According to the latest research report titled "Semiconductor Assembly and Testing Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 51,906.3 million in 2021 to reach US$ 71,784.6 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.

Rising Demand for Consumer Electronics to Drive Market

With heavy usage of smartphones, desktops, digital cameras, tablets, laptops, hard disks, and televisions, among others, the consumer electronics industry has evolved significantly due to several new technological developments. For instance, the rising adoption of 5G networks is creating strong opportunity for the market players to develop advanced RF modules using system-in-package technology for connectivity. According to the Ericsson’s mobility report, the share of 5G network in the North American market is expected to grow from 4% in 2020 to 80% by 2026, while the rest 20% would be held by the 4G technology. This highlights the opportunities for electronic companies to develop new electronics devices comprising ICs packed with embedded die packaging technology to meet the evolving performance requirements.

Moreover, industrial automation is being used in every sector including manufacturing, electronics, automobile, and aerospace & defense, which, in turn, is creating more demand for semiconductor devices. Thus, the high usage of semiconductor devices in industrial automation is propelling the growth of the semiconductor assembly and testing services market.

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In Europe, Germany, France, Italy, and UK are some of the hardest-hit countries by the COVID-19 outbreak. These countries are expected to suffer an economic hit due to a lack of revenue from various industries. Additionally, with the outbreak of another variant of COVID-19 in key countries such as the UK and Germany, the semiconductor assembly and testing services market’s growth got hampered in a negative manner. The semiconductor industry took a significant hit as the demand for electronic components was lowered from industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried in the lockdown period. Post lockdown, the semiconductor industry started to regain the market share as production facilities restarted the operation by taking social distancing measures. Besides, work from home and remote monitoring strategies helped increase the sale of advanced electronics products for better connectivity. IT and telecommunication industry importance have been highlighted for the communicational purpose, which allowed the industry to evolve with new technologies such as IoT connectivity.

The adoption of safety-related electronics systems has grown rapidly. Semiconductor component manufacturers are continuously focusing on manufacturing advanced systems. Automotive semiconductor vendors get benefited from a surge in demand for multiple semiconductor devices, such as microcontrollers, sensors, and memory, used in cars. The consumption of automotive electronic components for navigation, safety, and fuel efficiency will accentuate in coming years due to more electronic equipment being used in advanced safety features such as advanced driver-assistance systems (ADAS) added to the vehicles. This would drive the demand for integrated circuits, microcontrollers, and sensors. Therefore, with the increase in the usage of semiconductors in the automotive sector, there will more opportunities for semiconductor assembly and testing services.

 Key Findings of Study:

The global semiconductor assembly and testing services market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Rest of the World (RoW). The US, Canada, and Mexico are among the key countries in North America. APAC holds a significant share in the global semiconductor assembly and testing services market, owing to the higher awareness among the end users. End users in this region are aware of the importance of semiconductor assembly and testing services at consumer electronics, automotive, medical, industrial, and other applications.

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Growth in the manufacturing industry in Asian countries, such as China, Japan, South Korea, and Taiwan, would further create a positive impact on the adoption of semiconductor equipment. Government initiatives such as ‘Made in China 2025 are transforming the Chinese manufacturing industries. The evolution in electronics and automotive manufacturing industries is encouraging the manufactures to incline toward adopting advanced systems including semiconductor equipment. Moreover, rising demand for different consumer electronics in Asian economy is boosting the growth of electronics & semiconductor manufacturing, which, in turn will stimulate the adoption of semiconductor assembly and testing services.

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