System on Module (SoM) Market Size ($2.91 Billion by 2028) Growth Forecast at 8.4% CAGR During 2021 to 2028 COVID Impact and Global Analysis by The Insight Partners
PUNE, India, Oct. 13, 2021 /PRNewswire/ -- According to The Insight Partners study on "System on Module (SoM) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Processor Type, Application, and Standard," the market is projected to reach US$ 2,911.2 million by 2028 from US$ 1,556.4 million in 2021; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.
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Continuous advancements in communication systems and sensors are accelerating the demand for system on modules that play major role in delivering high productivity. Industry 4.0 has bolstered the adoption of service robots as robotics helps achieve high manufacturing productivity. The growing use of embedded systems in robots to reduce their reliance on external computing systems is also bolstering the System on Module (SoM) Market growth. Further, the demands for robots that are affordable and user friendly is on rise in the industrial, residential, and healthcare applications, which is fueling the need of controller microchips. The demand for ARM processors in SoM is increasing as they come with reduced instruction sets and support single-cycle computing. The leading manufacturers of ARM-based system on module—such as Congatec AG, Digi International, Kontron, and ARM Holdings Corporation—are engaged in designing and developing ARM architecture. Lesser complexity of system on modules based on the ARM architecture, compared to those based on x86 processors, is accelerating the adoption of ARM-based processors.
The growing use of control systems, and robotics and the Internet of Things (IoT) technologies to handle processes in industries is one of the prime factors driving the adoption of system on modules. The solutions incorporated with system on modules feature high accuracy and precision, and enhanced manufacturing process performance. The use of integrated system on modules is on rise as it helps enhance manufacturing, product assembly, supply chain management, and logistics operations, among others.
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The Asia Pacific system on module market is anticipated to grow at a significant CAGR during the forecast period. The projected growth is attributed to the rise in government initiatives to support the ongoing industrialization and increasing demand for efficient electronic components such as processors, boards, and system in modules from the consumer electronics sector. Government support to boost the regional electronics & semiconductors sector is anticipated to provide significant growth opportunities to the System on Module (SoM) Market. With the 2014 National Integrated Circuit Industry Development Guidelines, the State Council of China set the goal of becoming a global leader in all segments of the semiconductor industry by 2030. In addition, through its Made in China 2025 initiative, the country aims to achieve the standards of advanced semiconductor manufacturing as a vital component of its future economy. The Chinese government is spending aggressively in investments, acquisitions, and talent recruitment for encouraging the proliferation of the semiconductors industry, which is anticipated to boost the growth of the system on modules market.
Growth of Embedded Computing Market Drives System on Module Market Proliferation
Advancements in industrial technologies have led to the introduction of wireless connectivity technologies, smart sensors, and imaging solutions, which has enabled manufacturers to offer a "single chip with multiple cores" system to improve applications and boost reliability. For instance, in February 2020, Toradex, a leader in embedded computing, launched its latest family of system on modules—Verdin—providing a modern, future-proof set of interfaces focusing on the ease of use and robustness. Further, growing demand for system on modules in rugged embedded computers that are used in the aerospace & defense industry is further boosting the market growth. There is a high adoption of Internet of Things and embedded computers in industrial applications. The need of software-defined radio (SDR) in the automotive and transportation sectors, and benefits associated with system on modules, such as reduced cost, and greater stability and reliability are propelling the System on Module (SoM) Market growth.
System on Module (SoM) market: Processor Type Overview
Based on processor type, the system on module (SoM) market is segmented into ARM, X86, Power, FPGA, GPU, and DSP. They are widely used by original equipment manufacturers (OEMs) such as Aaeon; Advantech Co., Ltd; Avnet, Inc.; Value Technology Inc.; and Connect Tech Inc.
System on Module (SoM) Market: Competitive Landscape and Key Developments
Aaeon; Advantech Co. Ltd; Avnet Inc.; Value Technology Inc.; Connect Tech Inc.; Congatec Gmbh; Emac, Inc.; Somlabs; and Microchip Technology, Inc. are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global system on module (SoM) market and its ecosystem.
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In November 2020, SoMLabs signed a contract with Reinfold Company for establishing its distribution network in India. All the products of SoMLabs will be available in the offerings of Reinfold.
In August 2020, the Electronic Technologies Group of HEICO Corporation acquired 89.99% of Connect Tech Inc.
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