The increasing development and growth of automation and re-automation in the emerging countries are expected to fuel the industry growth. The growth of automation has led to miniaturization and digitization as well as facilitates dynamics in the field of technology. The increasing need of providing high performance with power efficiency has further led to the development of automation technology at a rapid pace. The increasing labor costs and the growing demand for higher quality have encouraged the industry participants to opt for automated equipment in the programming process.
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Gradually reducing the package size in the microelectronics industry has also impacted the market growth in a positive manner. industry requirements, such as higher density, increased operating speed, and lower power, have driven packaging in the industry, which has further led to an enhanced demand within the market.
Furthermore, the demand for thinner, smaller, and lesser expensive device packaging has also encouraged manufacturers to control the programming cost. The increasing demand in automotive, consumer electronics, medical devices for more accurate data, and in military & defense for enhanced security has also encouraged the industry participants to further reduce the package size.
Intense competition in the market has led the industry participants to enhance the product quality and process technologies as per the market requirement. However, failure to develop new designs and delays in developing new products with advanced technology may adversely affect the manufacturer market.
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Further key findings from the report suggest:
• The microcontroller socket market is expected to boost over the forecast period owing to the increasing microcontroller applications in various segments
• The QFP socket is expected to grow at a CAGR of over 7% from 2016 to 2024, owing to the growing trend of automation and re-automation in the emerging countries
• The automotive segment is projected to dominate over the forecast period owing to the huge application of the socket in the manufacturing of automobiles, such as body electronics, for enhancing driver safety
• The majorindustry players in the microcontroller socket market include Texas Instruments, Aries Electronics, Mill-Max Manufacturing Corporation, and Samtec, Inc.
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Increasing funding initiatives and government programs to support this research are high impact rendering drivers anticipated to foster market growth. The launch of Human Microbiome Project by NHS in Europe and the Microbiome Initiative by the U.S. government are some of the crucial government initiatives pertaining to market growth. The U.S. government has announced to have invested over USD 121 million in the Microbiome Initiative with additional USD 100 million from the Bill and Melinda Gates Foundation.
The industry is expected to witness tremendous growth owing to increasing demand in consumer and automotive application segment. The market for MEMS technology is gaining traction in automotive sector with increasing concerns for passenger safety and regulatory norms. MEMS devices such as pressure sensors, accelerometers, and others are used in cars for air bags, tire pressure monitoring, electronic stability control, and other safety features. Growing popularity of wearable devices is anticipated to be key driver for the industry over the next seven years.
Advancement in technology such as sensor fusion is expected to boost industry growth over the forecast period. Technology advancement has led to reduction in size of the devices, making it cost-effective, efficient, and compatible at the same time. Calibration and accuracy issues may hinder market growth. Intense competition observed among industry participants is a key challenge, forcing industry players to keep the price low to remain competitive in the market.
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