New York, USA, Aug. 17, 2021 (GLOBE NEWSWIRE) -- According to Research Dive, the global semiconductor packaging market is estimated to generate a revenue of $52,271.6 million by 2028, and grow at CAGR of 7.0% over the forecast period (2021 to 2028). As per our analysts, the increase in utilization of consumer electronics coupled with the rising per capita income around the world is the significant factor expected to propel the growth of the global semiconductor packaging market over the forecast period. In addition, the rising adoption of internet of things (IoT) and artificial intelligence (AI) in consumer electronics, robotics, telecommunication, aerospace & defense, automotive, and others for hardware that are compatible with advanced software is driving the market growth. Moreover, a surge in adoption of 3D semiconductor technology is projected to create lucrative growth opportunities for the market by 2028. However, the high investment costs required in the designing, setup, and development of semiconductor packaging units is estimated to restrict the market growth in projected timeframe.
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Impact of COVID-19 on the Industry
The COVID-19 pandemic has impacted the global semiconductor packaging market in a negative way. The demand for electronic products such as devices and sensors has decreased during the pandemic from various industries including consumer electronics, automotive, telecom, and other industries. Besides, the drop in the production of semiconductor-based goods owing to disturbance in the global supply chains are the factors responsible for the negative impact on the global market.
Flip Chip Sub-segment to Hold Largest Market Share
By packaging platform, the flip chip sub-segment accounted for $16,654.9 million in 2020 and is projected to hold a dominating market share during the forecast period. This is mainly due to the growing demand for advanced high-performance in electronics for commercial and retail uses. Besides, the increased penetration and affordability of consumer electronic devices such as mobiles is accelerating the growth of the sub-segment.
Ceramic Package Sub-segment to Grow at the Fastest Rate
By packaging material, the ceramic package sub-segment is anticipated to grow at the fastest rate and reach up to $6,496.1 million by 2028. This is mainly owing to the rapid increase in demand for ceramic packaging from the automotive industry due to the growing usage of electronic components in various automotive parts.
Healthcare Sub-segment to Observe Significant Growth
By end-user, the healthcare sub-segment is projected to observe fastest growth and generate $7,121.4 million by 2028. This is majorly owing to rise in number of health disorders such as cancers, cardiac arrests, and other disorders that require medical electronic equipment which requires semiconductor packaging. This is expected to aid the growth of the sub-segment in the analysis period.
Asia Pacific Region to Dominate in the Market
By region, the Asia Pacific semiconductor packaging market is projected to grow at a CAGR of 6.8% and generate a revenue of $19,078.5 million by 2028. The dominant growth of the region can be attributed to the existence of well-established industrial and economic base for the production of consumer electronics coupled with the presence of major semiconductor manufacturing countries such as Taiwan, Japan, and China. Besides, the increased per capita income of people in the region has led to a rapid growth in the expenditure on semiconductor-based products and devices such as smartphones, HD television sets, personal computers, and others.
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Prominent Market Players
Some of the top players of the global semiconductor packaging market are:
- SPTS Technologies Ltd.
- Intel Corporation
- Taiwan Semiconductor Manufacturing Company Limited
- 3M
- GlobalFoundries U.S. Inc.
- Applied Materials, Inc.
- Advanced Semiconductor Engineering, Inc.
- SÜSS MICROTEC SE
- Amkor Technology Inc.
- Microchip Technology Inc.
These players are applying numerous strategies to gain a strong hold and competitive edge in the global industry.
For instance, in June 2021, Presto Engineering, an ASIC design & outsourced operations provider, and the leading EDA & Intelligent System Design provider, Cadence Design Systems, Inc. entered into a collaboration to expand semiconductor package design solutions. The aim behind this collaboration is to broaden expertise for high-performance SiP development for the automotive & industrial IoT markets.
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