Global integrated circuit market Growth and Demand in Industry

In 2020, the size of the global integrated circuit market was estimated at USD 437.71 billion. The market is anticipated to expand at a 12.8% CAGR from USD 489.31 billion in 2021 to USD 1,136.98 billion by 2028. The most recent research report from Fortune Business InsightsTM, titled "Integrated Circuit Market, 2021-2028," delves further into these insights.

The analysis predicts a strong 5G network trend in both developed and developing countries. Advanced driver assistance systems (ADAS) are likely to get funding from industry participants in order to boost their penetration into unexplored regions. The industry outlook will be boosted by the development of cutting-edge technologies, but the widespread COVID-19 pandemic may stymie future expansion.

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Report Coverage:

The research delves deeply into top-down and bottom-up methodologies to provide a strategic perspective on product mapping for both up-and-coming firms and well-known businesses. In addition, the report was created using primary sources, such as interviews with significant players and opinion leaders. The report's credibility is enhanced by the inclusion of secondary sources such SEC filings, press releases, and website publications. To give readers a complete picture of the global market, the study includes both qualitative and quantitative analysis.

Drivers and Restraints

Smartphone Penetration is Exploding, Supporting Growth

Following the boom for smartphones, industry participants are anticipated to tap markets throughout emerging economies. IC manufacturers are looking for chances and can inject money into the market. The sales of semiconductors will cause the market share of integrated circuits to expand more rapidly. The Semiconductor Industry Association (SIA) reports that in October 2021, semiconductor sales worldwide increased by almost 24%. Additionally, the industry's expansion is probably going to be aided by the 5G services' enormous footprint.

The business outlook is anticipated to be negatively impacted by increased maintenance expenses and a decreased possibility of repair.

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Regional Perspectives

With the expanding footprint of the automotive sector, North America will present promising opportunities.

 

In the aftermath of the expansion of the automobile industry, integrated circuit manufacturers are projected to experience an increase in demand in the United States and Canada. Established automakers are prepared to look for microcontrollers, promoting regional growth. The market size in North America, which was estimated at USD 192.38 billion in 2020, will continue to grow at a similar rate over the next years.

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