Microelectronics Market Seen Soaring 7.2% Growth to Reach USD 986.0 Billion by 2032, Projects Univdatos Market Insights
- Vikas Kumar
- October 15, 2024
- ELECTRONICS & SEMICONDUCTOR, NEWS
- 0 Comments
Key Highlights of the Report:
- Rising Demand for Consumer Electronics: With the penetration of Smartphones, the wearable and other portable electronics, the demand for high-end microelectronic components is being increasingly enhanced.
- Growth in Automotive Electronics: As conventional ICs are being replaced by advanced systems such as electric vehicles, autonomous driving, and ADAS, the demand of microelectronics in the automotive industry is also increasing very high.
- Expansion of 5G Networks: The increased implementation of 5G technology around the globe stimulates the need for microelectronic components in order to enhance data transfer speeds and connectivity.
- Industrial Automation and IoT: Increased smart manufacturing, factory automation, and the Internet of Things (IoT) have increased the need for sensors, processors, and other microelectronic systems.
- Advancements in Healthcare Technology: With increased usage of medical devices, wearables, and diagnostic equipment, there is an increase in the use of complex microelectronic components for monitoring as well as processing information.
- AI and Machine Learning: Increased adoption of artificial intelligence and machine learning across all industries leads to an increased requirement for high-performance computing chips and complex microelectronic devices with enhanced processing capabilities.
According to a new report by Univdatos Market Insights, Microelectronics Market is expected to reach USD 986.0 Billion in 2032 by growing at a CAGR of 7.2%. The word ‘Microelectronics’ encompasses the circuity semiconductors and sensor technology used in consumer electronics, automobiles, healthcare, telecommunication, etc. The demand for microelectronics is supported by rising demand for high-performance, faster, inexpensive, and energy-efficient electronic end-products. This has been supported by the fast development and use of other technologies including artificial intelligence, IoT, and 5G which also need enhanced microchips for maximum efficiency. Also, industry automation and the continued rise in computing requirements provide the basis for the market’s steady growth.
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Government Policies Supporting the Microelectronics Industry
Government policies are shaping and supporting the microelectronics industry. They provide incentives, investments, and strategic directions feeding the growth of the microelectronics market. Here are some key areas where government policies support the microelectronics sector:
- Incentives for Semiconductor Manufacturing:
Various world governments have been offering subsidies, tax breaks, and grants to advance semiconductor manufacturing plants or factories in their respective nations. For instance, the U.S. Department of Commerce released its strategy outlining how the Department will implement $50 billion from the bipartisan CHIPS Act of 2022, signed by President Biden. The CHIPS for America program, housed within the Department’s National Institute of Standards and Technology (NIST), will revitalize the domestic semiconductor industry and spur innovation while creating good-paying jobs in communities across the country. China’s “Made in China 2025” initiative is also taking steps to develop Chinese semiconductors, thus reducing its dependencies on foreign technology.
- Research and Development (R&D) Funding:
Governments also fund R&D in microelectronics as an approach to forward innovation and advance technology in the industry. This encompasses funding of universities, other research institutions, and private companies engaged in next-generation technologies such as quantum computing, AI-driven microelectronics, and advanced semiconductor materials. For instance, South Korea announced a 26 trillion won ($19 billion) support package for its chip businesses, citing a need to keep up in areas like chip design and contract manufacturing amid ‘all-out warfare’ in the global semiconductor market.
- Environmental and Sustainability Regulations:
Governments are now targeting sustainable manufacturing in the industry of microelectronics. Rising regulations on energy efficiency, waste, and the use of dangerous substances in semiconductor manufacturing are also on the rise. Besides providing help to the companies that embrace ecological governance as per global environmental policies such as RoHS or Restriction of Hazardous Substances and REACH for Registration, Evaluation, Authorization, and Restriction of Chemicals.
Explore the Comprehensive Research Overview – https://univdatos.com/report/microelectronics-market
Conclusion
In addition, government policies play a major role in shaping the global microelectronics industry by providing essential support in terms of fiscal incentives, research and development funding, and strategic alliances. Such initiatives, for example, iPhone contract manufacturer Foxconn investing up to INR 4.24 billion in its yet-to-be-named semiconductor joint venture (JV) with HCL for an OSAT plant in India. As governments continue recognizing the critical importance of microelectronics within the global economic and technological landscape, such policies will remain key drivers in ensuring the growth and resilience of the sector.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2024−2032
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product, industry, and Algorithm
Competitive Landscape – Top Key Vendors and Other Prominent Vendors