Global Microelectronics Market Report and Forecast 2024-2032

Global Microelectronics Market Outlook

The global microelectronics market size reached a value of approximately USD 455.88 billion in 2023. The market is further projected to grow at a CAGR of 5.70% between 2024 and 2032, reaching a value of USD 750.81 billion by 2032.

Key Trends in the Market

Microelectronics refers to the field of electronics that includes the study, design, and manufacture of tiny or small electronic components such as power electronics and computer chips. These small devices are generally made from semiconductor materials. Microelectronics finds applications across various industries including automotive, medical, and construction, among others.

• Microelectronics enables the development of devices that are compact, energy efficient, and faster than the traditional ones. The increasing demand for modern gadgets that are lightweight, portable, and affordable across industries is thus favouring the growth of the market.

• The microelectronics sector has been positively influenced by advances within the industry, particularly the evolution of the integrated circuit/ semiconductor IC. With the governments across developing countries supporting the semiconductor sector by providing economic benefits including tax breaks and subsidies, the microelectronics market is likely to grow in the coming years.

• The use of artificial intelligence in microelectronics is paving the way for developing accurate and more efficient devices from semiconductor materials, resulting in improved product efficiency and increased profits.

Market Analysis

Based on product type, the market is segmented into lighting control, security and access control, HVAC control, and entertainment control, among others. On the basis of type, the market is divided into transistors, capacitors, inductors, and resistors, among others. By vertical type, the market is categorised as medical, construction, and automotive, among others. Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global microelectronics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Honeywell International Inc.

• Jotrin Electronics Limited

• Ingersoll Rand Inc.

• Schneider Electric SE

• Cisco Systems Inc.

• ACUITY BRANDS, INC.

• Johnson Controls

• Others

Market Share by Vertical Type

The medical segment is anticipated to grow rapidly over the forecast period, with the growing demand for innovative healthcare devices and solutions. Microelectronics finds use in various essential medical devices including X-ray machines, ultrasound machines, glucose monitoring devices, CT scanners, ECG machines, and blood pressure measuring devices, among others. Microelectronics helps devices in data conversion and processing and signal conditioning, among others, and is boosting miniaturisation by shrinking the complete system into a handheld device, thus making personal healthcare easy and convenient. This is aiding the global microelectronics market expansion.

Market Share by Region

North America accounted for a large share of the market, with several microelectronics producers expanding operations to and within the United States. The governments and manufacturers across North America are increasingly spending on research and development activities, fuelling the progress of microelectronics. Additionally, the rising demand for cars, among other passenger vehicles, is increasing the utilisation of microelectronics across the automotive sector. Moreover, people in the region are becoming aware about the availability of new and advanced technologies and are thus demanding innovative gadgets, resulting in the growth of the microelectronics market in North America.

Competitive Landscape

Honeywell International Inc. was founded in 1906 and is headquartered in North Carolina, United States. It is a multinational company that mainly focuses on four areas of business including aerospace, performance material and technologies, productivity and safety solutions, and building technologies.

Jotrin Electronics Limited is an electronics manufacturing company that was founded in 2006. It is headquartered in Guangdong, China, and is known for manufacturing and distributing electronic components such as capacitors, resistors, and sensors.

Ingersoll Rand Inc. was established in 1859 and has its headquarters located in North Carolina, United States. The air and gas compressor manufacturing company is focussed on providing flow creation and industrial products to the consumers globally.  

Other major players in the microelectronics market include Schneider Electric SE, Cisco Systems Inc., ACUITY BRANDS, INC., and Johnson Controls, among others.

Key Highlights of the Report