The global silicon on insulator (SOI) market revenue is predicted to rise from $684.8 million in 2018 to more than $2,285.5 million by 2024. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 22.7% between 2019 and 2024. The market is being driven by the burgeoning requirement for silicon on insulators in consumer electronics and the surging investments being made in the SOI ecosystem across the world.
SOIs are being increasingly used in consumer electronic devices such as digital cameras, notebooks, smartphones, and tablets. Additionally, the increasing usage of smartphones, which are equipped with advanced location awareness capabilities, multimedia features, and long-term evolution (LTE) multimode connectivity, on account of the increasing penetration of the internet and soaring digitalization, especially in the Latin American (LATAM) and Asia-Pacific (APAC) countries, is also driving the demand for SOIs across the globe.
Furthermore, with the emergence of the 5G technology, the sales of smartphones are expected to soar all over the world in the coming years. In addition, the increasing disposable income of people and the rising industrialization rate, especially in countries such as India and China, are also propelling the demand for mobile devices. For example, the disposable income of people in China surged by nearly 7.5% from 2017 to 2018. With the growing adoption of digital services and soaring disposable income of people, the sales of smartphones will shoot up in the forthcoming years.
Globally, the silicon on insulator market is expected to demonstrate huge expansion in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the soaring investments being made by wafer manufacturing companies for expanding their facilities in the region. For example, Shin-Etsu Chemical Co. Ltd. announced in March 2018 that it intends to invest $996 million (¥110 billion) for expanding its silicone production facility in the region. With this huge investment, the organization aims to expand its operations across the APAC region in the forthcoming years.
Hence, it can be said without any hesitation that the market will register huge expansion in the years to come, primarily because of the mushrooming sales of smartphones and other consumer electronics, on account of the increasing internet penetration, rising requirement for SOIs in consumer electronic devices, and the surging investments being made in the SOI ecosystem all over the world.
SOIs are being increasingly used in consumer electronic devices such as digital cameras, notebooks, smartphones, and tablets. Additionally, the increasing usage of smartphones, which are equipped with advanced location awareness capabilities, multimedia features, and long-term evolution (LTE) multimode connectivity, on account of the increasing penetration of the internet and soaring digitalization, especially in the Latin American (LATAM) and Asia-Pacific (APAC) countries, is also driving the demand for SOIs across the globe.
Furthermore, with the emergence of the 5G technology, the sales of smartphones are expected to soar all over the world in the coming years. In addition, the increasing disposable income of people and the rising industrialization rate, especially in countries such as India and China, are also propelling the demand for mobile devices. For example, the disposable income of people in China surged by nearly 7.5% from 2017 to 2018. With the growing adoption of digital services and soaring disposable income of people, the sales of smartphones will shoot up in the forthcoming years.
Globally, the silicon on insulator market is expected to demonstrate huge expansion in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the soaring investments being made by wafer manufacturing companies for expanding their facilities in the region. For example, Shin-Etsu Chemical Co. Ltd. announced in March 2018 that it intends to invest $996 million (¥110 billion) for expanding its silicone production facility in the region. With this huge investment, the organization aims to expand its operations across the APAC region in the forthcoming years.
Hence, it can be said without any hesitation that the market will register huge expansion in the years to come, primarily because of the mushrooming sales of smartphones and other consumer electronics, on account of the increasing internet penetration, rising requirement for SOIs in consumer electronic devices, and the surging investments being made in the SOI ecosystem all over the world.
Comments
Post a Comment