- The increasing use of semiconductors in the automobile sector will drive the growth of this industry during the forecast period
- The discrete diode market size has the potential to grow by $431.64 million during 2020-2024
The global semiconductor chip packaging market size is expected to grow by $365.55 billion during 2020-2024, progressing at a CAGR of over 26 per cent throughout the forecast period according to a report by Technavio. The increasing use of semiconductors in the automobile sector will drive the growth of this industry during the forecast period.
The report added that a variety of semiconductor ICs are used in automotive products such as GPS, airbag control, anti-lock braking system (ABS), power doors and windows, infotainment, automated driving, and collision detection technology. Other than these factors, the increase in car production, will also boost the demand for electronic devices. This will will indirectly trigger the demand for semiconductor chip packaging during the forecast period.
APAC will offer several growth opportunities to market vendors during the forecast period
The major semiconductor chip packaging market growth came from the OSAT segment due to the development of new technologies such as fan-out wafer-level packaging. The report added that APAC was the largest semiconductor chip packaging market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is due to factors such as the presence of several semiconductor manufacturing units and the increasing demand for semiconductor ICs. The discrete diode market size has the potential to grow by $431.64 million during 2020-2024 as per the report.
As per the report, “The shift to longer diameter wafers reduces the cost of manufacturing semiconductor ICs by nearly 20 per cent-25 per cent. Recent semiconductors have increased the size of the silicon wafers from 100 mm to 300 mm because of the above-mentioned reason. This trend is expected to gather further momentum during the forecast period as companies are investing a substantial amount in constructing and upgrading fabs to manufacture 300-mm wafers. With the success of this, there are few recent advancements where the industry is planning to develop 450-mm wafer technology, which will also have a positive impact on the semiconductor chip packaging market.”