Microcontroller Socket Market To Be Valued Worth $1.5 Billion By 2024

The worldwide microcontroller socket market surpassed USD 843 million in 2015. It is predicted to reach nearly USD 1.5 billion by 2024. Microcontrollers are installed in a number of electronic devices to control the latter’s functioning and operational capacities. These sockets help in the seamless management of electronic devices. Increasing use of microcontrollers in automobiles, industries, and communications can drive industry growth from 2016 to 2024 (forecast period). Growth and development of automation and re-automation in emerging economies may further contribute to product demand.

Favorable market growth attributes to digitization and miniaturization induced by automation. The expanding market for low-power embedded systems may boost demand because this technology ensures low power consumption and offers rich interface support & optimal bandwidth. Demand for technology that reduces fuel consumption can positively impact growth of the global microcontroller socket industry. Greater emphasis on reduced package sizes in the microelectronics industry can propel demand for microcontroller sockets. Need for smaller, thinner, and cost effective packaging for devices can impel manufacturers to control programming costs. 

The market for integrated circuits is fueled by developments in IC (integrated circuit) packaging. Growing demand for mobility & usability induces the need for miniaturization which in turn leads to minimal power consumption and lower weight. This results in enhanced functionality per chip along with higher input & output and a smaller package size. Such a package size helps lower the package height & loop. Use of copper wire enhances productivity while reducing packaging costs. 

In-depth research report on global microcontroller socket market - http://www.grandviewresearch.com/industry-analysis/microcontroller-socket-market

The worldwide microcontroller socket industry is split into applications, products, and regions. According to applications, the segments are automotive, consumer electronics, military & defense, medical devices, and industrial. Industrial applications held the largest share over 25% in 2015, followed by the automotive segment.  Automotives may dominate the overall market till 2024 owing to widespread product applications. Automotive applications are body electronics, information devices, and driving safety. Surging popularity of smart energy for power line communications & metering is expected to expand industrial applications in the forthcoming years. High demand for smart meters owes to their high accuracy.

On the basis of products, the industry is categorized into Ball Grid Array (BGA), Dual In-line Package (DIP), Small Outline IC Package (SOIC), Small Outline Package (SOP), and Quad Flat Package (QFP).  BGA microcontroller sockets can witness significant growth till 2024 due to high demand for the same in the industrial sector. BGAs are used in area type of surface-mount packaging and in integrated circuits. The QFP sockets segment can exhibit a CAGR more than 7% over the forecast period owing to their frequent use in automobile applications. 

Regions in the global microcontroller socket industry are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Asia Pacific is anticipated to grow considerably because of surging product demand in countries, like China and Japan. It is used extensively in the Asia Pacific microelectronics industry. North America may register steady growth because of the expanding wireless communications industry in the region and developments in the smart energy sector.

Aries Electronics, Texas Instruments, Samtec, Inc., and Mill-Max Manufacturing Corporation are major players of the microcontroller socket market. These companies frequently engage in strategic alliances, mergers & acquisitions, and in the development of innovative products in order to maintain & increase their dominance in the market.

Source: Microcontroller Socket Market Analysis & Segment Forecast Report, 2024

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