System in Package (SiP) Technology Market to Grow at a CAGR of 8.4% to Hit US$ 22013.45 million by 2027 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

According to our latest market study on "System in Package (SiP) Technology Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Packaging Technology, Packaging Type, Interconnection technique and End-User Industry," the market was valued at US$ 13756.20 million in 2019 and is projected to reach US$ 22013.45 million by 2027; it is expected to grow at a CAGR of 8.4% from 2020 to 2027.

Growing trend of the small form factor based handheld electronic devices is one of the major factors, which accelerates 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 becoming alternative for traditional packaging systems.

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Personalized healthcare gadgets, thin sized smartphone, compact PCs and others devices are occupied with system in package technology-based components such as processor, sensors, RF modules and 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.

Geographically, Asia Pacific held the largest share of the system in package (SiP) technology market in 2019, followed by Europe and 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 interconnection technique, the market is further segmented into small outline, flat packages, pin grid arrays, surface mount, and others. Based on end-use industry, the market is segmented into automotive, aerospace & defense, consumer electronics, telecommunication, and others.

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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, Limited are among the few major companies operating in the system in package (sip) technology market.

Impact of COVID-19 Pandemic on System in Package (SiP) Technology Market
Global pandemic situation created by the COVID-19 across the world starting from China hampered the semiconductor industry and economic growth of almost every country. Severe impact on the manufacturing sector is witnessed as facilities remained closed for certain period. Sales of various industrial products such as automotive cars, electronics and others is declined. Office premise, public places, schools, transportation and other spaces also remained closed which declined market growth owing to low sale. The semiconductor industry took major hit as demand for electronics components is lowered from every industrial sector and end consumers, the revenue model for microelectronics has declined as no mass production was carried in the lockdown period.

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Highlights of the report:
• A complete backdrop analysis, which includes an assessment of the parent market
• Important changes in market dynamics
• Market segmentation up to the second or third level
• Historical, current, and projected size of the market from the standpoint of both value and volume
• Reporting and evaluation of recent industry developments
• Market shares and strategies of key players
• Emerging niche segments and regional markets
• An objective assessment of the trajectory of the market
• Recommendations to companies for strengthening their foothold in the market

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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, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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