Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Real-Time Clocks Market Size, Share, Growth Analysis, By Application, By Type - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
Global Real-Time Clocks (RTCs) Market size was valued at USD 3.8 billion in 2021 and is poised to grow from USD 4.09 billion in 2022 to USD 6.88 billion by 2030, at a CAGR of 7.7% during the forecast period (2023-2030).
Real-time clocks (RTCs) serve a wide range of industries, including automotive, aerospace, and consumer electronics. RTCs rely on real-time clock ICs (RTC ICs), integrated circuits that continuously track time, including seconds, minutes, hours, days, months, and years, accounting for leap years.
RTC ICs typically offer both AM/PM and 12- and 24-hour time formats. What sets RTC ICs apart is their ability to maintain accurate time even when the primary power source is off. For example, STMicroelectronics introduced new real-time clocks featuring Bluetooth Low Energy support and a built-in temperature sensor. This sensor can work with smartphones and tablets using the Android 4.4 or higher software platform, showcasing RTC adaptability.
RTC technology finds applications in diverse electronic devices requiring precise timekeeping. While often associated with computers, servers, and embedded systems, RTC ICs serve a broad range of uses, including Point-of-Sale terminals, e-metering systems, gaming devices, and security systems across various industries. RTCs are also integrated into other devices, like vehicle radios for broadband connectivity.
Global Real-Time Clocks (RTCs) Market Analysis by Application
In 2022, the industrial sector dominated the global market in terms of revenue share, serving various sectors, including healthcare, transportation & logistics, and aerospace & defense.
Furthermore, key industry players are actively involved in extensive research and development (R&D) efforts to create innovative goods and services tailored to their respective markets. The consumer electronics sector is expected to experience substantial growth in the coming years, driven by increased demand from smartwatch manufacturers and the rising adoption of wearable devices like fitness bands.
Global Real-Time Clocks (RTCs) Market Analysis by Type
External RTCs are anticipated to grow at a Compound Annual Growth Rate (CAGR) of around 4%. These standalone devices connect to systems through a communication interface.
They are known for their lower power consumption, higher accuracy, and superior stability compared to integrated RTCs. Within the external RTCs market, the SMBus/I2C interface segment is prominent, widely used in consumer electronics and automotive applications.
Integrated RTCs are projected to witness growth at a CAGR of approximately 5%. Integrated RTCs are integrated into microcontrollers or system-on-chip (SoC). They are typically more cost-effective and occupy less board space than external RTCs. Among integrated RTCs, the SoC/ASIC category is dominant, serving various applications, including automotive, industrial, and healthcare.
Global Real-Time Clocks (RTCs) Market Regional Insights
Asia Pacific is poised to exhibit a Compound Annual Growth Rate (CAGR) of approximately 6%, making it a significant player in the Real-Time Clock (RTC) market.
The region experiences heightened demand for consumer electronics and industrial automation, driving its prominence in the RTC market. External RTCs, primarily used in consumer electronics and automotive applications, represent the primary market segment in Asia Pacific. Integrated RTCs, favored for their utility in commercial and medical applications, are the fastest-growing category in the region.
The North American RTCs market is projected to grow at a CAGR of approximately 4% over the forecast period. North America is a mature RTC market, driven by extensive adoption in sectors like aerospace and defense, automotive, and industrial applications. In North America, the dominant market segment is integrated RTCs, extensively used in automotive and industrial applications.
On the other hand, the consumer electronics segment is experiencing rapid growth, attributed to the increasing adoption of smart wearables and Internet of Things (IoT) devices.
Market Drivers
The growing need for precise and accurate timekeeping drives demand for Real-Time Clocks (RTCs). RTCs play a pivotal role in ensuring precision and accuracy across various electronic devices and systems, especially in applications like the Internet of Things (IoT), wearable technology, automotive, and industrial automation. RTCs facilitate synchronization among devices and systems in the realm of IoT, where rapid adoption fuels demand for RTCs.
Market Restraints
RTCs typically rely on batteries with limited lifespans, posing challenges in applications where long battery life is crucial, such as wearables. The cost of RTCs can be relatively high compared to other electronic components.
Competitive Landscape
Companies in the RTC market compete based on factors like product features, price, quality, and innovation. Many engage in strategies such as mergers, acquisitions, partnerships, and collaborations to expand their product portfolios and market share. The trend towards developing RTCs with lower power consumption, smaller size, and greater accuracy and functionality drives competition and innovation in the market.
Market Trends
The growing adoption of smart cities is expected to drive RTC demand, especially in applications like smart lighting, transportation, and security systems, fostering innovation and growth.
Global Real-Time Clocks (RTCs) Market Analysis
Market growth is attributed to factors like the increasing demand for RTCs in applications such as industrial automation, automotive, and consumer electronics.
The rise in demand for RTCs in the automotive industry for advanced driver assistance systems (ADAS) and autonomous vehicles contributes to market growth. The increasing adoption of IoT devices and the trend of smart homes and cities fuel market growth. RTCs play a critical role in IoT devices by providing accurate time and date information, essential for data processing and analysis.
The global real-time clocks market is expected to witness steady growth, driven by increasing RTC demand across industries and the growing trend of IoT devices and smart cities.
Key Topics Covered:
Executive Summary
- Market Overview
- Wheel of Fortune
Research Methodology
- Information Procurement
- Secondary & Primary Data Sources
- Market Size Estimation
- Market Assumptions & Limitations
Key Company Profiles
- Texas Instruments Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- STMicroelectronics (Switzerland)
- Microchip Technology Inc. (US)
- Maxim Integrated Products, Inc. (US)
- NXP Semiconductors N.V. (Netherlands)
- Seiko Epson Corporation (Japan)
- Abracon LLC (US)
- AMS AG (Austria)
- Cymbet Corporation (US)
- Integrated Device Technology, Inc. (US)
- IQD Frequency Products Ltd. (UK)
- KYOCERA Corporation (Japan)
- Micro Crystal AG (Switzerland)
- Murata Manufacturing Co., Ltd. (Japan)
- Pericom Semiconductor Corporation (US)
- Rakon Limited (New Zealand)
- Ricoh Electronic Devices Co., Ltd. (Japan)
- SiTime Corporation (US)
- TXC Corporation (Taiwan)
- Vectron International, Inc. (US)
- EPSON Europe Electronics GmbH (Germany)
- AVX Corporation (US)
Parent Market Analysis
- Market Overview
- Market Size
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Key Market Insights
- Technology Analysis
- Pricing Analysis
- Supply Chain Analysis
- Value Chain Analysis
- Ecosystem of the Market
- IP Analysis
- Trade Analysis
- Startup Analysis
- Raw Material Analysis
- Innovation Matrix
- Pipeline Product Analysis
- Macroeconomic Indicators
- Top Investment Analysis
- Key Success Factor
- Degree of Competition
Market Dynamics & Outlook
- Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
- Regulatory Landscape
- Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
- Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Global Real-Time Clocks (RTCs) Market by Application
- Market Overview
- Consumer Electronics
- Industrial Applications
- Others
Global Real-Time Clocks (RTCs) Market by Type
- Market Overview
- External and Integrated
Global Real-Time Clocks (RTCs) Market Size by Region
- Market Overview
- North America
- USA
- Canada
- Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
Competitive Landscape
- Top 5 Player Comparison
- Market Positioning of Key Players, 2021
- Strategies Adopted by Key Market Players
- Top Winning Strategies
- By Development
- By Company
- By Year
- Recent Activities in the Market
- Key Companies Market Share (%), 2021
For more information about this report visit https://www.researchandmarkets.com/r/vp1phl
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