The rising awareness about the use of energy-efficient lighting among a large number of individuals through government and non-government initiatives may serve as a prominent growth generator
A research conducted by the Transparency Market Research (TMR team) reveals that the global semiconductor wafer cleaning equipment market expects to expand at a CAGR of 7.7 pe rcent during the forecast period of 2019-2027. The global semiconductor wafer cleaning equipment market was valued at US$ 4.75 bn in 2018 and is pegged to surpass US$ 7.28 bn by the end of the forecast period.
“The ongoing research and development activities across the semiconductor wafer cleaning equipment market to develop novel formulations for upgrading the functionality may prove to be a promising growth generator. Furthermore, the overwhelming utilization of microelectronic cleaning equipment across the electronics industry will further propel the growth opportunities,” read the report.
Investments across the Electronics Industry to Accelerate Growth
The demand for electronic appliances is rapidly increasing across the globe. This factor is attracting great investments from a large number of conglomerates and firms. These investments are helping in expansion activities and other aspects. The growth of the electronics industry is directly proportional to the growth of the semiconductor wafer cleaning equipment market.
Semiconductor wafer cleaning equipment performs the task of cleaning the surface of the semiconductors without damaging or altering. The cleaning equipment removes the impurities, be it chemical or particle, without making any changes to the surface. These functionalities enhance the growth prospects extensively.
Promotion of LED Lights across Many Countries to Boost the Growth Opportunities.
The rising awareness about the use of energy-efficient lighting among a large number of individuals through government and non-government initiatives may serve as a prominent growth generator. LED lights are energy-efficient and make use of semiconductors. Thus, the increasing sales of LED lights are increasing the growth rate of the semiconductor wafer cleaning equipment market to a great extent.
The closure of manufacturing facilities and production units during the strict lockdown period resulted in a decline in production. The electronics industry was also closed for a brief period. This aspect led to a decrease in demand.
Nevertheless, the easing of lockdown restrictions is serving as a boon for the players in the semiconductor wafer cleaning equipment market. In addition, retail stores and malls are reopening which is helping in increasing the sales of electronics. All these factors will bring tremendous opportunities for the growth revival of the semiconductor wafer cleaning equipment market.