Advanced Packaging Market to Garner $ 64.19 Bn, Globally, by 2027 At 10.2% CAGR, Says Allied Market Research
- Rise in demand for miniaturization of devices and improved system performances and optimization of advances packaging drive the global advanced packaging market
PORTLAND, Oregon, June 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Advanced Packaging Market by Type (Flip Chip CSP, Flip-Chip Ball Grid Array, Wafer Level CSP, 2.5D/3D, Fan-Out WLP, and Others), and End Use (Consumer Electronics, Automotive, Industrial, Healthcare, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global advanced packaging industry was pegged at $29.42 billion in 2019, and is anticipated to hit $64.19 billion by 2027, growing at a CAGR of 10.2% from 2020 to 2027.
Major driving factorsRise in demand for miniaturization of devices and improved system performances and optimization of advances packaging drive the global advanced packaging market. However, high cost of advanced packaging hampers the market growth. On the contrary, emerging trends of fan-out wafer level packaging would open new opportunities for the market players in the coming years.
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COVID-19 scenario: The novel coronavirus pandemic has had a significant impact on the packaging industry.
- The market is likely to suffer during the pandemic due to disruptions in the supply chain, economic restraints, and paused manufacturing procedures.
- The shutdown of other supporting sectors including electronics, automotive, industrial, and aerospace have resulted in declined demand.
The fan-out WLP segment to manifest highest growth through 2027
Based on type, the fan-out WLP segment is expected to register the fastest CAGR of 14.0% during the forecast period. This is due to its significant technical advantages, which has led to its huge commercialization. On the other hand, the flip-chip ball grid array segment held the largest share in 2019, accounting for nearly one-third of the global advanced packaging market. This is due to the applications it offers including chipsets for PC, servers, microprocessors for PC & servers, memory, network products, and cellular base stations.
The agricultural formulations segment held the largest share
Based on end use, the consumer electronics segment dominated the global advanced packaging market in 2019, contributing to more than three-fifths of the total revenue, owing to high adoption of smart devices across various industry verticals and rising emergence of IoT. On the other hand, the healthcare segment is expected to register the highest CAGR of 12.4% during the forecast period. The emerging demand of advanced medical devices in the healthcare industry provides lucrative opportunity.
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North America to manifest fastest CAGR by 2027-
Based on region, the North America region is expected to register the highest CAGR of 10.3% during the forecast period. On the other hand, the global advanced packaging market across Asia-Pacific held the largest share in 2019, accounting for nearly four-fifths of the market. This is due to the availability of high-end enhanced technologies, increase in demand for smart electronics, and growth in manufacturing industries.
Major market players
- Microchip Technology
- Renesas Electronics Corporation
- Texas Instruments
- Analog Devices
- Amkor Technology
- Intel Corporation
- Qualcomm Technologies Inc.
- Taiwan Semiconductor Manufacturing Company
- IBM
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