LONDON--(BUSINESS WIRE)--The semiconductors market in Vietnam is expected to post a CAGR of almost 19% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Many enterprises and government agencies in Vietnam are adopting IoT-based solutions to improve connectivity and ensure the faster transfer of data. For instance, in September 2019, the Ministry of Information and Communication in Vietnam announced its plans to install IoT broadcasting stations across the country. The project is expected to make all the districts fully connected with an IoT network. IoT-enabled devices require microprocessors that consume less power and help in improving performance. They also require ICs to ensure that the microprocessor or microcontroller starts in the same condition every time it is powered up. Therefore, the increasing adoption of IoT devices will have a positive impact on the demand for semiconductors during the forecast period.
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As per Technavio, the growing number of smart homes 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.
Semiconductors Market in Vietnam: Growing Number of Smart Homes
Enterprises operating in the construction sector in Vietnam are making significant investments in the development of smart homes. For instance, in 2019, Jones Lang LaSalle Inc., a real estate firm in the country announced its plans to offer smart home technologies in its new apartments. Smart homes consist of smart appliances, mobile devices, and home automation systems that require semiconductors for their operation. With the growing construction of smart homes, the demand for semiconductors will increase significantly over the forecast period.
“Rising demand for autonomous vehicles and the increasing investments in 5G technology will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Semiconductors Market in Vietnam: Segmentation Analysis
This market research report segments the semiconductors market in Vietnam by device (PMICs, microchips, and RFID) and application (consumer electronics, communications, automotive, medical devices, and others).
The PMICs segment led the semiconductors market in Vietnam in 2019, followed by microchips and RFID respectively. During the forecast period, the PMICs segment is expected to register the highest incremental growth. This is due to the increasing applications of PMICs in automotive and consumer electronics industries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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