Microelectronics Market to Reach Valuation of USD 589.1 Billion by 2028 - Increasing Use of Microelectronics Devices in Numerous Sectors Throughout the World is the Key Factor Driving the Market Growth

From the period of 2022 to 2028, the Global Microelectronics Market is expected to reach USD 589.1 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 5.00%.

Advances in Microelectronics technology have transformed the devices used in several sectors for a variety of purposes. The size of Microelectronics devices is reducing as new technologies and production processes are created. This resulted in the emergence of a whole new market in the electronics and technology sector. The low cost and lightweight of Microelectronics components are important drivers of industry growth. Microelectronics advancements have made it possible to create a low-cost, low-power small sensing device. Furthermore, due to its uses in a variety of industries, Microelectronics has been a rapidly growing branch of electronics. It has numerous uses in the construction, automotive, and electronic industries, which are driving the market. The development of innovative technologies is driving the Microelectronics Market. The increasing adoption of technologies such as Industry 4.0, AI, and the Internet of Things is expected to drive market expansion throughout the forecast period. Furthermore, hybrid cloud storage, next-generation displays, wireless charging, and flexible electronics are projected to open up new prospects.

Key Highlights from the Report

• On the basis of Product, the market is segmented into Lighting Control, Security and Access Control, Entertainment Control, HVAC Control, and Other Control. The HVAC controls sector is predicted to have the biggest market share. The category is likely to grow throughout the forecast period due to the increased deployment of HVAC control technology for building automation. Increased industrialization has resulted in an increase in demand for heating and cooling equipment in a variety of industries, including mining and power generating. Increased energy bills and stringent environmental requirements have compelled different business organizations and companies to install HVAC controls in their operational areas. Furthermore, the surge in demand for simple-to-use remote access control systems has significantly increased investments in HVAC systems by commercial, industrial, and residential end-users.

• On the basis of Vertical, the market is segmented into Aerospace and Defense, Medical, Construction, Automotive, and Others. The use of Microelectronics in the Medical field is increasing at a rapid pace. Semiconductors are a key driver of innovation in the healthcare industry. Microelectronics are utilized in essential medical electronic instruments such as CT scanners, X-ray machines, ECG, Ultrasound, blood pressure and glucose monitoring, and so on. Microelectronics perform functions such as sensing, signal conditioning, data conversion and processing, machine and robot control, and so on. Microelectronics are also used in medical infrastructure such as Internet setup, display, data processing, signal transmission, and so on. Microelectronics are also fueling the expansion of personal healthcare by allowing the entire system to be resized into a handheld device. MEMS is one of the most essential technologies in personalized healthcare.

• Asia Pacific is the fastest regional segment in terms of growth. The increasing use of high-end technology-based gadgets, combined with low electronics prices, is driving an increase in consumer electronics consumption. Furthermore, technical breakthroughs like IoT and LTE assist electronics products, allowing the region to dominate the market share. China has the greatest market share and is expected to grow at a moderate Compound Annual Growth Rate (CAGR) in the next years due to the growing presence of local semiconductor component manufacturers.

Market Dynamics:

Rising Consumer Electronics Goods Consumption to Aid Growth

Rising disposable household income levels, a fast-growing population, and increased urbanization all contribute to the tremendous demand for standard and advanced consumer electronics gadgets. For effective and suitable operation, Integrated Circuit (IC) chips are found in a variety of electronic gadgets, including cellphones, washing machines, televisions, and refrigerators. Several top consumer electronics manufacturers, like Samsung, Apple, and Huawei, are investing heavily in releasing new gadgets to meet rising customer demand for advanced devices, thereby sustaining industry growth.

Increasing Technological Uptake

Microelectronics manufacturers use a wide range of technologies while producing microelectronics. The internet of things and artificial intelligence are two of these technologies. These technologies aid in the advancement of advanced features in microelectronic devices and gadgets. These innovations improved the efficiency of microelectronic devices and components. Furthermore, these technologies are interconnecting all of the components of microelectronics. As a result, the rising use of various technologies is propelling the worldwide Microelectronics Market over the predicted period.

In terms of region, North America has the largest Microelectronics Market sector. The United States dominates the North American Microelectronics Market. As a result of increased Research and Development (R&D) spending, Microelectronics are becoming more popular in North America. Companies in the United States are actively investing in Research and Development (R&D). The expansion of the vehicle industry is attributed to fueling the North American Microelectronics Market. Over the forecast period, the increase in demand for innovative gadgets would also aid the growth of the Global Microelectronics Market.