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The Heart of Industry: Industrial Semiconductors Market Growth 2024
As per the report, the industrial semiconductors market size has grown rapidly in recent years. It will grow from $67.58 billion in 2023 to $76.3 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The industrial semiconductors market size is expected to see rapid growth in the next few years. It will grow to $124.73 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
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Automation Propel Growth Of The Industrial Semiconductor Market
The growing demand for automation is expected to propel the growth of the industrial semiconductors market going forward. Automation refers to using control systems and technology to operate machinery and processes with minimal human intervention. The growing demand for automation rises with a need for efficiency, productivity, and precision in various industries through integrating advanced technologies and automated systems. Industrial automation uses semiconductors to control processes, power motors, and sensing environments, enabling communication within computerized systems. For instance, in September 2023, according to the International Federation of Robotics (IFR), a Germany-based professional non-profit organization, the total number of service robots supplied for professional usage will reach 158,000 units in 2022, representing a 48% increase. There were 553,052 industrial robot installations registered by companies worldwide, implying a 5% yearly growth rate until 2022. Therefore, the growing demand for automation is driving the growth of the industrial semiconductors market.
Innovative Products Transforming Industrial Semiconductor Market
Major companies operating in the industrial semiconductors market are focusing on developing innovative products, such as built-in Delta-Sigma modulators, to enhance precision and efficiency in data conversion and signal processing. The built-in delta-sigma modulator improves the accuracy and efficiency of data conversion procedures. For instance, in June 2024, Asahi Kasei Microdevices Corporation, a Japan-based design and manufacturing company, launched the CQ36 Series Integrated Circuit, offering advanced capabilities in a more compact package. It is designed to provide high-precision analog-to-digital conversion, improving the performance of various applications in industrial and consumer electronics. The CQ36 series has better signal-to-noise ratios and lower power consumption, making it an excellent choice for battery-powered applications. Furthermore, the compact design and powerful functionality enable smooth integration into complicated electronic systems.
The industrial semiconductors market covered in this report is segmented -
1) By Type: Single-Mode, Multi-Mode
2) By Product: Integrated Circuits, Optoelectronics, Discrete Semiconductors, Sensors
3) By Application: Construction, Manufacturing, Automotive, Aerospace, Other Applications
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Major companies operating in the industrial semiconductors market are Hitachi Ltd, Panasonic Corporation, Mitsubishi Electric Corporation, Honeywell International Inc, Broadcom Inc, Advanced Micro Devices Inc., STMicroelectronics NV, Infineon Technologies AG, NXP Semiconductors N,V,, Analog Devices Inc., Renesas Electronics Corporation, Fuji Electric Co. Ltd., Microchip Technology Inc., Omron Corporation, Teledyne Technologies Incorporated, ROHM Semiconductor Ltd., Vishay Intertechnology Inc., Diodes Incorporated, Microsemi Corporation, Fairchild Semiconductor International Inc.
Contents of the report:
1. Executive Summary
2. Industrial Semiconductors Market Report Structure
3. Industrial Semiconductors Market Trends And Strategies
4. Industrial Semiconductors Market - Macro Economic Scenario
5. Industrial Semiconductors Market Size And Growth
…..
27. Industrial Semiconductors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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