In 2018, the global silicon on insulator market generated a revenue of $684.8 million and is predicted to attain $2,285.5 million by 2024, witnessing a 22.7% CAGR during the forecast period (2019–2024).
A key trend in the SOI market is the miniaturization of devices and reduction in the cost of manufacturing chipsets for accelerating their adoption. The demand for miniaturization is increasing due to the rising requirement for smaller assemblies in specific applications and the need for cutting material costs by using smaller parts that function similarly to large parts.
Miniaturization has resulted in the emergence of small devices, which are majorly being deployed in consumer electronics and automotive applications including navigation control, infotainment systems, and collision detection.
When geography is taken into consideration, the APAC region is projected to register significant growth during the forecast period in the SOI market. The reason for this is the rising investments by wafer manufacturers for expanding their facility.
For example, Shin-Etsu Chemical Co. Ltd. announced in March 2018 that it is going to invest $996 million for expanding its production facility for its silicones business. The company is aiming to expand its business footprint in the APAC region in the near future with this investment.
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The competition in the SOI market has increased due to the swift development in fabrication technologies of SOIs, which include bonding, smart cut, and layer transfer. The four major companies in the market are SUMCO Corporation, Shin-Etsu Chemical Co. Ltd., STMicroelectronics N.V., and Soitec SA.
The players in the market are engaging in collaborations in order to expand their footprint in the market. For example, Shanghai Simgui Technology Co. Ltd. and Soitec SA announced that they are entering into an enhanced partnership in February 2019.
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