February 25, 2024

Microelectronics Market Driven By Emerging Technologies Connected With Artificial Intelligence

The global Microelectronics Market is estimated to be valued at US$ 503,742.10 Million in 2022 and is expected to exhibit a CAGR Of 8.00% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Microelectronics products include integrated circuits, consumer electronics, optoelectronics, and discrete semiconductors. Microelectronics components are found in almost all electronic devices and are enabling technologies for artificial intelligence, robotics, augmented reality, and 5G networks. Rising demand for portable consumer electronic devices along with increasing penetration of AI and IoT is driving growth of the microelectronics market. Microelectronics allow miniaturization of components and circuits which has increased functionality of devices. Integration of components has increased efficiency and reduced cost of electronics.

Market key trends:

One of the major trends in the microelectronics market is rising focus on technologies associated with artificial intelligence and machine learning. Major players are investing in R&D of neuromorphic chips and hardware that can mimic biological neural networks. These AI chips are finding increasing usage in applications like predictive analytics, image and speech recognition, and machine translation. Another key trend is increased integration of microelectronics in healthcare devices. Wearable health monitors, implants, and diagnostic tools are emerging which heavily rely on miniaturized sensor technologies and microchips. This is expected to drive the need for more powerful and energy-efficient microelectronics components in the forecast period.

Porter’s Analysis

– Threat of new entrants: The microelectronics market requires high R&D investments and capital expenditures. This poses significant barriers to entry for new companies.
– Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of numerous established players with diversified product portfolios in the market.
– Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute raw materials and presence of established players.
– Threat of new substitutes: Risk of substitution is low as microelectronics has limited substitutes and technology advancements make it difficult to replace.
– Competitive rivalry: Intense competition exists among the established players to gain market share.

Key Takeaways

– The global microelectronics market is expected to witness high growth, exhibiting CAGR of 8.00% over the forecast period, due to increasing demand for semiconductors across various end use industries.

– North America dominated the microelectronics market in 2021 and is expected continue its dominance over the forecast period. Increasing R&D investments in the semiconductor industry and presence of major players in the US drive the market growth.

– Key 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.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it