NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Amid the COVID-19 pandemic, the global lithography metrology equipment market registered a YOY growth of 6.37% in 2020 and the market is estimated to expand at a CAGR of about 7% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Free Sample Report will delivered in Minutes
Lithography Metrology Equipment Market: Strong demand for miniaturized electronic devices to drive growth
The rising demand for miniatured electronic products has led major electronic device manufacturers in the market to focus on the development of smaller products that consume less power without compromising on the performance. This has created the demand for smaller IC chips that deliver better performance and consume lesser power. These factors have increased the use of equipment such as photolithography systems to transfer the IC design from a photomask to a silicon wafer that is smaller in size. Therefore, the rising demand for miniatured electronic products is expected to fuel the growth of the market during the forecast period.
As per Technavio, the growing automation in automobiles 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.
Lithography Metrology Equipment Market: Growing Automation in Automobiles
The ongoing trend of automation in the automobile industry has increased the use of semiconductor ICs in various applications such as GPS, ABS, power doors and windows, infotainment, and collision detection technology among others. Besides, the growing adoption of EVs and the advent of driverless and smart cars have further increased the applications of semiconductor devices in the automobile industry. The growing demand for semiconductor ICs has triggered the need for new and upgraded semiconductor production equipment from the chip manufacturers, which is positively influencing the growth of the market.
"Increase in wafer size and developments in nanotechnology will further boost market growth during the forecast period", says a senior analyst at Technavio.
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The APAC region led the lithography metrology equipment market in 2020, followed by Europe, MEA, North America, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the high concentration of major semiconductor device manufacturers in the region.
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