics
market is moderately high due to the requirement of high initial capital
investment for R&D, manufacturing infrastructure and marketing. However,
new firms can leverage technology and manufacturing advancements to enter over
time.
Bargaining power of buyers: The bargaining power of buyers in the
microelectronics market is moderate. Many buyers source from multiple microchip
manufacturers. However, buyers face switching costs when shifting to a new
supplier.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
Major suppliers like chip foundries and materials suppliers have some control
over pricing. However, diversification of suppliers reduces their influence.
Threat of new substitutes: The threat of substitutes is low as microelectronics
have distinct properties compared to alternatives. However, new computing
technologies can emerge as potential substitutes over the long run.
Competitive rivalry: The competitive rivalry in the market is high with players
competing on innovation, pricing and partnerships. Larger players strive to
maintain dominance through continuous R&D spending and product development.
Key Takeaways
Regional analysis: North America dominates currently due to strong investments
in R&D from key players in the US. Asia Pacific is expected to grow at the
fastest pace with countries like China and Taiwan emerging as major
manufacturing hubs. Japan and South Korea are also significant producers.
Key players: Major players operating in the microelectronics market are
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. Key players are focusing on partnerships and
acquisitions to penetrate new regions and markets.
Get
more insights on this topic:
https://www.marketwebjournal.com/microelectronics-market-size-market-share-analysis/
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