According to a new market research report published by Credence Research “Dual-in-line Package Sockets Market (Product Type – Open Frame, Closed Frame), (Application- Consumer Electronics, Automotive, Medical, Defense)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall dual-in-line package Sockets market worldwide is set to grow with a CAGR of 5.0% during the forecast period.
Growing demand for integrated circuits is driving the growth for dual-in-line package sockets market. The integrated circuits market is growing at an annual rate of 9.0%, laying down promising avenues for adjacent markets such as dual in-line package sockets. Dual-in-line package (DIP) may be used as semi-conductors or resistors or arrays of miniature rocker. Due to the increasing demand for performance and efficiency, the consumption of IC sockets has witnessed rapid growth over recent years. Wide application of these sockets in various industries consumer electronics, automotive, defense and medical are the other growth factors for the market. Due to aforementioned factors, we expect that dual-in-line package market to grow with a rapid pace throughout the forecast period from 2019-2027.
Based on application, the consumer electronics segment shall led the segment. DIP socket allows for easy replacement of a device, excludes the risk of damage from overheating during soldering, and thus used in consumer electronics extensively. Owing to demand for more precise results, along with increase with sales of smaller chips and reduced transportation cost, the dual-in-line package sockets market is growing. Further, the rise in IoT also resulted in increased usage of chips for consumer electronic devices. Due to these reasons the consumer electronics segment shall drive the dual-in-line package sockets market.
Based on the geography, North America has the highest share in dual-in-line package sockets market. North America has highest share owing to huge investments in technological advancements and growing demand for semiconductors, resistors and miniature sets in the region. Asia Pacific is the second largest regional market for dual-in-line package sockets owing to increasing investments in technological advancements. Increased sales in consumer electronics along with growth in automotive industry in the emerging economies of Asia Pacific region such as China and India are the major growth factors. As a result, Asia Pacific would continue growing with the fastest CAGR through the forecast period.
Some of the major companies profiled in the report include Enplas, Molex, Aries Electronics, 3M, WinWay, Chupond Precision, Loranger, Foxconn Technology, Mill-Max, Johnstech, Plastronics, Yamaichi Electronics, TE Connectivity and Sensata Technologies and others.
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