Multi-chip module is a relatively newer innovation in the packaging of chips where multiple integrated circuits are integrated into a single device. The technology is designed to support the ongoing trend of miniaturization in the electrical and electronics industry. In an analysis offered by Market Research Future (MRFR), the global multi-chip module market is prognosticated to market a CAGR of 6.1% across the projection period 2018 to 2023. Rising demand in the consumer electronics industry is anticipated to primarily drive the growth of the global market over the next couple of years.
Increasing disposable income of the population is observed to catalyze the expansion of multi-chip module market by generating demand for advanced electronics products. Similarly, rapid urbanization and rising standards of living have infused a boost in demand for consumer electronics. This, in turn, is anticipated to encourage growth pattern of the multi-chip module market over the next few years.
These modules are observed to gain popularity on account of its energy-efficiency. The implementation of laws favoring the adoption of energy-efficient technologies is projected to favor the proliferation of multi-chip module market in the years to come. Also, the players are expected to invest in further technological investments in the upcoming years, which is poised to keep the growth rate of the market going over the assessment period. However, the constant innovations being introduced is anticipated to pave the way for the adoption of advanced alternative products. It can pose a challenge to the market players in the foreseeable future. Also, the high cost of the product also remains an impediment to the expansion of the multi-chip module market.
Asia Pacific to Dominate Multi-chip Modules Market due to Growing Consumer Electronics Industry
Major drivers for the global multi-chip modules market include the rising demand for advanced computing capabilities in consumer electronics, automotive electronics, and aerospace and defense applications. The rise of high-power phones capable of performing processing-intensive tasks has been a key feature of the smartphones industry in the recent past, with companies such as OnePlus, Samsung, and Google taking the smartphones sector on a new level entirely in terms of computing capability and processing power. These operations are backed by the constant innovation taking place in the global IC industry, where innovations such as multi-chip modules are taking shape.
Asia Pacific is likely to dominate the global multi-chip modules market over the forecast period due to the growing semiconductors and consumer electronics industries in the region. China has been a leading producer of semiconductor and consumer electronics products over the last few years and is likely to remain a leading player in the global multi-chip module market over the forecast period. Leading Chinese companies are also emerging as major technology innovators in the semiconductors industry, making this region highly viable for the global multi-chip module market over the forecast period.
North America and Europe are also likely to hold leading shares in the global multi-chip module market over the forecast period, with North America expected to exhibit the highest growth over the forecast period. The presence of leading players in these regions is likely to present significant scope for growth of the multi-chip module market over the forecast period, while the growing demand for automotive technology and automation is also likely to be a major driver for the multi-chip module market over the forecast period.
Multi-chip Module Market is expected to grow from USD XX.XX billion in 2018 to USD XX.XX billion by …
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