The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Chip-On-Flex (COF) Market. The growth sectors of the Chip-On-Flex (COF) Market are identified with precision for a better growth perspective.
Chip on flex is popular by its abbreviation COF in the electrical industry. Since its discovery, getting a flexible circuit has been a possibility. In the past few years, the electrical sector has underwent a whole lot of changes. It has seen a lot of novel product launches, one of the most important ones has been the introduction of chip on flex. Lately, majority of the electrical businesses out there have started utilizing it. Resultantly, the global chip on flex market is has gained traction.
For the uninitiated a chip on flex is a semiconductor which forms an integral part of a flexible circuit. It is a technology in which the microchip or the die is directly attached on and electrically aligned to a flexible circuit. A flexible circuit can be explained as an electric field wherein the entire system has been placed on a flexible substrate in place of a conventional circuit board. Therefore, when it comes to a COF assembly, the microchip need not undergo the assembly steps that are needed for individual IC packaging.
The most important advantage of using this semiconductor is that it makes the manufacturing process quite easy and convenient. This is one of the major reasons why most of the enterprise owners are turning towards these semiconductors.
Currently, the electrical sector is in the stage of technological reformation. Owing to this fact, it can be positively concluded that the future seems pretty bright for the chip on flex market. When it comes to revenue, the market is expected to earn above USD 1794.65 million by the end of the forecast period which is 2018-2022. Moreover, in terms of CAGR the market is projected to move forward at the rate of 4.40%.
There are many growth factors that are responsible for the development and growth of the market. The requirement for smaller and compact flexible electronic systems for various devices like radio frequency, displays, biomedical implants, sensors and lighting happens to be a chief growth factor for the market.
In addition to these, recent technological innovations that have brought about improvements like much more accurate designs and automated production can be termed as a secondary growth driver for the industry.
Although, the market may face certain obstacles like expensiveness of raw materials and changing requirements of the customers. However, experts believe that with time these issues can be effectively resolved.
The worldwide chip flex market has been divided into four equal parts. They consist of applications, geographies, verticals and types.
On account of applications, the market has been bifurcated into dynamic and static flexing.
Geographically, the market is spread across various regions of the globe like Europe, Asia Pacific, North America and Rest of the World. Amongst these, Asia Pacific is expected to grow at a rapid pace in the coming years.
When it comes to verticals, the industry is fragmented into medical, electronics, military and aerospace.
Lastly, on the basis of types, the market can be separated into single sided chip flex and others.
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