$71,784.6Mn by 2028 Semiconductor Assembly and Testing Services Market Size Driven by Automotive Sector (4.7% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com

The semiconductor assembly and testing services market size projected to reach $71,784.6 million by 2028 from $50,223.8 million in 2020 to grow at a CAGR of 4.7% from 2021 to 2028; while consumer electronics and automotive sector contributes significantly to the global market growth.

New York, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Semiconductor Assembly and Testing Services Market: Key Insights
According to our new research study on Semiconductor Assembly and Testing Services Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis By Service (Assembly & Packaging Services and Testing Services) and Application (Consumer Electronics, Automotive, Medical, Industrial, and Other Applications).

Report Coverage Details
Market Size Value in US$ 50,223.8 Million in 2020
Market Size Value by US$ 71,784.6 Million by 2028
Growth Rate CAGR of 4.7% from 2021-2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 143
No. Tables 44
No. of Charts & Figures 62
Historical Data Available Yes
Segments Covered Service and Application
Regional Scope North America; Europe; Asia Pacific; Latin America; MEA
Country Scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Semiconductor Assembly and Testing Services Market: Competitive Landscape and Key Developments
Amkor Technology, ASE Group, Chipbond Technology Corporation, Integrated Micro-Electronics, Inc., JCET Group Co., Ltd, Integra Technologies, Powertech Technology Inc., Siliconware Precision Industries Co., Ltd., Teledyne Technologies, and Unisem Group are among the key market players in the global semiconductor assembly and testing services market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

In 2021, ASE collaborated with Deca to assist it in the launch of APDK design methodology.

In 2018, Vesper and Unisem announced their strategic partnership to Deliver Piezoelectric MEMS Microphones at Scale

The increasing demand for small form factor-based electronic devices, specifically for health monitoring and smartphones, contribute to the overall semiconductor assembly and testing services market growth. However, the lockdown imposition by various governments amid the COVID-19 pandemic resulted in low production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries witnessed a decline in their operations in 2020 due to temporary shutdown of activities. The semiconductor industry took a significant hit as the demand for electronic components from the industrial sector and end users decreased noticeably in the first half of 2020. Further, according to the Semiconductor Industry Association (SIA), in the third quarter of 2020, the remote working (work from home) and monitoring strategies adopted by enterprises boosted the sale of advanced electronics products for better connectivity.

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Asia Pacific led the global semiconductor assembly and testing services market in 2020, with a revenue share of more than 50%. The increased penetration of smartphones, tablets, vehicles, and wearable devices has led to the massive adoption of semiconductor assembly and testing services. China holds a significant share of the regional, as well as global, semiconductor assembly and testing services market. North America is another key adopter of advanced electronic devices compatible with advanced networking technologies such as 5G, 4G, and VoLTE.

Flourishing Automotive Sector to Propel Semiconductor Assembly and Testing Services Market Growth in Coming Years:
Semiconductors are being widely accepted in the automotive sector due to emerging technologies such as autonomous driving and other electronic equipment used. The adoption of safety-related electronics systems has grown rapidly. Semiconductor component manufacturers are continuously focusing on the manufacturing of advanced systems. Automotive semiconductor vendors are leveraging the surge in demand for multiple semiconductor devices, such as microcontrollers, sensors, and memory, which are used in cars. Apart from this, electrification, automation, digital connectivity, and security systems result in the addition of more semiconductor equipment into automotive electronics.

The consumption of automotive electronic components for navigation, safety, and fuel efficiency will increase in the coming years due to the rising use of advanced safety features such as advanced driver-assistance systems (ADAS) in vehicles. This would drive the demand for integrated circuits, microcontrollers, and sensors. Therefore, surge in the use of semiconductors in the automotive sector would generate more opportunities for semiconductor assembly and testing service providers in the coming years.

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Semiconductor Assembly and Testing Services market: Application Overview
Based on application, the semiconductor assembly and testing services market is segmented into consumer electronics, automotive, medical, industrial, and other applications. The consumer electronics segment held the largest market share in 2020 owing to rising demand for audio/video equipment, cameras, calculators, and smart homes. The consumer electronics industry players are engaged in R&D to come up with new ways to overcome the challenges related to flexibility, reliability, and costs of products. Further, cities such as Shenzhen have become important industrial production centers, attracting various consumer electronics companies, such as Apple Inc. Such developments are driving the growth of the semiconductor assembly and testing services market for the consumer electronics segment.

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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