The timing devices market is expected to grow by USD 2.72 billion during 2020-2024, expanding at a CAGR of about 6%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters ? with a limited impact on the full-year economic growth.
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Timing Devices Market: Increasing adoption of smartphones and tablets to drive growth
The market is witnessing an increased use of micro-electromechanical systems (MEMS) in mobile devices to improve the performance and oscillation of RF components. This trend is increasing the portability of mobile devices as MEMS resonators require lesser space compared to conventional resonators made of quartz. Over the years, the number of smartphones shipped across the world has increased significantly. This is due to the availability of low-cost smartphones and the rapid penetration of the internet. With the increasing production of smartphones, the demand for resonators will also increase. These factors will drive the growth of the global timing devices during the forecast period.
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As per Technavio, the miniaturization of electronic devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Timing Devices Market: Miniaturization of Electronic Devices
Technological advancements coupled with the growing need to enhance energy efficiency have led to the miniaturization of electronic devices. This has increased the demand for compact semiconductor components. Small-sized resonators, especially MEMS-based resonators, are very effective in providing efficient performance when size is a constraint. Therefore, the rising trend of miniaturization in the consumer electronics industry is expected to have a positive impact on the growth of the timing devices market during the forecast period.
"Increasing adoption of wearable technology and the growth in smart grid technology will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Timing Devices Market: Segmentation Analysis
This market research report segments the timing devices market by Product (Oscillators, Resonators, and Semiconductor clocks), Geography (APAC, Europe, North America, South America, and MEA), and End-user (Consumer electronics, Computing devices, Industrial sector, Automotive sector, and Telecommunications).
The oscillators segment led the global timing devices market in 2019. The growth of this segment is mainly driven by the increasing demand for oscillators from the consumer electronics industry. Besides, the growing demand for ICs is expected to fuel the growth of the segment during the forecast period.
The APAC region led the timing devices market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the strong growth of the consumer electronics market in the region.
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