Analysis of Semiconductor and Electronic Part Market Share in 2034
The global semiconductor and electronic part market is currently valued at $1,396.61 billion in 2024, with forecasts predicting a significant increase to reach $3,223.17 billion by 2034. This growth is driven by a variety of factors, including the adoption of new technologies in the Industrial Internet of Things (IIoT) and the connectivity improvements brought about by 5G.
The demand for semiconductor and electronic parts is on the rise due to various reasons. The industrial sector’s growing requirement for IoT and automation devices, foundries’ increased capital expenditures, and the need for MEMS sensors are all contributing to the overall expansion of the market.
Manufacturing semiconductor and electronic parts involves design and engineering, assembly, manufacturing, and testing services for printed circuit board (PCB) assemblies, as well as electronic and semiconductor components. This makes it easier for original equipment manufacturers to invest in automated assembly equipment.
Consumer electronics is one of the top sectors driving the demand for semiconductors and electrical components. The increasing use of the internet and digital technologies, along with technological advancements, are making gadgets more affordable and accessible to a wider audience.
Gadgets with improved performance and functionality are constantly being introduced to the market, driving the demand for semiconductor and electronic parts manufacturing services. Wearable technology and PCs are also following this trend, with manufacturers focusing on providing consumers with faster charging options, leading to an increased use of semiconductors and electronic components.
The market for semiconductors and electronic parts is expected to continue growing, with key companies like TDK Corporation, Murata Manufacturing Co., Ltd., and Panasonic Corporation leading the way in innovation and production.
The miniaturization revolution is reshaping the technology sector, allowing for the creation of tiny electronic components that can be incorporated into various products with cutting-edge features. This trend is driven by the increasing demand for IoT applications and real-time data collection, as well as the need for low-power microcontrollers and secure communication protocols.
Despite the industry’s growth, manufacturers face challenges in managing quality and balancing cost-effectiveness in electronic components. Obsolescence and system failures due to mechanical stress, excessive current, and high temperatures are some of the factors that restrict the industry’s growth potential.
