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.
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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.
- Samsung Elecronics Co., Ltd.
- Intel Corporation
- Qualcomm Technologies, Inc
- Analog Devices, Inc
- Taiwan Semiconductor Manufacturing Company, Ltd.
- Nvidia Corporation
- Texas Instruments Incorporated
- United Microelectronics Corporation
- Advanced micro devices
- Microchip Technology Inc.
Prominent players in the market are focussing on recent developments such as:
- Microchip in March 2020 expanded its silicon carbide family of power electronics. The new module includes various topologies such as dual diode, full bridge, phase leg, dual common cathode, and 3-phase bridge.
- In March 2020 Sequans Communications announced collaboration with Microchip technology Inc. aiming to deliver 5G LTE-M/NB-IOT connectivity solutions. The collaboration aims to support Microchip’s strategy of making it simple for developers to connect with cloud.
- Microchip and Efficient Power Conversion in a partnership have launched demonstration boards for 250W, 480V DC-DC Conversion.
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.
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Based on Product Type
- Microprocessor chip
- Interface chip
- Memory chip
Based on Type
- Analog signal
- Digital Signal
- Mixed signal
Based on End User
- Consumer Electronics
Based on Geography
- North America
- Asia Pacific
- Middle East and Africa
- Why is there shortage of microchips in the market?
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.
- Which are the key players in the microchip market?
Texas Instruments Incorporated and Microchip Technologies, Sequans Communication are some of the manufacturers focussing on greater research and development efforts.
- What is the application segment expected to witness high growth?
Consumer electronics sector, automotive, robotics, IoT and artificial intelligence offer requirement of microchips at higher rate.
- Which countries in Asia Pacific are majorly serving for the boost in demand of microchips?
India, China, South Korea, Japan, Taiwan act as the focal point of consumer electronics. Growing population is the main reason impacting the growth positively.
- What can be the restraints that hinder the growth of microchips?
High initial cost of design, Development and maintenance, and health issues.
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