According to a new research report published by Premium Market Insights, “ The system-on-module market is projected to grow from $2.1748 billion in 2022 to $3.6826 billion by 2028. It is projected to grow at a CAGR of 9.2% from 2022 to 2028.
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The increasing trend in industrial automation to implement multicore processors and integrate advanced features such as wireless connectivity, smart sensors and imaging has increased the demand for advanced and efficient systems. Growing demand is driving manufacturers to offer multi-core solutions on a single chip, simultaneously reducing costs, offering a variety of CPU options, and reducing client design requirements. These factors are strengthening the global system for module market analysis. Key market players are adopting strategies such as product line and geographic expansion, mergers and acquisitions, partnerships and collaborations to expand their market reach. In May 2020, Avnet, a leading global electronic components and services provider, developed the new Avnet XRF16 SoM for next-generation 5G connectivity. Similarly, in April 2020, iENSO launched the Allwinner System-on-Module for fast integration of image sensors and peripherals. These developments in the SoM field by players will help fuel the growth of systems in the module market.
SoM solutions are essential for consumer electronics and entertainment devices such as smartphones, game consoles and TVs. As the demand for these devices increases, so does the demand for SoMs for embedded systems. India is the world’s second largest smartphone manufacturer after China, and semiconductor chips are at the heart of these devices. Technological advancements such as 5G, Internet of Things (IoT) and Artificial Intelligence (AI) will boost the demand for chips in the coming years. According to the Electronic Semiconductor Association of India (IESA), India consumed ~$21 billion worth of semiconductors in 2019, with a 15.1% increase in consumption. China, the world’s largest auto market, reported a decline in sales in 2021 due to a shortage of semiconductors. This has forced OEMs in the region to modify their strategic approach to manufacturing during the COVID-19 pandemic. Manufacturers are strategizing on how to transform and position their organizations, which will give them a competitive advantage. Transformation scenarios in manufacturing will be a key factor fueling systems in the module market.
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Most Asian countries have increased their budgets in 2021 to recover from the economic impact and modernize their semiconductor sectors. Several initiatives expected to drive the growth and agility of the Asia Pacific system in module manufacturing are investing in manufacturing flexibility to help drive growth. Investments in increased manufacturing flexibility will help to penetrate the system-on-module market by strengthening the adoption of system-on-modules.
China has promised to increase spending and research on cutting-edge chips as part of a new five-year economic blueprint. Semiconductor Manufacturing International Corporation has already announced plans for a $2.35 billion factory funded by the Shenzhen government. The Government of India has announced that it will provide ~$1 billion to any company establishing a chip manufacturing unit in India, which is expected to boost the Asia-Pacific system in module market share.
Industrial automation in Asia Pacific is still evolving, unlike North America and Europe. However, over the past few years, system-on-module market manufacturers from various verticals have favored the implementation of Industrial Internet of Things (IIoT) solutions. Automotive and pharmaceutical manufacturers are key adopters of industrial automation, while machinery and chemical manufacturers are increasingly accelerating the adoption of automation technologies. But oil and gas and mining companies are equally behind. The healthcare sector in Asia Pacific is growing significantly due to rising diseases, increasing deployment of healthcare institutions, rising disposable income and favorable government policies. Additionally, the government is investing heavily in airport development and expansion of rail and bus terminals. Therefore, these factors are expected to create ample growth opportunities for module market players in the Asia-Pacific region.
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