New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Semiconductor Timing IC Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global Semiconductor Timing IC Market Size:
The global semiconductor timing IC market is estimated to garner a revenue of USD 12 Billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 7 Billion in the year 2021. The growth of the market can be majorly attributed to the rising demand for electronic products. For instance, it is estimated that user penetration will be nearly 30% in 2022 and is expected to hit nearly 37% by 2025 in consumer electronics. Moreover, since its emergence in the 20th century, the electronics sector has been providing equipment, devices, and components to make technological advancements possible. Automation in industrial production and the Industrial Internet of Things (IIoT) are among the key trends in the electronics industry, as today’s world is increasingly relying on technology. Hence, increasing usage and dependency on technology is expected to be another significant factor to drive the growth of the global market.
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Global Semiconductor Timing IC Market: Key Takeaways
- The Asia Pacific region to gain the largest portion of the revenue by 2031
- The automotive sector segment to dominate the revenue graph
- Digital segment remains prominent in the type segment
Increasing Adoption of Consumer Electronics around the Globe to Boost Market Growth
The electronics and robotics industry has been in the limelight throughout the years. It was observed over the past decade, that the number of industrial robots sold globally tripled, reaching a peak of around 423,000 units in 2018. The electronics industries, which accounted for about 33% of new installations in 2020, are largely responsible for the enormous development in industrial robot exports globally. As a result, industrial robot use is more common than average in nations with robust electronics industries, such as Japan, China, South Korea, Germany, and the United States. Seven times more than the global average, South Korea has about 930 robots per 10,000 manufacturing workers. Hence, the growth of this industry, which is resulting into high adoption rate of electronics, is estimated to be a major factor to propel the growth of the global semiconductor timing IC over the projection period on the back of the expanding electronics industry.
In addition to this, a Semiconductor can be defined as a material that has the characteristics and ability to conduct a small amount of electrical current. Semiconductors have much lower resistance to the flow of electrical current in one direction than in another. Basic electronic components such as Diodes, transistors, and many photovoltaic cells contain semi-conductive materials. An IC timer working is based on an external capacitor for determining on and off intervals in the output pulse. An IC can function as an amplifier, oscillator, timer, counter, logic gate, computer memory, microcontroller, or microprocessor. An IC’s is the fundamental building block of all modern electronic devices. Therefore, increasing demand for electric vehicles is anticipated to surge the growth of the global semiconductor timing IC market. According to the International Energy Agency (IEA), the sale of electric vehicles across the globe surpassed 2.1 million in the year 2019.
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Global Semiconductor Timing IC Market: Regional Overview
The global semiconductor timing IC market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Electronics Exports to Propel the Market Growth in the Asia Pacific Region
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 on the back of a rising export of electronic products, and an increasing number of smartphone users followed by a high percentage of the population. For instance, the China’s exports of electronic, and electrical equipment accounted to nearly USD 890 Billion in the year 2021. Increasing disposable income per capita throughout the region further propels the market growth in the region. Furthermore, high adoption rate of technologically advanced products in the region, and growing R&D activities to develop electronic products that improve user comfort by companies in the regional market are also propelling the growth of the market in the region.
Increasing Internet Penetration among Individual Population to Favor Market Growth in the Europe Region
On the other hand, followed by the Asia Pacific region, the Europe region is expected to attain a significant share during the forecast period in semiconductor timing IC market owing to proliferation of industries, such as medical, consumer electronics, gaming, and automotive in the region. Additionally, rising internet penetration among the individuals over the region is influencing the market growth in the region. According to the data by the World Bank, as of 2020, 85% of the individual population in the Europe region, used internet. Hence, these factors are predicted to boost the demand for electronic products and consequently, semiconductors in the projected years and estimated to be significant factors to fuel the market growth in the Europe region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Semiconductor Timing IC Market, Segmentation by Application
- Industrial
- Automotive
- Consumer Electronics
- Telecommunication
- Medical
- Others
The automotive segment is anticipated to hold the largest share over the forecast period owing to the rise in the sale of electronic vehicles across the globe. Recent research data hints that the sale of electric vehicles made a new record of nearly 6 million in the year 2021. Furthermore, increasing disposable income per capita, which is resulting into the increasing demand and buying tendency of automotive vehicles is also estimated to be factors to add to the growth of this segment.
Global Semiconductor Timing IC Market, Segmentation by Type
- Digital
- Analog
The digital segment in the global semiconductor timing IC market is anticipated to hold a substantial market share over the forecast years. This growth can be ascribed to the rapid digitalization of various sectors around the globe. For instance, more than 60% of the world’s Gross Domestic Product (GDP) is predicted to be digitized by 2022, and digitally transformed organizations are projected to contribute to more than half of the global gross domestic product (GDP) by 2023, accounting for nearly USD 54 trillion.
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Few of the well-known market leaders in the global semiconductor timing IC that are profiled by Kenneth Research are IDT, Microsemi, Texas Instruments, Silicon Labs, Maximum Integrated, Cypress Semiconductor, Torex Semiconductor, ROHM Semiconductor, Renesas Electronics, ON Semiconductor (Onsemi), Diodes Incorporated. and others.
Recent Developments in the Global Semiconductor Timing IC Market
- In July 2022, Diodes Inc. introduced a new transistor array called DIODES ULN62003A that will not only use less power overall but also improve reliability and mitigate thermal concerns.
- In August 2022, The Hudson Facility of the Onsemi, which manufactures silicon carbide used in the production of semiconductors is expanding with investment coming in from the federal government. It was visited by US Commerce secretary, Gina Raimondo to attend a ribbon-cutting ceremony.
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