Portland,OR, Dec. 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global rugged IC market generated $811.0 million in 2020, and is expected to reach $1.55 billion by 2030, registering a CAGR of 6.9% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Rise in demand and growth of rugged IoT, surge in development of smart cities, and growing adoption of ruggedized computers have boosted the growth of the global rugged IC market. However, high production cost of rugged electronics hinders the market growth. On the contrary, rise in demand from the military & aerospace is expected to open new opportunities for the market players in the future.
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COVID-19 Scenario:
- The Covid-19 pandemic severely affected the supply chain and overall economy across the globe. It created uncertainty in stock market, decreased business confidence, and increased panic among consumers.
- Moreover, the prolonged lockdown across European regions resulted in the closure of manufacturing units in the region, which heavily impacted the market.
The report segments the global rugged IC market on the basis of level, application, end-user, and region. Based on level, the fully rugged segment held the largest share in 2020, contributing to nearly two-fifths of the market. In addition, the segment is estimated to portray the highest CAGR of 8.4% from 2021 to 2030. The report includes an analysis of the other segments such as semi rugged and ultra rugged.
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On the basis of application, the scanners segment is projected to manifest the highest CAGR of 8.1% during the forecast period. However, the mobile phones segment held the lion’s share in 2020, accounting for more than one-third of the market.
The global rugged IC market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, holding more than one-third of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 10.9% during the forecast period.
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The global rugged IC market includes an in-depth analysis of the prime market players such as General Dynamics Corporation, Richtek Technology Corporation, Crystal Group, Honeywell International Inc., Qualcomm, Analog Devices Inc., Infineon Technologies AG, Texas Instruments Inc., NXP Semiconductors N.V., and STMicroelectronics. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
