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According to the new research report titled “System in Package (SiP) Technology Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 22013.4 million by 2027, registering a CAGR of 8.4% from 2020 to 2027.
Semiconductor industry is evolving with innovations in product offering to support digitalization. Rising demand for the IoT based electronic devices to enhance connectivity is further propelling the market growth. Advent of 5G network in global market created lucrative opportunity for the market player to develop new line of electronics devices, having compatibility with 5G connectivity. Rising miniaturization of the electronics to optimize space and design is being fulfilled with system in package technology. New electronic devices require enhanced performance within similar space or compact space for which major companies are selecting SiP. The advanced packaging technologies have to capacity to resolve the 5G chip performance requirements. New packaging technology such as SiP offers solution for various issues like heat dissipation, power consumption and product dimension with embedded antenna for enhanced speed. The system in package technologies are gaining major adoption from the regions such as North America, Europe and Asia, while remaining countries from Middle East & Africa and south America region might be a potential market for forecasted year.
Key Findings of Study:
The global system in package (SiP) technology market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). The market in APAC is projected to experience a significant growth during the forecast period, while the Europe region is projected to grow at a considerable rate over the forecast period owing to the strong presence of semiconductor industry and supporting government policies for FDI. Region has strong dominance of electronics manufacturing industries.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, on 2020, Qualcomm, Chunghwa Telecom, and ASE, jointly developed 5G mmWave enterprise private network smart factory in Taiwan. Moreover, in 2019, Asus launched ASUS ZenFone Max Shot and ZenFone Max Plus (M2) smart phones in Brazil which are powered by Qualcomm’s first Snapdragon System in Package (SiP) chip. Further, the company announced development of Snapdragon SiP Factory in Jaguariúna, Brazil.
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