Microelectronics Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Microelectronics Industry Prospective:

The global microelectronics market size was evaluated at $684 billion in 2023 and is slated to hit $1,035 billion by the end of 2032 with a CAGR of nearly 7.5% between 2024 and 2032.

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Microelectronics Market: Overview

Microelectronics is a sub-domain of electronics sector. It is a study of small electronic designs & parts at microscopic levels. These products are manufactured from semiconductor materials and are small in nature.

Reportedly, microelectronics is a key tool substantially impacting many aspects of life such as healthcare, communication, power, scientific research, and business.

Few of the examples of microelectronics equipment include capacitors, integrated circuits, resistors, transistors, light emitting diodes, inductors, and diodes.

Key Insights

• As per the analysis shared by our research analyst, the global microelectronics market is projected to expand annually at the annual growth rate of around 7.5% over the forecast timespan (2024-2032)
• In terms of revenue, the global microelectronics market size was evaluated at nearly $684 billion in 2023 and is expected to reach $1,035 billion by 2032.
• The global microelectronics market is anticipated to grow rapidly over the forecast timeline owing to technological breakthroughs and surging demand for electronic equipment.
• In terms of product type, the integrated circuits segment is slated to register the highest CAGR over the forecast period.
• Based on application, the automotive segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Region-wise, the European microelectronics industry is projected to register the fastest CAGR during the assessment timespan.

Microelectronics Market: Growth Factors

Technological innovations & use of electronic devices to spur the global market trends over 2024-2032

Technological breakthroughs and surging demand for electronic equipment is expected to boost the expansion of the global microelectronics market.

A rise in the penetration of microelectronics in healthcare, consumer electronics, industrial automation, automotive, and aerospace & defense sectors will steer the global market trends.

Moreover, supportive government schemes and incentives are projected to propel the market landscape globally in the years ahead.

Reportedly, emerging tools such as bioelectronics and quantum computing are expected to scale up the global market size in the years ahead.

Rapid demand for smart equipment and connected devices along with expansion of 5G networks as well as swift use of AI tools in various end-use sectors is predicted to provide impetus to the global market in the years ahead.

Microelectronics Market: Restraints

Disruptions in supply chain activities are projected to hinder the global industry surge over the assessment period

Huge research & development prices and complex production processes is likely to restrict the global microelectronics industry expansion over the forecast period.

Moreover, supply chain oscillations and intellectual property issues can hamper the global industry surge in the years ahead.

Microelectronics Market: Opportunities

Humungous product penetration in healthcare & electric sectors will open new growth avenues for the global market

Growing use of microelectronics in self-driven vehicles and various end-use sectors is expected to create new growth facets for the global microelectronics market.

Moreover, large-scale use of product in medical equipment and electric vehicles for improving their performance is likely to steer the expansion of the market globally.

Microelectronics Market: Challenges

A surge in the power use & environmental concerns can challenge the global industry surge by 2032

An increase in the power usage and heat dissipation along with security concerns is expected to challenge the expansion of the global microelectronics industry.

Moreover, production as well as disposal of microelectronic equipment can have adverse impact on the environment, thereby halting the global industry surge in the coming years.

Microelectronics Market: Segmentation

The global microelectronics market is divided into product type, application, and region.                                             

In terms of product type, the microelectronics market across the globe is segmented into sensors, integrated circuits, actuators, and discrete semiconductors segments.

Apparently, the integrated circuits segment, which garnered nearly 60% of the global market revenue in 2023, is set to record fastest growth rate each year over 2024-2032 subject to massive utilization of integrated circuits in healthcare, consumer electronics, industrial automation, and automotive sectors.

Reportedly, integrated circuits find massive applications in autonomous cars and 5G networks as well as supercomputers & smartphones.  

Based on the application, the global microelectronics industry is divided into industrial, telecommunications, automotive, healthcare, and aerospace & defense segments.

Apparently, the automotive segment, which dominated the industry share globally in 2023, is expected to contribute lucratively towards the expansion of the segment in the analysis timeline and this can be as a result of breakthroughs in automotive systems promoting the use of the microelectronics in electric vehicles, advanced driver assistance systems, and self-driven vehicles.  

Microelectronics Market: Report Scope

Microelectronics Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the analysis timespan

Asia-Pacific, which contributed for about 44.1% of the global microelectronics market size in 2023, is anticipated to establish a leading position in the global market in the analysis timeline.

Furthermore, the regional market expansion in the upcoming years can be owing to presence of key semiconductor manufacturing units in the countries such as South Korea and Taiwan.

Reportedly, strong government support for semiconductor sector and presence of domestic markets in China along with sale of electronic equipment in China and India will drive the business space in the region.

European microelectronics industry is set to record the highest growth rate in the projected timeline. The progress of the industry in the continent can be subject to rising focus on sustainability and demand for energy-efficient electronics devices.  Moreover, popularity of using green technologies will further contribute to the industry growth in Europe in the upcoming years.

Key Developments

• In July 2024, ST Microelectronics introduced a new sensor that can accurately determine timespan of flights and has enhanced temperature capability.
• In February 2024, Vervesemi, an Indian firm manufacturing fabless semiconductors, introduced semiconductor app specific integrated circuit.
• In August 2024, Dover Inc. acquired Criteria Labs, Inc., a key player in radio frequency device production & microelectronic engineering services. Such strategic moves will help in augmenting the growth of the market across the globe

Microelectronics Market: Competitive Space

The global microelectronics market profiles key players such as:

• Hailo
• Celestial AI
• Micron Technology
• Taiwan Semiconductor Manufacturing Company
• Samsung Electronics
• Cerebras Systems
• Broadcom Inc.
• Intel Corporation
• NVIDIA
• Qualcomm
• AMD
• Kneron
• Texas Instruments.

The global microelectronics market is segmented as follows:

By Product Type

• Sensors
• Integrated Circuits
• Actuators
• Discrete Semiconductors

By Application

• Industrial
• Telecommunications
• Automotive
• Healthcare
• Aerospace & Defense

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa