The global IC socket market size was valued at USD 870.22 Million in 2022 and is likely to reach USD 1.24 Billion by 2031, expanding at a CAGR of 4.1% during the forecast period, 2023–2031. The growth of the market is attributed to rising prototype electrical testing.
IC sockets have evolved into one of the most important and commonly utilized components in the IC manufacturing process. The requirement for high performance and efficiency of electronic components has increased dramatically in recent years, resulting in a significant increase in the use of IC sockets.
Increasing demand for consumer electronics is one of the key drivers of the IC sockets market growth. Due to rising competitiveness in the electronics industry, the product development cycle has reduced significantly in recent years, resulting in increased adoption of production and testing sockets. Extended implantation lifetime with minimum contact deterioration is one of the most significant aspects for trial connections.
A key benefit of using a test socket is that it provides a detachable interface, which is critical for ease of assembly and cost reduction in the IC manufacturing process. As more functionalities are integrated into ICs with size reduction advancements applications, a market for high frequency sockets to test larger BGA packages creates lucrative opportunities for the industry players.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing applications of IC sockets in various industries is anticipated to fuel the market growth.
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The COVID-19 pandemic disrupted the supply chain, hindering the market growth.
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The development of innovative consumer electronics is anticipated to create immense opportunities for the market players during the forecast period.
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Technological advancements in the IC manufacturing process is expected to positively influence the growth of the market.
Scope of IC Socket Market Report
The report on the global IC socket market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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IC Socket Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Memory, CMOS Image Sensors, High Voltage, RF, SOC, CPU, and GPU, and Other Non-memory)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mill-Max; Molex; Plastronics; Sensata Technologies; TE Connectivity; Yamaichi Electronics
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IC Socket Market Segment Insights
CMOS image sensors segment to hold a significant market share
On the basis of applications, the Ic socket market is segregated into memory, CMOS image sensors, high voltage, RF, SOC, CPU, and GPU, and other non-memory. The CMOS image sensors segment is anticipated to hold a significant market share during the forecast period. Rising industrial automation applications is driving the growth of the market. On the other hand, the RF segment is expected to grow at a steady rate owing to growing use of optical fibers amidst the increasing penetration of Internet.
The market in Asia Pacific is projected to hold a major market share
In terms of regions, the global Ic socket market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. This market is predicted to grow significantly in Asia-Pacific. Due to changing consumer needs, a number of companies have cut their product development time in half. This tendency necessitates enterprises to build and test goods on a constant basis, resulting in the widespread use of IC sockets.
Nations in the region, including China, have the most significant markets for ICs and IC test sockets attributable to their leadership in the global electronics sector, electronic goods industry, and communication equipment, among others.
Segments
The global IC socket market is segmented on the basis of
Applications
- Memory
- CMOS Image Sensors
- High Voltage
- RF
- SOC
- CPU
- GPU
- Other Non-memory
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
The major players in the Ic socket market include Mill-Max, Molex, Plastronics, Sensata Technologies, TE Connectivity, Yamaichi Electronics.
Companies are engaging in mergers, acquisitions and partnerships to leverage their market position. The IC sockets market is neither highly competitive nor small in size.
In recent years, acquisitions have been one of the most important growth strategies used by companies to increase their market revenue share. For instance, in March 2020, TE Connectivity Ltd acquired First Sensor AG.
The latter company develops and manufactures sensors for industrial, transportation, and medical applications, such as advanced electronics, pressure, and photonics. With this acquisition, TE Connectivity is expected to leverage its combined expertise to offer a broader range of products, such as sensors, connectors, and analogue devices.
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