Semiconductor & Electronics Industry to Attain Remarkable Growth in the Coming Years

The semiconductor & electronics industry is anticipated to grow lucratively in the coming years, as per the forecast by SkyQuest Technology. Some of the prominent factors fueling the growth of the semiconductor & electronics industry are the proliferation of Internet of Things (IoT) devices and sensors, the rollout of 5G networks boosting demand for semiconductors, increasing consumption of consumer electronics (such as smartphones, tablets, wearable devices), rising adoption of industrial automation and intelligent systems.

Following is a list of the markets that are anticipated to propel the growth for the semiconductor & electronics industry:

Consumer Electronics Market size is expected to reach USD 110.60 billion by 2031, at a CAGR of 6.5% over a forecast period (2024-2031). The emergence of semiconductor technology as a result of technological advancement is a key factor driving market growth. Furthermore, the increasing adoption of consumer goods such as smartphones and automated home appliances as a result of the growing trend of smartphones is expected to boost the market. The smartphone is expected to be the driving force in the global consumer electronics market. Various smartphone manufacturers are developing novel features to boost sales of this device. Technological advancements, the emergence of 3G and 4G technologies, and innovation are likely to drive demand.

Smart Display Market size is expected to reach USD 40.32 Billion by 2031, at a CAGR of 31.20% during the forecast period (2024-2031). Displays that use smart technologies to provide additional features and functionality are known as smart displays. Advancements in display technologies and growing demand for smart systems and technologies around the world are projected to bolster the demand for smart displays. Rising popularity of smart homes and growing integration of smart displays in the same are also expected to favor market growth going forward. High use of interactive kiosks, digital signage, and other interactive products is also creating new opportunities for smart display companies going forward. The growing number of remote workers around the world and the need for better video conferencing solutions is also expected to favor sales of smart displays over the coming years.

Smart Speaker Market size is expected to reach USD 35.88 billion by 2031, growing at a CAGR of 17.20% during the forecast period (2024-2031). The growing demand for smart speaker displays, the increasing number of smart homes, rising disposable income, and the rapid proliferation of multifunctional devices are all factors driving the growth of the smart speaker market.

Audio Amplifiers Market size is expected to reach USD 6.69 billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031). One of the key factors propelling the growth of the audio amplifiers market is the increase in popularity of consumer electronics devices across the globe. Rising consumer demand for high-quality audio output, growing use of amplifiers with features like improved stereo imaging and clarity, and use of 3.5 mm wired headphones with a +12 dB of zero distortion volume gain all contribute to the market's rapid growth. The growth in demand for traction of in-vehicle infotainment systems and the increase in innovations across advanced and power-efficient electronic products, which are leading automotive applications for driving class D audio amplifier performance, further influence the market.