Demand for Electronics and Electrical Ceramics to Benefit from Increasing Device Portability
The home appliances segment held the largest market share in 2017, accounting for nearly 30% of the market.
According to a recent market research report from Technavio, the global electronics and electrical ceramics market is expected to increase at a CAGR of close to 5% from 2018-2022. A key factor driving the growth of the market is the increasing use of ceramics for energy storage. Nearly every device runs on a battery, and demand for portable devices is increasing worldwide. The escalating use of smartphones, smart gadgets and portable devices requires efficient power storage systems. As a result, battery manufacturers across the globe are investing heavily in R&D to develop efficient storage systems. In addition, many developing countries (e.g., India, Indonesia, Brazil, and those in Eastern European) do not have efficient power generation infrastructure, leading to high demand for power in these areas.
Government policies and regulations are also expected to influence market growth. Increasing digitization has led to the introduction of e-passports and e-IDs, along with the growing use of electronic applications such as e-parking tickets. However, rising digitization is contributing to the growing volume of electronic waste worldwide.
“The electronics industry makes consumer products, printed circuit boards, and components with the help of ceramic products,” said a senior analyst. “Manufacturers are investing in R&D to offer products that provide premium functionalities. The products are also expected to be cost effective since the production process influences their price. Technological innovations in the production process play an important role in giving products a competitive edge in the market. Many techniques for the manufacturing of eco-friendly products have been implemented in the past, and companies are increasingly focusing on it.”
The home appliances segment held the largest market share in 2017, accounting for nearly 30% of the market, and is expected to dominate the global market throughout the forecast period. Additional segments include consumer electronics, power grids and energy, and medical devices.
Regionally, Asia-Pacific led the market in 2017 with a market share of nearly 41%. This region is expected to dominate the market through 2022, with an increase in market share of nearly 3%.
For more information, visit www.technavio.com.