Porous Silicon Substrates Market Trends

Growth Drivers

• Expansion of Electronics Sector – Porous silicon substrates are being highly utilized in wide range of electronics such as computers, energy devices, healthcare devices and other applications. Thus, the growth in expansion of electronics sector, especially the developments in Internet of Technology (IoT), is anticipated to gather notable revenue in the assessment period. As per recent estimates, it was calculated that the revenue generated by the U.S. electronics industry in 2019 stood up at USD 300 billion.

• Growth in Healthcare Sector – Porous silicon substrates are a preferred choice for the manufacturing of medical devices owing to its characteristics such as efficient solutions, bio-compatibility silicon, environmental monitoring, photo-electrochemical cells, and buffer layer in heteroepitaxy. Lately, it was estimated that revenue generation by healthcare segment stood up at approximately USD 60 billion in 2022.

• Surge in Chemical Industry – Latest reports stated that the revenue garnered by the global chemical industry in the year 2021 was approximately 4 trillion dollars, a considerable increment from the previous year with 3 trillion dollars.

• Rise in Research and Development Expenditure – As per the World Bank, global research and development spending increased to 2.63% of total GDP in 2020.

• Growing Urbanization - Presently, more than 50% of the world's population resides in cities. The number of people living in urban areas would more than double to 6 billion by 2045.

Challenges

• Low Adoption Rate – There are various disadvantages associated with silicon. It is difficult to use as an electrical material without alloying with other materials since it is neither a good conductor nor an insulator in its pure state. Additionally, it has a higher melting point than many other semiconductors, which means melting it takes more energy. It may alter the production process and raise the price of silicon-based semiconductors. Further, at extremely high temperatures, it could degrade. This limits the applications of the material as it could only function as a semiconductor up to a certain temperature. Hence their adoption rate is low.
• Stringent Rules by Government
• Fluctuation in Costs of Raw Materials