Market Size of System in Package Technology Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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System In Package Technology Market Analysis
The system in package technology market is expected to register a CAGR of 8% over the forecast period 2021 - 2026. Increasing adoption of digitalization by many businesses, technological advancement of 5G, Internet of Things (IoT) and rapid development of smart robots across the world, and rising investment on electronic devices such as smartphones, televisions, global positioning systems, bluetooth, computers, drones, microphones, etc will boost the market demand in the future
- As system in package technology maximizes system performance due to higher integration and eliminates re-packaging with shorter development cycles at reduced costs has increased its adoption in most advanced consumer electronic devices. According to the 2020 Consumer Technology Association report, the United States consumer technology industry is expected to a record USD 422 billion in retail revenues in 2020 with nearly 4% growth over last year due to increased popularity of streaming services and wireless earbuds along with 5G connectivity and artificial intelligence (AI) enabled devices.
- Increased utilization of drones, Unmanned Aerial Vehicles (UAVs) in military, commercial, scientific, and consumer markets due to reduction in manufacturing costs, and open source software frameworks for security purposes is thriving the market. As per Federal Aviation and Administration, there are total of 1,563,263 registered drones out of that 441,709 are commercial drones and 1,117,900 are recreational drones as of March 2020.
- Higher level of integration leads to thermal issues that can compromise the efficiency of devices and would hinder the growth of the market. However, increased demand for compact size and enhanced durability of electronic component in smart gadgets are expected to provide lucrative opportunities to the market.
