August 26, 2022 10:00 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, Aug. 26, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global electronic grade silicon market is valued at US$ 3.8 billion and is expected to progress at a CAGR of 5.8% through 2032.
Electronic grade silicon is considered the back bone of modern microelectronics chips. Owing to high utilization of electronic grade silicon in semiconductor production, the market has been experiencing steady growth. Advancements of technology in electronic & electrical devices, deployment of 5G networks, and rising demand for electric vehicles are key drivers for the demand growth of electronic grade silicon.
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As a domino effect of the pandemic, demand for modern electronics has increased rapidly. Humans are already living in a digital era where modern devices play a major role in their lives on a daily basis.
Despite of pandemic, the semiconductor industry was valued at US$ 595 billion in 2021, with a 27% increase in revenue from 2020. Demand strongly arose from the IT sector owing to change in the hybrid mode of working. Furthermore, as a result of energy policies, electronic vehicle demand surged, necessitating microelectronic chips containing electronic grade silicon.
How is the Electronic Grade Silicon Market Expected to Fare Over the Decade?
“Intensifying Demand from IT, Telecommunications, & Electronics Industry”
There is heavy demand for semiconductors in the electrical & electronics industry. Additionally, the digital appliance market is increasing exponentially, and owing to the requirements of consumers, continuous technological upgrades are being seen in the fields of computing, electronics, and telecommunications.
Further, with the penetration of Big Data and automation in all most every industry, there is soaring demand for storage devices. For proper functioning, all these products require integrated chips containing EGS.
Also, consumer inclination towards technology is driving the market and constant innovations are leading a way for technological transformation. This shift can only be achieved with the increased production of electronic grade silicon that is further required for the manufacturing of integrated chips & microelectronics.
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Key Segments Covered in the Electronic Grade Silicon Industry Survey
In a world where demand is outpacing supply, a manufacturer’s biggest challenge is to strengthen the supply chain. Most devices running on IOT & artificial intelligence require integrated chips processed through electronic grade silicon. Manufacturers are also focusing on technological upgradation for the efficient processing of large amount of data generated through AI & IOT.
In addition, market players are consistently investing in R&D and expanding their production capacity to meet the increasing demand. Reduced operating costs while maintaining product quality is a key major factor looked upon by market players.
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Key players in the Electronic Grade Silicon Market
Key Takeaways from Electronic Grade Silicon Market Study
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