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What’s Driving the Global Demand for Electronic Components?

What’s Driving the Global Demand for Electronic Components?

The electronic manufacturing services (EMS) industry is on a perpetual rise across the globe, as numerous industries ranging from government to public sectors are becoming increasingly reliant on technological innovations across the board. Technology is the way of the future, and it currently permeates every industry and every niche of human existence. From wearable technology to smart homes and sustainable architecture. All the way to the automotive, medical, and military industries, the world depends on EMS businesses and the electronic components.

That are bound to become integral parts of smart devices. With that in mind, let’s take a look at the industries driving the global demand for electronic components and some of the best corresponding practices for the growth of the EMS industry.

Consumer electronic components and wearables

White goods and wearable technology have been some of the strongest drivers behind the increase in demand for electronic components in recent years and given the rise in consumer demand for smart tech and interconnectivity between various lifestyle devices, this trend is only going to rise in the years to come. As a result of tech innovation, wearable gadgets and white goods are rapidly becoming smarter, boasting increased connectivity across platforms. They are also more refined and functional, as well as more energy efficient.

For this reason, interconnectivity is higher than ever before, which requires EMS companies to keep up with technological progress and deliver components that are up to par with the latest standards in the industry. These components must serve to support the features the modern consumer expects to receive in every smart product.

Electronic Components

Energy efficiency in the energy industry

The need to reduce energy consumption across all sectors and processes in the energy industry drives the need for more technologically-advanced software as well as electronic components that will reduce waste and increase production value across the board. For instance, improving energy efficiency becomes paramount in the industrial sphere. As increased savings can facilitate increased competitiveness and diversify investment opportunities.

As an example, the recent legislation passed in Germany dictating the steady transition from fossil fuel energy production to sustainable energy production has caused the demand for sophisticated electronic components to skyrocket. The trend that is slowly taking over the world puts energy storage solutions, power electronics and smart metering on high demand. This is, however, just a flicker of the industry’s potential.

Health technology and improved patient care

The medical industry has always been, and always will be. One of the biggest beneficiaries of technological innovation and the improvement of contemporary electronic components. The fact that the healthcare sector is in constant need of a reliable medical device manufacturing to deliver crucial components for smart devices sets a perennial trend that will define the future of both industries.

Advanced patient care and the medical effectiveness of healthcare professionals depend on the efficacy and efficiency of smart technology and the innovative nature of modern electronic components, and it always will. As prevention, diagnosis, and treatment methods become more personalized, the need for smart equipment will rise exponentially.

With industrial technology evolving rapidly across the globe and automation expediting numerous processes in the industrial sector, electrical and mechanical engineering is experiencing an increased demand for sophisticated software and electronic components. Automation and smart robotics demand the integration of innovative IT solutions, as well as the production of advanced electronics that will automate various crucial and menial tasks.

Automation machinery and robotics

However, with this increased demand come the inevitable problems of cost versus quality control. Which is why OEMs (original equipment manufacturers) have started to partner up with EMS companies in order to outsource crucial tasks and reduce production and assembly costs as much as possible. This way, high-tech, and low-tech electronic parts can enjoy equal quality control.

Demand rises in the automotive industry

The automotive industry is also a crucial proponent of technological advancements. This should come as no surprise, as more than 50% of a car’s value is comprised of electronics and software.

As more and more electronics are being integrated into vehicle systems, making them more sophisticated with numerous passive and active features, EMS and OEM businesses can expect the demand for their components to rise with each passing year.

Overall, the global demand for electronic components of all kinds is on a steady upward trajectory. With the needs of the consumer market demanding the increased production and faster delivery of electronic assets. Backed by tech innovations around the world, this trend is expected to rise in the decades to come.

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