Market Size – USD 40.24 Billion in 2020, Market Growth – CAGR of 8.03%, Market Trends – Growing demand of circuit and miniaturized sensors
The Global structural electronics market size is forecasted to grow from USD 40.24 Billion in 2020 to USD 74.57 Billion by 2028, at CAGR of 8.03% during the forecast period. Increase in Internet of Things (IoT) and Improvements in 3D technology are the factors that drive the growth of the market in structural electronics. The demand for lightweight, cost – effective and compact products is also increasing.
Progress in materials science (for the development of stretchable conductive materials), diversity of applications and government funding are expected to play a critical role in fueling structural electronics improvements. Furthermore, it is projected that lack of technological awareness will hamper the growth of the studied market during the forecast period.
Market Synopsis
The Global structural electronics market size is forecasted to grow from USD 40.24 Billion in 2020 to USD 74.57 Billion by 2028, at CAGR of 8.03% during the forecast period. Increase in Internet of Things (IoT) and Improvements in 3D technology are the factors that drive the growth of the market in structural electronics. The demand for lightweight, cost – effective and compact products is also increasing.
Progress in materials science (for the development of stretchable conductive materials), diversity of applications and government funding are expected to play a critical role in fueling structural electronics improvements.Furthermore, it is projected that lack of technological awareness will hamper the growth of the studied market during the forecast period.
Further key findings from the report suggest
- The Global structural electronics market size is forecasted to grow from USD 40.24 Billion in 2020 to USD 74.57 Billion by 2028, at CAGR of 8.03% during the forecast period. Increase in Internet of Things (IoT) and Improvements in 3D technology are the factors that drive the growth of the market in structural electronics. The demand for lightweight, cost – effective and compact products is also increasing.
- Due to the increasing demand for hybrid and pure electric vehicles, the photovoltaic segment is expected to be the fastest growing segment in the structural electronics market during the forecast period. Although lower level of technological awareness, complex manufacturing processes and speculation about the practical efficiency of structural electronics limit their adoption on a broad scale’s
- On the basis of Application, the automotive sector is expected to have the largest market share during the forecast period. The next important thing in smart cars is structural electronics, as the elements of structural electronics would be integrated into the body and underground carriage of the vehicle, thus resembling the human nervous system and allowing cars to recognize touch and damage immediately.
- On the basis of region, the market for North America is expected to have the largest market share during the forecast period. The increased penetration of structural electronics in this region can be related to the growing adoption of these products in photovoltaic products, conductors and sensors used in high – priced cars and spacecraft. In addition, electric vehicles are the main consumers of structural electronics, which is forecasted to drive the growth of the studied market, as electric cars are increasingly being used by North Americans.
Major Companies:
- TactoTek Oy (Finland)
- Boeing Company (US)
- Canatu Oy (Finland)
- Neotech AMT (Germany)
- Molex LLC (US)
- Faradair Aerospace (UK)
- Toyobo Co. Ltd. (Japan)
- Panasonic Corporation (Japan)
- T-Ink (US)
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