Microchips are small semiconductor module of packaged computer circuitry (integrated circuit) manufactured from a material such as silicon and may be used for logical or memory related functions in an electronic device. Microchips are used in all electronic devices starting from small flash drives to complex computers and even some motorized vehicles. These semiconductor device or integrated circuit is designed to control the entire electronic equipment. A computer microchip includes millions of transistors that acts like an on and off switch, the resistor which controls the electricity currents that move back and forth between the transistors, the capacitor which collects and releases electricity, and the diode which stops the flow of electricity. Microchips help computers become smaller by getting rid of the need to separate components. More and more components can be incorporated on integrated circuit at a lower cost.
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Increasing Usage Across Prominent End User Industries
Microchips find use in smart phones and consumer electronics and as per World Economic Forum, consumer electronics were one of the fastest growing areas in sales (globally) in 2020. This demand has led to increase in sale of microchips in the aforementioned sector. Compactness of chips in electronic components may also act as a driver for the demand of microchips in the near future. Microchips are being implanted in pets by animal shelters, veterinarians for identification purpose. A report published by British Small Animal Veterinary Association states that these microchips inside an animal grow cancerous cells. In UK some animals have experienced neurological damage due to microchips inserted.
Asia pacific region is expected to be highest growing sector in microchips owing to rise in demand for consumer electronics in countries like China, Taiwan, South Korea, Japan, etc. Growth in development of semiconductor units and prevalent use of microchips in electronic gadgets are the key growth prospects. Growth in North America is also expected during the forecast period 2021-2031 due to rising adoption of IoT based technologies in electronic appliances by consumers.
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