Semiconductor Assembly and Testing Services Market is Estimated to Surpass US$ 71,784.6 million by 2028

 Rising Automotive Sector to Propel Semiconductor Assembly and Testing Services to Provide Growth Opportunities for Semiconductor Assembly and Testing Services Market According to our latest market study on "Semiconductor Assembly and Testing Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service, Application, and Geography," the market is expected to grow from US$ 51,906.3 million in 2021 to reach US$ 71,784.6 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.

The global semiconductor assembly and testing services market is segmented into five major regions – North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. With the rising need for electronic equipment, the usage for semiconductor devices also increases in multiple digital consumer products including smartphones, televisions, digital cameras, refrigerators, washing machines, and LED bulbs. This is subsequently stirring the need for semiconductor testing services. Therefore, the rising demand for consumer electronics is driving the semiconductor assembly and testing services market. Moreover, the growing adoption of IoT across industrial, commercial, and residential sectors is accelerating the use of semiconductor equipment. For instance, General Electric offer Brilliant Factory, a suite of hardware assets, software, and consultation services for upgrading factories to industrial IoT.

The global semiconductor assembly and testing services market is segmented based on service and application. Based on service, the market is segmented into assembly & packaging services and testing services. Based on application, the market is bifurcated into consumer electronics, automotive, medical, industrial, and other applications. In terms of geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, South Korea, Japan, and the  Rest of APAC), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

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Impact of COVID-19 Pandemic on Semiconductor Assembly and Testing Services Market

The COVID-19 pandemic has shaken several industries. The unprecedented growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. The semiconductor industry took a significant hit as the demand for electronic components was lowered from industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried in the lockdown period. China is a most prominent manufacturing hubs in the region and have an enhanced focus on industrialization. The growth of the manufacturing industry has been hampered due to lockdowns across several APAC countries in the wake of COVID-19 pandemic. However, the manufacturing industry soon recovered by enhancing the production capabilities in the second half of the year. The demand for advanced electronics such as a smartwatches, smart wearables, and healthcare machines has risen significantly. Post lockdown, the semiconductor industry started to regain the market share as production facilities restarted the operation by taking social distancing measures. Besides, work from home and remote monitoring strategies helped increase the sale of advanced electronics products for better connectivity. IT and telecommunication industry importance have been highlighted for the communicational purpose, which allowed the industry to evolve with new technologies such as IoT connectivity.

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Amkor Technology, ASE Group, Chipbond Technology Corporation, Integrated Micro-Electronics, Inc., JCET Group Co., Ltd, Integra Technologies, Powertech Technology Inc., Siliconware Precision Industries Co., Ltd., Teledyne Technologies, and Unisem Group are among the major companies operating in the semiconductor assembly and testing services market.

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