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System on Module Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Hardware Type, Application, and Standard
The System on Module Market is expected to grow from US$ 2,174. 8 million in 2022 to US$ 3,682. 6 million by 2028; it is estimated to grow at a CAGR of 9. 2% from 2022 to 2028. There is a growing trend of implementation of multicore processors in the industrial automation sector and the incorporation of advanced capabilities such as wireless connectivity, smart sensors, and imaging, which has boosted the demand for advanced and efficient systems.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "System on Module Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Hardware Type, Application, and Standard" - https://www.reportlinker.com/p06295708/?utm_source=GNW
The growing demands have enabled manufacturers to provide single-chip with multiple-core solutions, simultaneously saving costs, offering various CPU choices, and decreasing client design requirements.
These factors are boosting the global system on module market analysis.Key market players are adopting strategies such as product line and geographic expansions, mergers and acquisitions, and partnerships and collaborations to extend their market reach.
In May 2020, Avnet, a globally leading electronic component and service provider, developed its new Avnet XRF16 SoM for the next-generation 5G connectivity.Similarly, in April 2020, iENSO launched the Allwinner system on module for faster integration of image sensors and peripheral technologies.
Such developments in the field of SoM by the players would assist in boosting the growth of the system on module market.
Impact of COVID-19 Pandemic on System on Module Market
SoM solutions are essential in consumer electronics and entertainment devices such as smartphones, gaming consoles, and televisions.With the increasing demand for these devices, the demand for SoMs for embedded systems is also rising.
India is the second-largest smartphone manufacturer in the world after China, and semiconductor chips are at the center of these devices.Technological advancements such as 5G, Internet of Things (IoT), and artificial intelligence (AI) are likely to increase the demand for chips in the coming years.
According to India Electronics and Semiconductor Association (IESA), India consumed ~US$ 21 billion worth of semiconductors in 2019, with a growing consumption rate of 15.1%. China, the world’s largest vehicle market, reported a decline in sales in 2021 due to the semiconductor shortage. This has required the OEMs in the region to revise their strategic approach toward manufacturing during the COVID-19 pandemic. Manufacturers are strategizing on ways to transform and position their organizations, which will result in a competitive advantage. Transforming scenario of manufacturing will be a key factor for fueling the system on module market.
Most Asian nations increased their budgets in 2021 to recover from the economic impact and modernize the semiconductor sector.A few of the initiatives that are anticipated to drive the growth and agility in the Asia Pacific system on module manufacturing sector are investing in manufacturing flexibility to help propel growth.
Investment in boosting manufacturing flexibility will help in strengthening the adoption of system on module, and thus penetrating the system on module market.
China pledged to boost spending and research into cutting-edge chips as part of its new five-year economic blueprint. The Semiconductor Manufacturing International Corporation has already announced plans for a US$ 2.35 billion plant with funding from the government of Shenzhen. The Indian government announced to offer ~US$ 1 billion to every company that sets up a chip manufacturing unit in India, which is projected to boost the Asia Pacific system on module market share.
Industrial automation in Asia Pacific is still developing, unlike that in North America and Europe; however, in the last few years, manufacturers in system on module market from various verticals are giving preference to the implementation of the Industrial Internet of Things (IIoT) solutions.Automotive & pharmaceutical manufacturers are the key adopters of industrial automation, while machinery & chemical manufacturers are gradually increasing the pace of adopting automation technologies; however, oil & gas and mining companies lag in the same.
The healthcare sector in Asia Pacific is growing significantly due to the growing number of illnesses, increasing deployment of healthcare institutions, rising disposable income, and favorable government policies.Moreover, governments are making massive investments in the development of airports and the expansion of railways and bus terminals.
Thus, these factors are projected to generate ample growth opportunities for the system on module market players in Asia Pacific.
China dominated the system on module market size in 2021.China is a leading manufacturer of electronics and electronics components & devices in the region and the global market.
Increasing demand for consumer electronics in the country and enhancing packaging technologies are the prime drivers of the system in module market.Companies are expanding their footprint in China to offer advanced solutions and improve production capabilities.
The advent of 5G and artificial intelligence (AI) technology created a massive impact on the market by increasing adoption and demand for IoT, IIoT, wireless, automated smart cities, computing, and networking applications. Moreover, increasing deployment of advanced interaction systems such as Robots, PoS, and Kiosks across airports and train stations is expected to drive the market in China.
National Instruments, Advantech Co., Ltd.; Axiomtek Co., Ltd.; Emac, Inc; and Microchip Technology, Inc. are a few players operating in the global system on module market and are profiled in this market study.
The overall system on module market size has been derived using both primary and secondary sources.To begin the system on module market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the system on module market.
The process also serves the purpose of obtaining an overview and forecast of the system on module market growth with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic.
Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the system on module market.
Read the full report: https://www.reportlinker.com/p06295708/?utm_source=GNW
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