Smart Card Market Growth Driver, Opportunities and Challenges

The Smart card market size is projected to reach USD 16.9 billion by 2026, growing at a compound annual growth rate (CAGR) of 4.0% during the forecast period.

The smart cards market is projected to reach a value of USD 16.9 billion by 2026 due to the demand for increasing contactless payments, government schemes for national ID cards, and rising e-commerce shopping.

Driver: Surged demand for contactless (tap-and-play) payments amid COVID-19

The consumer awareness about the benefits of tap-and-pay cards and the use of these cards was already trending upward before the pandemic. However, with the outbreak and the spread of the COVID-19, the use of contactless payments grew quickly. Amid the pandemic, which obligates limited contact and social distancing, people buy groceries, household items, etc., using contactless payment options. Consumers aim to limit their exposure during transactions. According to research carried out by Fiserv (US) in May 2020, people consider contactless (tap-and-pay) cards as the fastest and the safest way to pay.

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Opportunity: New mode of information security of users enabled by blockchain

Blockchain is a revolutionary technology that helps businesses develop fast and secure applications that fulfill stringent security requirements. Smart cards can effectively manage cryptographic keys, thereby enabling efficient and secure transactions in blockchain applications. They act as vaults for storing cryptographic keys. When smart cards are connected to the Internet through POS readers, the keys stored in them can be matched with keys stored in online libraries. If the match is successful, users are authenticated. This is expected to help banks and other ecosystem players secure and authenticate the identity of users in an improved manner, thereby reducing instances of cyber thefts.

Challenge: Risen proliferation of digital identity cards

Digital identity cards are the electronic equivalent of identity cards. Unlike paper-based identity cards such as driving licenses and passports, digital identity cards can be authenticated remotely over digital channels. This results in unlocking their access to banking services, government schemes, educational facilities, etc. It is expected that in the next three to four years, mobile devices will serve as digital identity cards to access enterprise services and data.

The technology required by digital identity cards is not only easily available but is also more affordable than ever, making it possible for emerging economies to skip paper-based approaches for identification. There is a growing demand for digital identity cards across the world as governments of different countries are adopting this technology to identify their population and cater to their requirements.

Medical Electronics Market Growth Driver, Opportunities and Challenges

The Global medical electronics market size is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026; it is expected to reach at a CAGR of 6.9% from 2021 to 2026.

The sudden rise in the infections led to lockdowns, quarantines, border closures, and halting of economic activities across the region. This led to disruptions in the supply chain which negatively affected the supply of essential medical devices to several countries. The shortage of ventilators was another challenge which was faced by countries such as the US, Canada, and Brazil; however, non-conventional companies such as General Motors (US) and Tesla (US) stepped in to manufacture low-cost and efficient ventilators.

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Driver: Rising healthcare spending and ever-changing healthcare landscape

Healthcare expenditure has a direct relationship with an increasingly aging population, rising per capita disposable income, and improving lifestyle. The medical expenditure per person for the age group 60 years and above is much higher than that of the people within the age group of 15–30 years.

Growth in overall healthcare expenditure is likely to result in better access to medical devices and encourage manufacturers of medical electronics toward spending on R&D and innovations. Global healthcare spending is projected to grow from USD 7.1 trillion in 2015 to USD 8.7 trillion by 2020, at a CAGR of 4.2%.

Opportunity: Advances in sensors and digital technologies

Advances in sensors and digital technologies are creating new opportunities to enhance patient care platforms and improve development efficiency. Technological advances can also create competitive threats.

The proliferation of smart medical devices equipped with advanced computing and communication technologies are expected to boost the medical electronics market growth in the coming years. Manufacturers of medical electronics are realizing the transformative nature of IoT technologies due to advances in computing and processing power, as well as in wireless technology. Similarly, miniaturization drives innovation in designing and developing connected medical devices. The rise in the number of connected medical devices and advances in medical systems and software that support the gathering and transmission of data has created new opportunities for medical electronics manufacturers.

Challenge:  Cybersecurity risks posed by proliferation of connected medical devices

The industrial revolution or Industry 4.0 has brought in digitization in the field of manufacturing with emerging technologies such as AI, robotics, machine learning, IoT, and several other state-of-the-art technologies.

This digitization has also introduced a pressing concern for cybersecurity, especially after the cyberattack on National Healthcare Service in 2017 which paralyzed the UK healthcare computer systems. With the proliferation of connected medical devices, many companies could collect medical information in one place; however, it has exposed medical devices to cybersecurity vulnerabilities. The connected nature of medical devices makes certain medical devices prone to hacking; therefore, companies need to adhere to stringent standards to ensure patient privacy and safety. Also, there should be enough budget and expert staff to address cybersecurity issues.

Smart Mirror Market - Global Growth Driver and Industry Forecast to 2027

Smart mirror market size is projected to reach USD 5.9 billion by 2027 from USD 2.7 billion in 2022, at a compound annual growth rate (CAGR) of 16.8% during the forecast period.

Smart mirrors equipped in automobiles play a key role in ensuring driving comfort and safety. The smart mirrors integrated into high-end vehicles are equipped with electro chromatic auto dimming mirror, which improves visibility in low light and decreases eye strain and tiredness in drivers.

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Opportunities: Transition from traditional stores to digital stores in retail industry

The retail industry is undergoing a transformation with digital retailers merging with physical stores. Companies are embracing new ways of managing businesses and re-engineering their ways of connecting with customers.

The retailers are integrating various technologies such as smart carts, smart mirrors, smart shelves, and retail robots. This industry is currently experiencing a rapid transition from traditional retail stores to advanced digital retail stores where technology plays a crucial role in customer engagement and increasing sales for retailers.

Challenges: Lack of awareness about smart mirrors

Smart mirrors are a new concept in the display segment and to the end users. With the increase in the use of these mirrors in the automobile and retail industries, the mirror providers are likely to witness a surge in popularity in the upcoming years.

With the major companies worldwide working on offering more innovative smart mirrors and showcasing their products in a variety of tech events, these products are likely to witness growth in the future. Currently, the adoption of smart mirrors is limited to the high-end segment due to their high cost. For common people, it is still a concept that they might not be ready to invest in. Thus, the lack of awareness among customers and the high cost of these mirrors poses a major challenge to the smart mirror industry growth.

Automotive segment likely to dominate the smart mirror market by 2027 due to the increasing deployment of digital rear-view mirrors in vehicles

The automotive segment dominated the smart mirror market in 2021 and is expected to lead the market through 2027.

The dominance of the segment is attributed to the increasing deployment of digital rear-view mirrors in vehicles. The rising number of mirrorless vehicles due to the rising trend in the adoption of smart camera-based display mirrors is propelling the growth of the market. Currently, approximately 30 percent high-end vehicles on roads have inside mirrors with inbuilt electrochromic technology while approximately 10 to 15 percent outside mirrors have inbuilt electrochromic features. The penetration of electrochromic mirrors with the auto-dimming feature is expected to witness significant rise in the years to come. Intelligent interior and exterior auto-dimming smart mirrors provide added value by enhancing the driving experience and increasing safety and driving comfort.

Inductor Market Size, Share and Industry Growth Analysis Report 2027

Inductor market size is projected to reach USD 7.0 billion by 2027 from an estimated USD 5.1 billion in 2022, at a compound annual growth rate (CAGR) of 6.6 % from 2022 to 2027.

The growing adoption of electric vehicles and the increasing demand for connected devices are some of the key drivers of the inductor market report. The need for compact, efficient, and cost-effective inductors is also expected to drive the inductor market growth.

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Consumer electronics is a rapidly changing and dynamic industry, wherein the competition among the market players and game-changing technological developments are increasing significantly. These innovations and technological developments are assisting the manufacturers of consumer electronic devices in enhancing the features and the quality of their products.

There is a sharp growth in the production of electric vehicles in recent years and is expected to grow further in the coming years and the pace of development of electric vehicles has been tremendous. The use of electric vehicles has spread, and this will lead to the adoption of connected cars and advanced driving assistance systems (ADAS), which will expand the role of electronic components. With an increase in the tightening of environmental regulations many major manufacturers and newly emerging car makers have increased the production volume of electric vehicles, which is expected to increase the demand for passive components. These electric vehicles are equipped with new technologies and are powered by AI and IoT. With the increase in the adoption of electric vehicles, the demand for inductors is expected to increase in the coming years.

The size of the products is becoming increasingly smaller as well as the functionalities associated with the products are being enhanced. There is a continuos shrink in the size of mobile devices that offer advanced complex functions. The market for such devices which include smartwatches, wristband-type wearable devices, and IoT devices such as sensor network devices need reduced size as well as thickness. These devices also need highly efficient power supply circuits for longer operating time. Due to reduction in the size and thickness of wearables such as smartwatches, there is an increased use of higher-speed processors for higher performance and multi-core processors for higher efficiency.

Technological Advancements in the ALD Equipment Market

The ALD equipment market is estimated to be worth USD 4.1 billion in 2022 and is projected to reach USD 6.0 billion by 2027, at a CAGR of 8.2% during the forecast period. Constantly developing semiconductor industry, proliferation of 3D NAND SSDs and the advantages offered by ALD are the key factors driving the market growth.

ALD is a suitable deposition method for medical devices as most of the materials used in ALD are biocompatible. The adoption of ultra-thin biocompatible ALD coatings also improves adhesion to the bone and protects patients from leakages from the implant to the body. Such advantages offered by ALD make it highly suitable for medical applications

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Opportunity: Rising demand for photovoltaics

Due to the rapid depletion of resources, there has been a surge in demand for renewable energy sources. According to International Energy Agency (IEA), renewable energy accounted for 28% of the total energy globally in 2021.

With the help of PV cells and solar panels, energy from the sun can be converted into electricity. Due to the increasing energy crisis, there has been an increase in demand for solar energy in the last decade. The growing demand for photovoltaics is expected to create lucrative opportunities for market players offering solutions for ALD. In solar cells, ALD films can be used as surface passivation layers, buffer layers, window layers, absorber layers, and hole/electron contacts. Increasing demand for photovoltaics is expected to drive the market growth for ALD.

Challenge: Technical difficulties and process complexity

Processes involved in manufacturing semiconductors need clean rooms and clean equipment. Even a tiny amount of dust can hamper the process and result in a heavy financial loss.

Delay in supply due to errors during manufacturing may result in additional losses and order cancelations. A few common challenges associated with semiconductor manufacturing include defects associated with raw materials, mechanical integrity, and problems at the chip level. Moreover, advanced and innovative technologies are needed at the fabrication stage to produce high-quality semiconductor devices and ICs. The growing trend of miniaturization has significantly increased the complexity of wafers due to the presence of multiple patterns at the chip level. ALD needs a very high degree of cleanliness. However, it is difficult to maintain cleanliness in ALD when process nodes are extremely small. Moreover, technicians must ensure that there should not be any leakage during ALD as the gases used in the production processes can be hazardous. The increasing number of challenges involved while manufacturing semiconductors may impede the market growth for ALD.

Recent Trends of the Flame Detector Market 2027

The global flame detector market size is expected to grow from USD 1.7 billion in 2022 to USD 2.1 billion by 2027, at a CAGR of 5.0% during the forecasted period. The growing technology implementation, rise in adoption from key industries, and the strict policies, and regulations for fire protection are the key drivers for the flame detectors.

Flame detection is a risk avoidance and management practice which helps to reduce and avoid the risk of fire in public and private infrastructure. It involves the combined efforts of federal custodians and tenants, private building owners, and local fire service agencies. Fire safety and protection policies and regulations are generally country-specific and vary with respect to each country; however, they are meant to improve the safety of assets and humans.

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OPPORTUNITIES: Growth in commercial real estate

Commercial real estate is one of the areas that has bounced back well since the initial impact of the pandemic. The pandemic has accelerated the shift from offline, in-store retail to online, e-commerce logistics, driving the demand for warehouse- and logistics-focused properties. It is observed that globally the development of logistics, industrial, and warehouse spaces has increased in the last three years and is estimated to continue for the next few years. Currently, some core markets such as warehouse/distribution, manufacturing, and technology are experiencing an industrial space crunch leading to increasing demand and growth in commercial real estate. As the industrial real estate grows, the opportunity for building and fire safety systems is expected to increase as this industry has a higher focus on building, asset, and personnel safety. Thus, the rising demand and growth in commercial real estate is a great opportunity for the flame detector industry.

CHALLENGES: Introduction of hydrogen blended gas streams

The introduction of new equipment and the transition to alternative fuels bring significant challenges for optical flame detection. Hydrogen is seen by industry leaders as a way to reduce society’s dependence on fossil fuels. Many natural gas distribution companies are exploring the possibility of introducing hydrogen into gas streams. Although the transition to a non-carbon-based gas network is distant, the shift toward the goal has started. This shift can affect fire safety products used within the distribution network. IR flame detectors are significantly used for natural gas fires. These detectors primarily monitor a small band of radiation that focuses on the emissions of hot carbon dioxide. The addition of hydrogen in a natural gas stream helps to reduce the carbon footprint and reduces the detection distance for the same size fire. This may lead to flame detection coverage gaps in a facility. In the instances where hydrogen completely replaces natural gas, the same IR flame detectors will not be able to detect fires. This is a challenge for the flame detector market

Rapid Adoption of Electric Vehicles and Renewable Energy Sources to Fuel Intelligent Power Module Market Growth

Global intelligent power module market size is anticipated to grow from USD 1.8 billion in 2022 to USD 3.0 billion by 2027, at a CAGR of 10.7% from 2022 to 2027.

The global automotive industry is in a period of unprecedented changes. The industry needs to make urgent progress in improving its environmental impact. The electrification of vehicle powertrains, ranging from the implementation of start/stop to full battery electric vehicles, is widely seen as the means by which the global automotive industry can move closer toward the goal of true sustainability. Electric vehicles are the backbone of the low-pollution automotive sector; these vehicles can significantly reduce carbon dioxide content and compensate for the greenhouse effect to a certain extent.

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The emergence of wide band gap materials, such as GaN and SiC, has changed the landscape of the power electronics market. These new semiconductor materials offer better thermal conductivity and higher switching speeds and are smaller than traditional silicon (Si) ones. The use of SiC and GaN has resulted in improvements in existing semiconductor technologies, such as MOSFETs and isolated gate bipolar transistors (IGBTs). These materials can be used for a wide range of applications. The fastest-growing applications of SiC include electric vehicles (EVs) and EV charging, where SiC plays a vital role in fast chargers and charging stations.

The new generation of IPMs enables continuous monitoring of several important module parameters. With the help of supporting software, IPMs generate a significant amount of data. Utilizing the data efficiently is a significant engineering challenge. Moreover, an increase in processing power is required to efficiently use the data generated by IPMs. Design challenges related to electromagnetic interference (EMI) increase with the rise in switching frequency. Thus, IPMs operating at high switching frequencies may be more compact but create more design complexities. These technical challenges need to be addressed for further development of the IPM market.

Exploring the Functional Safety Market - Global Forecast to 2027

The functional safety market size is predicted to grow from USD 5.2 billion in 2022 to USD 7.2 billion by 2027, at a CAGR of 6.8%.

Schneider Electric (France), ABB Ltd. (Switzerland), Honeywell International Inc. (US), Emerson Electric Co. (US), and Rockwell Automation Inc. (US) are among a few top functional safety companies in the market

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The Industrial Internet of Things (IIoT) is creating new opportunities for integrated safety and compliance services. IIoT can acquire data from sensors that measure pressure, level, and the flow of liquids, temperature, and vibration, and send this collected information to monitoring systems. The data is transmitted through wired and wireless networks that provide real-time analysis, alerts, and possible solutions in case of any emergency. Using IIoT, companies can integrate their processes with safety systems and can monitor the same in real-time. The Industrial Internet of Things (IIoT) provides the benefits of low-cost, low-power microprocessors to improve safety, usability, and energy efficiency while meeting industrial expectations of security and reliability. Various manufacturing companies are still far away from using IIoT to support safety instrumented functions (SIFs) directly in plants, factories, or industrial areas, handling hazardous products. Further, IIoT facilitates quick monitoring, analysis, and control, offering virtual management of physical systems, which ultimately results in performance improvement. With the increasing adoption of IIoT, the demand for functional safety is expected to grow during the forecast period.

Functional safety system manufacturers require a workforce with relevant certifications to enable the proper handling of functional safety systems. The technologies and skillsets used in functional safety systems require trained workers to handle the systems. Moreover, industries are increasingly focusing on adopting new safety technologies, and for that, they required a skilled workforce; but they are facing a shortage of skilled functional safety certified workforce. Due to this, developing countries continue to struggle with the efficient implementation of functional safety solutions in industrial automation. Hence, the lack of a skilled workforce poses challenges to the overall growth of the functional safety system market.

RTLS Market for Healthcare - Global Forecast to 2028

The market size for RTLS market for healthcare is predicted to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5%.

Healthcare is one of the largest adopters of RTLS solutions. Different wireless technologies, such as Radio-Frequency Identification (RFID), Wireless Fidelity (Wi-Fi), Ultrasound, Infrared (IR), Ultra-Wideband (UWB), and Bluetooth Low Energy (BLE), are being used in modern-day RTLS solutions, depending on the use case or application area.

RTLS market players continuously strive to develop more robust and innovative solutions to stay ahead in the competition. As a result, ultra-wideband (UWB) and Bluetooth Low Energy (BLE) technologies have made a mark recently and are expected to witness exponential growth in the near future. Rapidly growing startups are providing various innovative solutions based on relatively new RTLS technologies such as UWB, BLE, ZigBee, and RuBee.

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The safety and security of people and assets is the key concern of medical institutions, hospitals, and senior living facilities. Patient tracking, wander management, and access control are becoming some of the essential parameters to be trailed in the hospital environment. RTLS solutions help healthcare organizations increase the safety and security of its staff, patients, and assets by providing real-time information about their location.

The market for RTLS in developing regions such as Asia Pacific, South America and Africa is estimated to grow rapidly owing to the rising customer awareness and huge untapped market opportunities, especially in healthcare, manufacturing, and retail sectors. The acceptance of RTLS solutions in healthcare markets in the Asia Pacific, especially across countries such as Australia, India, China, and other Asia Pacific countries, is growing significantly. The healthcare market in Asia Pacific has witnessed increased adoption of RTLS solutions with Wi-Fi technology as end users utilize the already present infrastructure to drive down installation costs for RTLS. The Asia Pacific healthcare markets are projected to be the significant growth areas for RTLS. The main driving factor would be the rising tide of healthcare-associated infections and increasing focus on developing healthcare infrastructure, which would lead to adopting RTLS solutions in the healthcare market

RTLS solutions consist of various hardware components such as RTLS tags/badges/readers etc. These equipment are used across healthcare organizations to monitor and track assets, patients, and staff. These tags are supposed to meet some crucial parameters in terms of accuracy, performance, and power consumption, to meet specific customer requirements.

Ensuring Safety through Machine Safety: Exploring the Growing Market

In industrial settings, where machinery plays a crucial role in manufacturing and production processes, ensuring the safety of workers and equipment is of paramount importance. The machine safety market has witnessed significant growth in recent years, driven by the need for comprehensive safety solutions to mitigate risks and comply with stringent safety regulations. In this blog, we will delve into the machine safety market, explore its key components and growth drivers, and discuss the importance of prioritizing safety in industrial environments.

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Understanding the Machine Safety Market: The machine safety market encompasses a wide range of products, technologies, and services designed to prevent accidents and protect workers from potential hazards associated with machinery operations. These safety solutions include safety sensors, interlocks, safety controllers, emergency stop devices, safety switches, and safety relays. By implementing machine safety measures, industries aim to create a safer work environment, minimize the risk of accidents, and ensure compliance with safety standards and regulations.

 

Growth Drivers of the Machine Safety Market:

1. Increasing Focus on Worker Safety: With growing awareness of occupational hazards, industries are placing greater emphasis on safeguarding their workforce. Governments and regulatory bodies have introduced stringent safety standards and regulations to protect workers from machine-related accidents, which has prompted the adoption of machine safety solutions.

   
   
    

2. Technological Advancements: Advancements in sensor technologies, machine learning, and automation have paved the way for innovative machine safety solutions. Safety devices and systems now incorporate intelligent features such as real-time monitoring, predictive maintenance, and integrated communication capabilities, enhancing safety and operational efficiency.

3. Industry 4.0 and Industrial Automation: The emergence of Industry 4.0 and the increasing adoption of industrial automation have propelled the demand for machine safety solutions. As machines become more interconnected and autonomous, ensuring their safe operation and integration with human workers become critical. Machine safety technologies play a vital role in enabling the safe collaboration between humans and machines in smart factories.

Importance of Machine Safety:

1. Protecting Workers: Machine safety measures are essential for safeguarding the well-being of workers. By implementing safety devices and systems, industries can reduce the risk of accidents, injuries, and fatalities associated with machinery operations. This not only protects workers' lives but also enhances employee morale and productivity.

   
   
    

2. Compliance with Regulations: Adhering to safety regulations is not only a legal requirement but also a moral obligation. Non-compliance with safety standards can lead to legal consequences, penalties, and damage to a company's reputation. Implementing robust machine safety measures ensures compliance and demonstrates a commitment to worker safety.

3. Enhanced Productivity and Efficiency: Machine safety measures, when implemented effectively, can improve operational efficiency and productivity. By reducing the occurrence of accidents and downtime due to safety-related incidents, companies can achieve uninterrupted production, minimize losses, and optimize their overall operational performance.

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Market Segments and Future Outlook: The machine safety market can be segmented based on components, applications, and industries. Components include safety sensors, switches, controllers, and relays. Applications encompass assembly lines, material handling, robotics, packaging, and others. Industries such as manufacturing, automotive, oil and gas, pharmaceuticals, and food and beverages are key adopters of machine safety solutions.

Looking ahead, the machine safety market is expected to witness steady growth due to ongoing industrialization, increasing automation, and a growing focus on worker safety worldwide. As new technologies and regulations emerge, the demand for advanced machine safety solutions will continue to rise, presenting opportunities for both established players and new entrants in the market.

In an era of industrial automation and evolving safety regulations, machine safety has become a crucial aspect of ensuring worker well-being and operational efficiency. The machine safety market offers a wide range of solutions designed to mitigate risks, comply with safety standards, and protect

Semiconductor Manufacturing Equipment Market Size, Trends, Global Forecast to 2028

The semiconductor manufacturing equipment market is projected to reach USD 149.8 billion by 2028 from USD 91.2 billion in 2023, at a CAGR of 10.4% from 2023 to 2028. Need for semiconductor parts in electric and hybrid vehicles and wide adoption of 5G technology are some of the major factors driving the market growth globally.

The prominent players in the semiconductor manufacturing equipment market are Tokyo Electron Limited (Japan); Lam Research Corporation (US); ASML (Netherlands); Applied Materials, Inc. (US); KLA Corporation (US); SCREEN Holdings Co., Ltd. (Japan); Teradyne, Inc. (US); Advantest Corporation (Japan); Hitachi, Ltd. (Japan); Plasma-Therm (US). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint.

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Lithography is likely to capture largest share of the front-end semiconductor equipment market during the forecast period

Using EUV lithography equipment is beneficial for manufacturers, as these equipment expose critical layers of wafers in just one step, resulting in reduced manufacturing costs of semiconductor devices. Also, various countries are supporting companies operating in the photolithography equipment market through funding. For instance, the Defense Advanced Research Projects Agency (DARPA) of the US is funding research for the development of advanced IC architecture and design tools. Major players such as ASML, KLA Corporation, Intel Corporation, and Taiwan Semiconductor Manufacturing Company Limited have been making efforts to enhance the EUV lithography technology to further reduce the wafer size to around 5 nm. Thus, the lithography segment of front-end equipment is likely to capture the largest share of the semiconductor manufacturing equipment in the future.

In 2022, Asia Pacific held the largest share of the semiconductor manufacturing equipment market for memory

In 2022, Asia Pacific held the largest share of the semiconductor manufacturing equipment market for memory. The region is home to several manufacturers of low-cost devices. Countries such as China, Japan, South Korea, and India are researching new types of memory devices with high speed and scalability. For instance, in 2021, scientists from the Indian Institute of Technology in Bombay (IIT-Bombay) developed a groundbreaking semiconductor memory technology that can be utilized for commercial manufacturing at the 180 nm node in India. This innovative technology, based on ultra-thin silicon dioxide (a few atoms thick), enables secure memory and encryption hardware. It replaces the conventional gate oxide-based one-time programmable (OTP) technology with a novel OTP memory-based approach, making it the first of its kind in India.

The semiconductor manufacturing equipment market for 3D IC manufacturing is expected to grow at the highest CAGR during the forecast period

The semiconductor manufacturing equipment market for 3D IC manufacturing is expected to grow at the highest CAGR during the forecast period. The demand for 3D ICs is increasing as companies are trying to increase functional integration through multi-chip modules, silicon-in-package, and package-on-package schemes. 3D ICs contain multiple dies stacked, aligned, and bonded in a single package, using through-silicon vias (TSVs) and hybrid bonding techniques for inter-die communication. With the increased demand for improved functionality and miniaturization of portable devices such as cell phones, digital cameras, and laptop computers, manufacturers and IDMs are expected to opt for 3D ICs, thus bolstering the growth of this segment.

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Asia Pacific accounted for the largest share of the semiconductor manufacturing equipment market in 2022

Asia Pacific accounted for the largest share of the semiconductor manufacturing equipment market in 2022; a similar trend is likely to continue during the forecast period. The market in Asia Pacific is driven by continuous developments in the semiconductor industry, expansion of the semiconductor manufacturing equipment companies operating in the region, and financial support for the semiconductor industry by regional governments. For instance, in 2022, China announced a massive USD 143 billion investment plan aimed at bolstering its semiconductor sector amidst growing sanctions from the US that have impacted Chinese chipmakers. The investment will be made over a five-year period, with a significant portion dedicated to advancing manufacturing capabilities. The funding will be utilized for purchasing domestic semiconductor equipment for chip foundries, commonly referred to as fabs, with competent companies eligible for a subsidy of up to 20% of the equipment cost.

Pharmaceutical Manufacturing Equipment Industry Size Revenue $19.7 billion by 2028

The Pharmaceutical Manufacturing Equipment market is expected to reach USD 19.7 billion by 2028 from USD 14.5 billion in 2023, at a CAGR of 6.3% during the 2023–2028 period according to a new report by MarketsandMarkets™. The major factors driving the market growth of the pharmaceutical manufacturing equipment market include growing potential of the pharmaceutical industry worldwide, growing necessity for adoption of flexible pharmaceutical manufacturing practices, rising need to reduce lead times, and increasing demand for generics.

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Browse in-depth TOC on "Pharmaceutical Manufacturing Equipment Market" 
191 – Tables
49 – Figures
224 – Pages

Silicon Photonics Market Report Scope:

Report Coverage	Details
Market Revenue in 2023	$14.5 billion
Estimated Value by 2028	$19.7 billion
Growth Rate	Poised to grow at a CAGR of 6.3%
Market Size Available for	2019–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Equipment Type, End-Product Type, and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Rising costs and expenditures related to usage of pharmaceutical manufacturing equipment
Key Market Opportunities	Adoption of pharmaceutical manufacturing equipment to enable first-to-market advantages
Key Market Drivers	Rising demand for generics

Packaging machines are expected to register the highest growth and also hold the largest share of the market followed by mixing and blending machines and spray drying equipment.

Packaging machines offer a variety of applications such as cartooning, serialization, labelling, and capping, among others. Blister packaging machines accurately fill each blister with the required medication amount, seal it with foil or plastic, and cut and perforate the packaging for easy opening. Cartooning machines package products into cardboard boxes. They can also label and package the boxes for distribution. The diversity, accuracy, and efficiency of packaging machines makes them one of the most sorts after equipment in the pharmaceutical manufacturing industry to ensure effective packaging of drugs for better safety and prevention against contamination. Pharmaceutical packaging machines help to automate the packaging process, reduce errors, and increase efficiency. This leads to cost savings for pharmaceutical manufacturers, which is a significant factor in the growing demand for these machines. The pharmaceutical industry is heavily regulated, and there are strict guidelines for the packaging and labeling of pharmaceutical products. This has led to the adoption of advanced packaging machines that meet the safety and quality standards set by regulatory bodies such as the FDA. With the development of new drugs and therapies, there is a growing need for precise mixing and blending of multiple ingredients. Pharmaceutical mixing and blending machines offer the ability to homogenously mix various active pharmaceutical ingredients (APIs), excipients, and other components to ensure uniformity and consistency in the final product, thereby driving their demand.

Liquid end-product type is expected to register the highest growth and also hold the larger share of the market.

Liquid dosage forms are a type of pharmaceutical formulation that consists of a liquid medium containing one or more active pharmaceutical ingredients (APIs) and other excipients. They are used for a wide range of drugs, including antibiotics, antacids, cough syrups, and analgesics. Liquid dosage forms provide easier administration, rapid absorption, and accurate dosing. Liquid medications are absorbed more quickly than solid dosage forms, leading to a faster onset of action. This is especially important for medications used to treat acute conditions such as pain, nausea, and vomiting, thereby driving their demand. Advances in technology have led to the development of new formulations and packaging materials that improve the stability and shelf life of liquid medications. This has increased the demand for liquid dosage forms for medications that were previously only available in solid forms.

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Asia Pacific is expected to register the highest CAGR and also hold the largest share followed by Europe during the forecast period.

Japan is a well-established pharmaceutical product market due to its aging population and supportive government regulations, thereby attractive foreign investments for pharmaceutical manufacturing. The South Korean government has implemented initiatives to introduce medical coverage for four major chronic disease areas, including cancer, cardiovascular, cerebrovascular, and other rare diseases. Owing to these reasons, the country's pharmaceutical manufacturing infrastructure and research and development activities are growing Both the local and global demand for Chinese pharmaceutical manufacturing equipment is rising due to the availability of low-cost manufacturing facilities and quality assurance. Also, the outsourcing of manufacturing of pharmaceutical manufacturing operations to countries in Asia Pacific is a key factor driving the growth of the pharmaceutical manufacturing equipment industry in the region. In Europe, the presence of many major pharmaceutical companies, such as Pfizer, Abbott, GlaxoSmithKline, Sanofi, Boehringer Ingelheim, etc., are among the significant reasons boosting the growth of the pharmaceutical manufacturing industry in the region. the growing demand for branded and generic drugs across the region is catapulting the need for increasing production capacity and efficiency.

The report profiles key players in pharmaceutical manufacturing equipment companies such as GEA Group Aktiengesellschaft (Germany), I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P. A (Italy), Syntegon Technology GmbH (Germany), ACG (India), and Thermo Fisher Scientific Inc.(US), Körber AG (Germany), Romaco Group (Germany), Marchesini Group (Italy), MG2 s.r.l. (Italy), and Glatt GmbH (Germany).