Timing Devices Market Trends

Growth Drivers

•  Increasing Demand for Mobile Devices – Consumption of mobile devices is increasing as a result of the ongoing advancement of technology and rise in consumer per capita income. Mobile devices typically use three to four timing devices, whereas smartphones typically use six to eight. Microwave oscillators are currently employed by cell phones, tablets with Wi-Fi capabilities, and other electronic devices to produce the electrical signals required for communication. According to the most recent figures from GSMA Intelligence, there are currently 5.48 billion distinct mobile phone subscribers worldwide.
• Rise in Innovative Applications of Timing Devices in Automotive Sectors– The expansion of the automobile industry has led to an enormous increase in creative timing device applications, which supports the expansion of the timing devices market. The primary use of timing devices in the automotive sector is in, in-vehicle audiovisual equipment, premium audio systems, car navigation systems, advanced driver assistance systems, infotainment systems, safety control systems, and driving control systems.
• Increasing Development of 5G Technology- It is expected that by 2024, the 5G network will be accessible to more than 40% of the global population and will bring digital transformation.  In comparison to previous generations, 5G works at a faster frequency, therefore it attains proper signal transmission, which is essential to precise timing synchronization. This increases the for integrating timing devices in the 5G infrastructure.

Challenges

• Huge Capital Investment for Development– Timing devices involve various costs requiring a huge capital investment for development which is acting as a major restraint for the industry growth. The cost during the various stages of developing a product is influenced by a wide range of factors. Due to a supply chain gap, it is anticipated that the prices of the raw materials used to make timing devices will rise.
• Technical Issues Under Various External Environments
• Slow Adoption of Rapidly Advancing Technology