CHICAGO, Sept. 13, 2023 /PRNewswire/ -- The Timing Devices Market is projected to grow from USD 5.5 billion in 2023 to reach USD 8.9 billion by 2030; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.1% from 2023 to 2030 according to a new report by MarketsandMarkets. The growth of the timing devices market is driven by increasing adoption of advanced automotive electronics, rising adoption of timing devices in smartphones and smart wearables, rise in demand for healthcare and medical equipment.
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Browse in-depth TOC on "Timing Devices Market"
115 - Tables
55 - Figures
250 - Pages
Timing Devices Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 5.5 billion |
Estimated Value by 2030 | $ 8.9 billion |
Growth Rate | Poised to grow at a CAGR of 7.1% |
Market Size Available for | 2019-2030 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million) and Volume (Thousand Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Material, Vertical and Region |
Geographies Covered | Asia Pacific, Europe, North America and Rest of World |
Key Market Challenge | Difficulty in achieving customizations and small form factors |
Key Market Opportunities | Growing need for high-precision timing and frequency stability due to network densification |
Key Market Drivers | Surge in the demand for healthcare and medical equipment |
By type, the oscillators are projected to hold the largest share of the timing devices market during the forecast period.
The oscillators held the larger market share in 2022 and are expected to exhibit a significant growth during the forecast period. A surge in the adoption of oscillators in numerous industries like in consumer electronics, automotive, military and defense and healthcare are attributed to the growth of the market. Increasing adoption of oscillator in many common applications such as watches, clocks, computers, radios and mobile phones, rising demand for silicon oscillators, rapid growth in wearable and portable electronics, growing advancements in MEMS technology and rising implementation of programmable oscillators in circuits with complex design are anticipated to augment growth of the market during the forecast period.
By material, crystal segment is projected to account for the largest share of the timing devices market during the forecast period.
The market for crystals held the largest share in 2022 and is expected to retain its dominant position throughout the forecast period. Crystals provide high reliability and long-term stability, and exhibit the piezoelectric effect, which makes them highly suitable for various components of timing devices and applications. Crystals are known for their high level of accuracy and stability in generating frequencies. The well-defined and consistent vibration characteristics of crystals make them reliable timekeeping references, which is crucial for applications that require precise timing. Crystals produce low phase noise, which is important in applications like communication systems, where clean and stable frequency signals are necessary to minimize signal distortion and interference.
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North America is expected to hold the significant share in the market by 2030.
The North American region is expected to hold the second-largest share of the timing devices industry during the forecast period. The growth of the timing devices market in this region is attributed to the dominance of the US with the presence of a large number of timing devices manufacturers in the country. Micron Technology, Inc (U.S.), Connor-Winfield Corporation (US), Crystek Corporation (US), ON Semiconductor (US), Diodes Incorporated (US), are among a few manufactures offering timing devices in the US. The government has provided a supportive environment for research and innovation in terms of new and improved technologies in this region. The increasing R&D capabilities are broadening the application areas of timing devices in different industries such as consumer electronics, automotive, and healthcare. Thus, the demand for timing devices in North America is likely to increase in the near future.
The report profiles key players in the timing devices companies with their respective market ranking analysis. Prominent players profiled in this report include Seiko Epson Corporation (Japan), Nihon Dempa Kogyo Co., Ltd. (Japan), TXC Corporation (Taiwan), Kyocera Corporation (Japan), Rakon Limited (New Zealand), Renesas Electronics Corporation (Japan), Infineon Technologies AG (Germany), Microchip Technology Inc. (US), Texas Instruments (US), Abracon (US), IQD Frequency Products Ltd. (UK), NXP Semiconductors N.V. (Netherlands), STMicroelectronics (Switzerland).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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