New York, June 15, 2023 (GLOBE NEWSWIRE) -- In 2022, the global IC sockets market generated US$ 858.7 million in terms of revenue. It is anticipated to exceed a 4.4% CAGR between 2023 and 2033.
By the end of 2033, the market is expected to have a value of US$ 1.4 billion. The memory segment is likely to see a large valuation during the projection period, based on application. From 2023 to 2033, it is projected to expand faster at a CAGR of 4.1%.
Consumer electronics such as smartphones, tablets, laptops, and gaming consoles all rely on IC sockets. These are needed to provide flexible and cost-effective solutions for repairing and upgrading internal components. As demand for these devices continues to rise, so too does the need for IC sockets.
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Cloud computing has become an increasingly popular way to store and access data. As more businesses and individuals migrate to cloud-based solutions, demand for IC sockets in server and storage applications also expands. IC sockets allow for easy replacement and upgrades of server components without the need for specialized tools or training.
The internet of things (IoT) is driving growth in several technology sectors, including IC sockets. Rise of connected devices and sensors requires flexible & reliable IC socket solutions to enable easy maintenance and upgrades of IoT hardware.
The automotive sector is a significant consumer of IC sockets. These are used in various applications- right from engine control modules to infotainment systems. As the sector continues to expand and innovate with electric and autonomous vehicles, demand for high-quality, reliable IC sockets will continue to propel.
The market is witnessing new trends in terms of IC socket design and technology that are enabling greater flexibility, durability, and performance. This includes new materials such as advanced ceramics and polymers. It also includes innovative socket designs that would help to improve signal integrity and reliability.
Another trend is the adoption of advanced packaging techniques such as flip-clip and ball grid array. It requires specific socket designs to accommodate the unique requirements of these packages.
There is a growing emphasis on miniaturization and space saving solutions. It would also lead to the rapid development of small form factor sockets.
Rising demand for high-speed and high density applications is projected to drive the market. These require sockets capable of handling fast data rates and accommodate a great rate of pins. The IC sockets market is characterized by continuous pursuit of enhanced performance, reliability, and adaptability. It would further help in supporting the ever evolving semiconductor sector.
Outlook for the IC socket market is positive, driven by increasing demand for flexible, cost-effective, and reliable solutions in various technology sectors. There are also multiple opportunities for new market entrants, as well as existing companies to differentiate themselves through innovation, quality, and service.
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Key Takeaways from the IC Sockets Market Report:
- The IC sockets market witnessed growth at 5.6% CAGR from 2018 to 2022.
- The United States IC sockets market size is likely to exceed a valuation of US$ 257.1 million by 2033.
- The IC sockets market in China is set to be worth US$ 303 million by 2033.
- Memory segment by application is predicted to increase at 4.1% CAGR between 2023 and 2033.
- Based on type, the through-hole sockets segment is projected to soar at 4.2% CAGR from 2023 to 2033.
“Increasing demand for IC sockets in consumer electronics is anticipated to drive demand during the forecast period. Manufacturers are working on introducing innovative and unique IC sockets to stay competitive.” - Say a lead analyst at Persistence Market Research (PMR).
Who is Winning?
Key players in the global IC sockets market include Aries Electronics, Inc., Enplas Corporation, Loranger International Corporation, Mill-Max Mfg. Corporation, and Molex LLC.
Manufacturers often strive to differentiate their IC offerings by focusing on unique features, performance, and compatibility. They are also investing in rigorous testing, quality control measures, and certifications to build trust among customers.
A few other players are investing in research & development to introduce innovative socket designs and incorporate new technologies. This strategy will help them to stay ahead of their competitors.
They are also collaborating with distributors, representatives, and system integrators. They are leveraging established distribution channels and partnering with other companies. They can increase market access, improve customer support, and strengthen their overall presence.
Recent developments:
- In November 2022, Taclex Electronics, a producer of electrical components that specializes in providing high-quality switches, and IBS Electronics announced their alliance for global distribution.
- In March 2021, Smiths Interconnect introduced the Joule 20 testing socket for Remote IC Test. It is one of its several cutting-edge solutions for demanding semiconductor test applications.
Get More Valuation Insights into IC Sockets Market
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the IC sockets market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments segmented IC sockets market segmented by type (through-hole sockets, surface-mount sockets, zero-insertion force sockets, dual-row sockets, and others), by application (memory, CMOS image sensors, high voltage, RF, SOC, CPU, GPU, other non-memory), and regions.
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About the Semiconductor & Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's (PMR) highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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