System in Package (SiP) Technology Market Size Worth $22,013.45 million by 2027 | CAGR 8.4%: The Insight Partners

According to the new research report published by The Insight Partners, titled "System in Package (SiP) Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Packaging Technology (2D IC, 2.5D IC, 3D IC); by Packaging Type (Flip-Chip/Wire-Bond SiP, Fan-Out SiP, Embedded SiP); Interconnection technique (Small Outline, Flat Packages, Pin Grid Arrays, Surface Mount, Others); End-User Industry (Automotive, Aerospace, and Defense, Consumer Electronics, Telecommunication, Others)," Continuous development in advanced packaging technology such as 3D IC, 2.5D IC, and others are further supplementing the market by resolving the technical challenges, which in turn is driving the system in package (SiP) technology market.

The system in package (SiP) technology market was valued at US$ 13,756.20 billion in 2019 and is projected to reach US$ 22,013.45 billion by 2027. The system-in-package (SiP) technology market is expected to grow at a CAGR of 8.4% during the forecast period of 2020 to 2027.

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The growing trend of the small form factor-based handheld electronic devices is one of the major factors, which accelerates the market growth. The technological advancement in electronics forming such as miniaturization has influenced various markets such as military, aerospace, medical, media, retail, and consumer electronics. The devices with small form factor-based packages embed more functionality and become alternatives to traditional packaging systems. Personalized healthcare gadgets, thin-sized smartphones, compact PCs, and other devices are occupied with the system in package technology-based components such as processors, sensors, RF modules, and others.

Geographically, Asia Pacific held the largest share of the system in package (SiP) technology market in 2019, followed by Europe and the Asia Pacific. Further, Europe is projected to witness the highest growth rate during the forecast period. The system in package (SiP) technology market is segmented into packaging technology, packaging type, interconnection technique, end-user industry, and geography. Based on packaging technology, the market is further bifurcated into 2D IC, 2.5D IC, and 3D IC. Based on packaging type, the market is further segmented into flip-chip/wire-bond SiP, fan-out SiP, and embedded SiP. Based on the interconnection technique, the market is further segmented into a small outline, flat packages, pin grid arrays, surface mount, and others. Based on the end-use industry, the market is segmented into automotive, aerospace & defense, consumer electronics, telecommunication, and others.

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Growing Demand for Miniaturization of Electronic
Electronic gadgets are getting developed using small form factor electronics components to enhance the space and improvise the final product design. Customers are preferring compact, small-sized handheld electronic devices offering maximum features. To enhance user experience companies are developing miniaturized electronics to integrate maximum components ins a single package. Integrating a maximum number of components in a single package such as sensors, processors, and others offers increased features for customers. The rising techno-savvy population is one of the major factors behind the miniaturization of electronics as it created stiff competition in market players to offer a maximum number of features in devices.

Packaging Technology -Based Market Insights
Packaging technology has evolved rapidly to enhance the packaging of small electronics components in a single package to optimize the space in the final device. 2D IC and 2.5D IC technology offered effective solutions for the market but had some technological limitations, to overcome a new advanced 3D IC packaging technology is introduced, and 3D IC packaging technology further reduced distance to form a connection and to assure improved reliability and connectivity. 3D IC packaging technology is gaining strong demand in the market as it offers improved performance compared to other technologies. In terms of packaging technology, the system in package (SiP) technology market is segmented into 2D IC, 2.5D IC, and 3D IC.

System in Package (SiP) Technology Market: Competitive Landscape and Key Developments
Amkor Technology, Inc., ASE Technology Holding Co. Ltd, ChipMOS Technologies Inc, GS Nanotech, JCET Group Co., Ltd., Qualcomm Incorporated, Samsung, Renesas Electronics Corporation, Texas Instruments Incorporated, and Taiwan Semiconductor Manufacturing Company are among the key players in the global System in Package (SiP) Technology market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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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 devices, Technology, Media and Telecommunications, Chemicals, and Materials.

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