Electronic Manufacturing Services Market Revenue to Cross USD 650 Bn by 2026: Global Market Insights, Inc.
North America EMS market accounted for revenue share of over 20% and is predicted to expand at 6% CAGR till 2026 owing to the rising consumer preference toward the adoption for smart wearable devices and portable diagnostic systems such as Fitbit.
SELBYVILLE, Del., August 6, 2020 (Newswire.com) - According to latest report "Electronic Manufacturing Services (EMS) Market by Service (Electronics Manufacturing, Engineering, Test & Development Implementation, Logistics), Application (Computer, Consumer Electronics, Aerospace & Defense, Medical & Healthcare, Automotive), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of electronics manufacturing services will cross $650 billion by 2026.
Companies operating in the EMS market are more inclined toward the adoption of industrial automation and establishing smart manufacturing in their service offerings. These will help them achieve high-quality products and reduce operational costs. The integration of industrial robots for smart manufacturing will accelerate operational performance and limit human intervention to achieve cost-effectiveness.
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The logistics services segment accounted for electronic manufacturing services market share of around 5% in 2019 and is expected to witness a growth rate of 3% from 2020 to 2026. EMS providers are investing in logistics & transportation activities to achieve on-time delivery and eliminate service defects that occur due to improper transportation and may impact their brand image. Some of the major players in the market offering logistic services are Kitron ASA, Syrma Technology, SIIX Corporation, and KENCO, among others. Furthermore, the rising trend of highly technical products at a high price has led consumer electronics manufacturers to opt for third-party logistics services. This engagement with contract manufacturers will help the companies to maintain quick delivery and improve their global presence.
The medical & healthcare application in the EMS market will grow at a CAGR of 4% through 2026 led by rising digitalization of surgical machinery and medical devices across the globe. This will accelerate the demand for EMS services in the medical industry to deliver safe and secure treatment. Service providers in the healthcare industry need to comply with various healthcare & safety regulations, such as ISO 13485, that aid to enhance safety in electronic manufacturing services. Moreover, the growing trend of developing real-time monitoring systems and devices in the healthcare industry has increased the adoption of efficient PCB assembly through EMS. Major players, such as Johnson & Johnson Medical Devices Companies, Philips Healthcare, GE Healthcare, and Fresenius Medical Care, are more inclined to form collaborations with EMS providers for the cost-effective manufacturing of healthcare devices.
The North America electronic manufacturing services market accounted for revenue share of over 20% and is predicted to expand at 6% CAGR till 2026 owing to the rising consumer preference toward the adoption of smart wearable devices and portable diagnostic systems such as Fitbit. The growing preference toward integration of smart sensors into diagnostic systems and militarization of devices has further boosted the demand for EMS in the region. Companies are developing microprocessors and integrating chips, which led to the miniaturization of medical devices.
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Some of the key players operating in the EMS market include ASE Group, Benchmark Electronics, Inc., Compal Electronics, Inc., Foxconn Electronics, Inc., Jabil, Inc., and Sanmina Corporation, among others. These market leaders are highly focused on strategic acquisitions and collaboration agreements to expand their offerings and target new industries in the developing regions.
Some major findings of the electronic manufacturing services (EMS) market report include:
- The rising integration of electronic components in vehicles has accelerated the demand for EMS services in the automotive sector. These OEMs and tier 1 suppliers are more inclined toward the adoption of these services to develop environment-friendly and green automotive electronic components. Additionally, the proliferation of electric vehicles and increasing development in autonomous technology have propelled market expansion.
- Increasing consumer preference for smart home devices and inclination to adopt IoT & AI technology in consumer devices have led consumer electronics manufacturers to opt for EMS.
- The COVID-19 pandemic has resulted in lockdowns and trade restrictions across the world, which have affected both supply and demand of raw materials and electronics, hindering the market growth for the short term.
Table of Contents (ToC) of the report:
Chapter 3. Electronic Manufacturing Services Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Impact analysis of coronavirus (COVID-19) pandemic on market
3.4. Industry ecosystem analysis
3.4.1. Raw material and component supplier
3.4.2. EMS providers
3.4.4. Vendor matrix
3.5. Technology & innovation landscape
3.5.1. Production design outsourcing
3.5.2. Manufacturing integration
3.5.3. Big Data & IoT
3.5.4. 3D printing
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls and challenges
3.8. Growth potential analysis
3.9. Porter's analysis
3.9.1. Industry rivalry
3.9.2. Threat of new entrants
3.9.3. Buyer power
3.9.4. Supplier power
3.9.5. Threat of substitutes
3.10. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.