Selbyville, Delaware, June 26, 2023 (GLOBE NEWSWIRE) -- Fan-Out Wafer Level Packaging Market is set to surpass USD 5 billion by the end of 2032 , as per a recent study by Global Market Insights Inc.
The rising popularity of 5G technology worldwide for improved packaging will drive the market growth. In recent years, 5G chipsets are designed by deploying innovative packaging technologies for achieving excellent performance, compact size as well as low power consumption in 5G-enabled products. FOWLP offers potential environmental benefits, including limited material waste, energy efficiency during manufacturing, and the higher usage of lead-free processes. The growing environmental concerns will thereby accelerate the market growth.
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Standard-Density Packaging process to amass significant gains
With respect to process, fan-out wafer level packaging (FOWLP) market value from the standard-density packaging segment is projected to grow at over 10% CAGR from 2023-2032. Standard-density packaging processes mainly cater to applications where moderate interconnect density is required in the consumer electronics, automotive, and telecommunications sectors. Furthermore, the increasing number of input/output (I/O) connections and interconnects within given package sizes is likely to support the market expansion.
Consumer electronics application segment to observe substantial growth
Fan-out wafer level packaging market share from the consumer electronics applications segment accounted for over USD 1 billion in 2022. The growth can be attributed to the various benefits offered by FOWLP including compact size, high performance, and improved thermal dissipation in consumer electronic devices, such as smartphones, wearables, and tablets. The rising popularity of FOWLP for advanced packaging solutions in the consumer electronics industry will contribute to the market growth.
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North America to emerge as a lucrative market destination
North America fan-out wafer level packaging market is estimated to generate more than USD 1 billion by 2032 impelled by the introduction of favorable government initiatives to support the global semiconductor supply chains to cater to the chip shortages. North America is a hub for consumer electronics, automotive, and telecommunications sectors, which extensively utilize FOWLP technology. The strong presence of well-established semiconductor industry coupled with the growing demand for advanced packaging solutions will augment the regional market outlook.
FOWLP Market Leaders
Some leading companies operating in the fan-out wafer level packaging market include Deca Technologies, Amkor Technology, Powertech Technology Inc., ASE Technology Holding Co., Ltd., GlobalFoundries Inc., Nepes Corporation, Siliconware Precision Industries Co., Ltd. and JCET Group Co., Ltd.
Fan-Out Wafer Level Packaging Market News
In March 2023, ASE Inc. launched its newly developed advanced fan-out package-on-package (FoPoP) solutions for mobile and networking markets. The company introduced this solution to offer low latency and deliver high bandwidth advantages for consumer electronics applications.
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About Global Market Insights
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.
