Microchip Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
The global market for microchip is projected to have a steady growth during the forecast period 2020-2030. Use of microchips in credit cards for ensuring secure payments, in smart electronic devices, IoT based applications, recording data, etc. is intensifying the sales of microchips.
Surging Demand for Consumer Electronics
Microchips find use in smart phones and consumer electronics and as per World Economic Forum, consumer electronics were one of the fastest growing areas in sales (globally) in 2020. This demand has led to increase in sale of microchips in the aforementioned sector. Compactness of chips in electronic components may also act as a driver for the demand of microchips in the near future.
Escalating IOT and 5G demand
Global efforts to integrate the Internet of Things and 5G implementation could escalate the demand for microchips. Requirement in prevailing artificial intelligence, driverless vehicles, and quantum computing may surge the sales during the forecast period 2020-2030.
Health Risks Associated with Implanting Microchips in Pets
Microchips are being implanted in pets by animal shelters, veterinarians for identification purpose. A report published by British Small Animal Veterinary Association states that these microchips inside an animal grow cancerous cells. In UK some animals have experienced neurological damage due to microchips inserted.
Prominent players in the market are focussing on recent developments such as:
Asia pacific region is expected to be highest growing sector in microchips owing to rise in demand for consumer electronics in countries like China, Taiwan, South Korea, Japan, etc. Growth in development of semiconductor units and prevalent use of microchips in electronic gadgets are the key growth prospects.
Growth in North America is also expected during the forecast period 2021-2031 due to rising adoption of IoT based technologies in electronic appliances by consumers.
Based on Product Type
Based on Type
Based on End User
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Demand for smart phones and consumer electronics have surged in whole pandemic and is still going on, the production and demand rate is not proportional and thus, during the end week of January, production for Ford escape and Lincoln Corsair plants were stooped due to the shortage.
Texas Instruments Incorporated and Microchip Technologies, Sequans Communication are some of the manufacturers focussing on greater research and development efforts.
Consumer electronics sector, automotive, robotics, IoT and artificial intelligence offer requirement of microchips at higher rate.
India, China, South Korea, Japan, Taiwan act as the focal point of consumer electronics. Growing population is the main reason impacting the growth positively.
High initial cost of design, Development and maintenance, and health issues.
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