On the average, a consumer will replace his or her smart phone within two years. On the other hand, a car’s electric control unit will likely have serious maintenance issues when its usage reaches around 100,000 miles. So, what do these scenarios actually indicate?
While the significance of technological items is likely the focal point of attention, the people’s dependence on electronic components is the more logical reason behind such occurrences. Over the years, mankind’s way of life has been affected or influenced by technical advancement.
With that said, every aspect of today’s existence leans on the impact of things like semi-conductors, voltage regulators, or integrated circuits. While difficult to fathom, any delay or any restriction brought by these items will likely be treated as disastrous to whatever lifestyle and approach there is.
It is not rocket science. People don’t need to go through the details of what electronic components contribute to a tech-driven society. It is enough for an individual to experience a distressful situation involving any technological gadget for him or her to understand that electronic supplies are truly vital.
The Big Picture
The market of this global industry has been valued at around 730 billion USD back in 2019. The astronomical amount is itself an indication that mankind’s dependence on technological items will only compound in the not-so-distant future.
Although the demand for electronic components slowed down during the COVID-19 lockdown in 2020, the negative impact has been narrowly felt. With the increased demand for work-from-home schemes and online activities, the pandemic has introduced a bounce-back approach.
Considering an acceleration in personal computing and remote operation sales, more and more industries seek out the need for electronic equipment within a short period of time. The production of technical parts for computers, smart phones, tablets and other remote-driven merchandise has made a considerable surge.
The Road Ahead
Based on this context, the global demand for consumer electronic components is projected to hit more than 758 million USD in 2022. During the next three years, around 7% growth rate will be incurred which will bring the volume of the industry close to almost a billion American dollars in total volume.
Whether it’s in the healthcare platform, or the transportation business, or the government’s defense projects, the demand for electronic items has already been established. With advancements in every frontier comes the necessity to sustain such developments.
Within this perspective, all attention will definitely focus on manufacturing efficiency. How the production processes will proceed over the coming years will depend greatly on the availability of raw materials. Equally important, industries must take into consideration the ease of access to talents behind the sustainability of such operations.