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市場調查報告書
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1687911

先進積體電路基板：市場佔有率分析、產業趨勢與統計、成長預測（2025-2030 年）

Advanced IC Substrates - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
出版日期: | 出版商: Mordor Intelligence | 英文 125 Pages | 商品交期: 2-3個工作天內

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簡介目錄

先進IC基板市場規模預計在2025年達到202.3億美元，預計到2030年將達到352.3億美元，預測期內（2025-2030年）的複合年成長率為11.73%。

先進積體電路載板市場-IMG1

關鍵亮點

  • IC基板在透過導線和孔的導電網路將 IC 晶片連接到 PCB 的過程中發揮著至關重要的作用。它們對於支援各種功能至關重要，包括電路支援、保護、散熱以及訊號和電源分配。隨著 BGA 和 CSP 等新類型的推出，IC 技術的進步促使 IC基板不斷發展，以適應各種封裝載體。 5G 智慧型手機需求的成長以及智慧型穿戴裝置領域投資的擴大預計將推動市場成長。
  • 自從幾十年前電子產業採用 IC基板以來，它們已被用於各種應用，從個人電腦和智慧型手機到高效能運算 (HPC) 和其他電子系統。基板技術從早期的導線架、焊線球柵陣列（BGA）和晶片級封裝（CSP）發展到覆晶（FC）BGA、FCCSP，甚至還有將晶粒嵌入IC基板上的CoWoS等先進技術。全球對物聯網的需求不斷成長，這受到消費者和工業領域的推動。隨著這些產業的技術應用不斷擴大，對IC基板的需求也日益增加。
  • 隨著人工智慧 (AI)、機器學習 (ML) 和 5G 網路的進步，產生的資料量逐年顯著增加。資料的快速擴張將需要改進目前的網路、資料處理和儲存系統，從而推動對更快、更高頻率設備的需求。因此，小型化、整合密度和性能改進已成為先進基板開發的關鍵技術重點。為了滿足全球市場日益成長的需求，許多公司正在投資先進的基板。
  • 先進積體電路基板市場因依賴高階智慧型手機的持續成長而正在經歷顯著擴張。隨著智慧型手機和消費性電子產品市場達到飽和， 基板製造商正在尋求透過增強技術流程來提高效能和外形尺寸，以擴大其市場範圍。因此，SLP技術有望整合到智慧型手錶和平板電腦等高階家用電子電器中，從而促進先進IC基板的使用。
  • 汽車技術的進步正在推動半導體產業及其封裝應用的發展。能夠實現自動駕駛和各種駕駛輔助功能的智慧汽車的出現正在推動對創新包裝解決方案的需求。全球向電動車的轉變也促進了先進封裝技術的發展，進而推動了先進積體電路基板市場的發展。例如，根據國際能源總署（IEA）的預測，在淨零情境下，到2030年，電動車銷量預計將佔汽車銷量的65%左右。此外，全球電動車持有預計將大幅成長，同年達到3.5億輛。
  • 2023年2月，三星電子在專門用於駕駛輔助系統的FC BGA基板上打造出汽車半導體封裝，擴大了可用於汽車的晶片產品範圍。 ADAS（高級駕駛輔助系統）是汽車半導體中技術難度最高的基板之一，但透過使用該公司的FCBGA（覆晶球柵陣列）可以實現。雖然三星電子的許多FCBGA已經用於個人電腦和智慧型手機，但新的FCBGA將用於高效能自動駕駛。
  • 此外，旨在促進電子元件本地生產和推動國內製造業的各種政府計劃的實施預計將對先進IC基板市場的擴張產生重大影響。此外，韓國於2023年3月推出《K晶片法案》，為晶片和其他戰略產業投入4,220億美元的巨額投資。由於馬來西亞、印度和美國等其他國家政府也採取了類似的措施來促進當地製造業的發展，預計未來幾年對先進積體電路基板的需求也將增加。
  • 市場面臨許多障礙，而不僅僅是技術障礙。面對極其嚴格的技術要求和眾多的專利限制，它樹立了令人敬畏的標竿。一條IC基板生產線的建立、生產及後續運作需要大量的資金投入，其中資本投入是最大的。
  • 新冠疫情導致市場基本面發生重大變化，影響了客戶行為、企業收益和公司營運。這場危機促使工廠進一步整合自動化和工業 4.0 技術，刺激了晶片產業的成長並提高了銷售額。疫情導致各行業對半導體晶片的需求大幅增加，刺激了對先進積體電路基板的需求。

先進IC基板的市場趨勢

行動裝置和消費性電子產品預計將佔據很大的市場佔有率

  • 對行動通訊設備和消費性電子產品的需求正在推動行動裝置和消費性電子產品製造商開發更小、更便攜的產品。微型化趨勢日益增強是先進封裝需求的主要驅動力。行動和家用電子電器功能的不斷擴展，以及智慧型裝置和智慧型穿戴裝置的普及率激增，預計將在預測時限內對先進 IC基板的採用做出重大貢獻。
  • 積體電路 (IC) 封裝的選擇受許多因素影響，包括功率損耗、尺寸、價格和其他考慮因素。全球對 5G 智慧型手機和智慧型穿戴裝置的需求不斷成長，預計將在未來幾年推動對先進 IC基板的需求。此外，人工智慧、HPC等尖端技術的日益普及以及5G等高性能行動裝置也推動了對高性能IC基板的需求。
  • 由於網路使用量增加、智慧型手機製造宣傳活動促銷社群媒體平台訂閱數量增加等因素，全球對智慧型手機的需求預計將會成長。智慧型手機佔據了相當大的市場佔有率，預計5G智慧型手機的推出將進一步刺激需求。三星等全球知名公司正大力投資半導體產業，以成為 5G 智慧型手機市場的知名供應商。
  • 根據愛立信的報告，預計2022年全球智慧型手機行動網路用戶數將達到約64億，到2028年這一數字預計將超過77億人。其中，中國、印度和美國的智慧型手機行動網路用戶數量最多。 5G技術的推廣持續加速，全球已建立16億個連結。據 GSMA Intelligence 稱，預計到 2030 年這一數字將成長到 55 億。這些因素可能會導致對該產品的需求增加。
  • 對智慧型手機等 5G 裝置的需求激增，刺激了 5G 的廣泛應用。根據 GSMA 預測，到 2025 年，全球三分之一的人口將能夠使用 5G 網路。通訊設備和行動用戶數量的增加預計最終將推動對 IC基板的需求。物聯網應用在各種消費性設備中的普及，帶動了智慧設備和半導體微型化的增加，從而推動了對高功能積體電路基板的需求。
  • 許多公司生產節能積體電路（IC），特別是針對家用電子電器產業。圖形處理單元 (GPU)、個人電腦、遊戲筆記型電腦和各種行動裝置正在發展成為各種新興應用的可行解決方案，包括高效能運算、區塊鏈和 AI/ML。神經處理單元 (NPU) 卸載 CPU 和其他系統晶片(SoC) 組件任務的需求不斷成長，尤其是在 AI資料處理期間，預計將推動市場需求。
  • 預計家用電子電器製造商的投資增加將進一步提升市場潛力。 2023年1月，LG Innotek在新建的龜尾工廠舉辦了FC-BGA生產活動。覆晶球柵陣列 (FC-BGA) 的生產計劃於 2023 年 2 月開始。初始階段之後，將於 2026 年進入第二階段。 LG Innotek 的目標是到 2023 年將其 FC-BGA 產能提高到每月 730 萬台，到 2026 年進一步提高到每月 1500 萬台。

預計美國將出現顯著成長

  • 打造完整的半導體產業鏈體系，需要更重視研發，加強自主創新。該地區半導體產業的發展，加上《CHIPS法案》的頒布以加強國內生產，導致對先進IC基板的需求激增。汽車、行動電話等產業對此類基板的需求正在成長，市場可望擴大。
  • 連網和消費性電子產品的興起以及公司對提高品質和提供全面測試解決方案的關注是市場擴張的驅動力。隨著需要組裝組裝和封裝解決方案的家用電子電器銷售的成長，對高性能、低成本、多功能和高整合度晶片的需求預計也將成長。根據CTA預測，2022年智慧型手錶銷售額將達71億美元，較2021年成長8%。此外，隨著5G的普及，家用電子電器市場也將隨之成長，預計到2023年5G設備將佔智慧型手機出貨量的73%。
  • 預計汽車行業投資的增加和該地區電動車銷量的增加將影響市場的成長。美國電動車市場蓬勃發展，銷量令人印象深刻。據 COX Enterprises 稱，2023 年第一季，該國電動車銷量達到 258,900 輛。與2022年同期的數據相比，這一數字同比大幅成長了約44.9%。 2023 年第一季超過了 2022 年第四季度，成為過去兩年 BEV 銷售最成功的一個季度。
  • 預計市場成長的驅動力將是活性化電動車普及力度。國際能源總署稱，加州針對轎車和卡車的零排放法規將於 2022 年和 2023 年生效。這些法規規定了搭乘用乘用車類別中零排放電動車的最低銷售要求，目標範圍從 2026 年的 35% 到 2035 年的 100%。此外，還為零排放重型汽車 (HDV) 的銷售設定了里程碑，目標是在 2035 年至 2042 年期間實現 100% 的普及率，具體取決於具體的車輛細分市場。這些因素促使電動車的普及率不斷提高，並增加了對積體電路基板的需求。
  • 政府加強推動半導體研發活動將增強該地區的晶片生產能力。這反過來又推動了市場需求。 2024年2月，美國政府就其對半導體相關研發的貢獻發表了引人注目的聲明。它已宣布打算為此撥款110億美元。同時宣布成立的國家半導體技術中心（NSTC）是一項由 50 億美元預算支持的創新計畫。這些對半導體產業的策略性投資預計將促進該地區整體市場的擴張。
  • 5G 技術的日益普及和通訊業投資的不斷增加預計將進一步推動市場成長。物聯網的進步將提高IC基板製造商的利潤。蘋果計劃利用台積電的封裝天線技術和日月光的 FC AiP 工藝，將毫米波天線整合到其 5G iPhone 和 5G iPad 中。物聯網的擴展導致先進半導體封裝的使用增加，這可以提高各種應用中積體電路的效能並降低其成本。

先進積體電路基板產業概況

先進IC基板市場競爭適中，由幾個主要企業組成。主導市場的參與企業包括日月光集團、TTM Technologies Inc.、京瓷公司、矽品精密工業和IBIDEN。市場現有參與企業正試圖透過適應 5G通訊、高性能資料中心和小型電子設備等新技術來保持競爭力。

其他福利

  • Excel 格式的市場預測 (ME) 表
  • 3個月的分析師支持

目錄

第1章 引言

  • 研究假設和市場定義
  • 研究範圍

第2章調查方法

第3章執行摘要

第4章 市場洞察

  • 市場概覽
  • 產業吸引力-波特五力分析
    • 供應商的議價能力
    • 消費者議價能力
    • 新進入者的威脅
    • 替代品的威脅
    • 競爭對手之間的競爭
  • 產業價值鏈分析
  • 宏觀經濟趨勢對產業的影響

第5章市場動態

  • 市場促進因素
    • 擴大先進基板在物聯網設備製造的應用
    • 半導體元件小型化趨勢日益增強
  • 市場限制
    • 製造流程日益複雜

第6章市場區隔

  • 按類型
    • FC BGA
    • FC CSP
  • 按應用
    • 行動消費者
    • 汽車和運輸設備
    • 資訊科技和電信
    • 其他
  • 按地區
    • 美國
    • 中國
    • 日本
    • 韓國
    • 台灣
    • 其他

第7章競爭格局

  • 公司簡介
    • ASE Kaohsiung（ASE Inc.）
    • AT& S Austria Technologies & Systemtechnik AG
    • Siliconware Precision Industries Co. Ltd
    • TTM Technologies Inc.
    • Ibiden Co. Ltd
    • Kyocera Corporation
    • Fujitsu Ltd
    • JCET Group
    • Panasonic Holding Corporation
    • Kinsus Interconnect Technology Corp.
    • Unimicron Corporation

第8章投資分析

第9章 市場機會與未來趨勢

簡介目錄
Product Code: 66839

The Advanced IC Substrates Market size is estimated at USD 20.23 billion in 2025, and is expected to reach USD 35.23 billion by 2030, at a CAGR of 11.73% during the forecast period (2025-2030).

Advanced IC Substrates - Market - IMG1

Key Highlights

  • IC substrates play a crucial role in connecting IC chips to the PCB by utilizing a conductive network of traces and holes. They are essential for supporting various functions like circuit support, protection, heat dissipation, and signal and power distribution. The advancement in IC technology, with the introduction of new types like BGA and CSP, has led to the evolution of IC substrates to accommodate different package carriers. The increasing demand for 5G-enabled smartphones and growing investments in the field of smart wearables are expected to drive the market's growth.
  • Ever since the electronics industry embraced IC substrates a few decades ago, they have been utilized in various applications, ranging from personal computers and smartphones to high-performance computing (HPC) and other electronic systems. The substrate technology has progressed from early lead frame, wire-bonding ball grade array (BGA), and chip scale packaging (CSP) to flip chip (FC) BGA, FCCSP, and even more advanced technologies like CoWoS, embedded die in IC substrate. The increasing demand for global IoT is driven by both consumer and industrial industries. In these industries, the demand for IC substrates is also rising due to the expanding applications of the technology.
  • As artificial intelligence (AI), machine learning (ML), and 5G networks continue to advance, the volume of data being generated increases substantially each year. This rapid expansion of data will necessitate the enhancement of current networking, data processing, and storage systems, leading to a greater need for high-speed and high-frequency devices. Consequently, miniaturization, increased integration, and improved performance have emerged as crucial technological priorities for the development of advanced substrates. Numerous companies have made investments in advanced substrates to cater to the growing global market demand.
  • The advanced IC substrates market has experienced notable expansion, given its reliance on the continued growth of high-end smartphones. With the market for smartphones and consumer electronics reaching a saturation point, manufacturers of substrates are striving to broaden their market reach by enhancing technology processing to improve performance and form factor. Consequently, the integration of SLP technology in high-end consumer electronics like smartwatches and tablets is expected to propel the use of advanced IC substrates.
  • Advancements in automotive technology are propelling the semiconductor industry and its packaging applications. With the emergence of smart vehicles that enable autonomous driving and various driver-assisted functionalities, the demand for innovative packaging solutions is on the rise. The shift toward electric vehicles on a global scale is also contributing to the growth of advanced packaging technologies, consequently boosting the market for advanced IC substrates. For instance, As per the International Energy Agency (IEA), in the Net Zero Scenario, electric vehicle sales are projected to account for approximately 65% of the total car sales by 2030. Furthermore, the global electric vehicle fleet is expected to grow significantly, reaching a staggering 350 million vehicles by the same year.
  • In February 2023, Samsung Electro-Mechanics created an automotive semiconductor package on an FC BGA substrate specifically for driving assistance systems, expanding the range of chip products that can be used in automobiles. Advanced driver assistance systems (ADAS), one of the most technically difficult automotive semiconductor substrates to develop, can be used with its flip-chip ball grid array (FCBGA). Although many of Samsung Electro-Mechanics' FCBGAs were used in PCs and smartphones, the new FCBGA will be used for high-performance autonomous driving.
  • Furthermore, the implementation of different government programs aimed at boosting the local production of electronic components and fostering domestic manufacturing is projected to significantly influence the expansion of the advanced IC substrates market. Additionally, South Korea introduced the K-Chips Act in March 2023, allocating a substantial investment of USD 422 billion toward chips and other strategic industries. Such government initiatives in boosting local production across other countries like Malaysia, India, and the United States are expected to increase the demand for advanced IC substrates in the coming years.
  • The market encounters various obstacles, extending beyond technical hurdles. It is confronted with exceptionally rigorous technical demands and numerous patent limitations, which have established a formidable benchmark. The establishment, production, and subsequent functioning of the IC substrate production line all demand substantial financial investment, with equipment capital investment being the most substantial aspect.
  • The COVID-19 pandemic led to significant shifts in the market foundations, impacting customer behavior, business revenues, and corporate operations. This crisis expedited the integration of automation and Industry 4.0 technologies in factories, driving growth in the chip industry and boosting sales. Due to the pandemic, there was a notable increase in the demand for semiconductor chips across various industries, fueling the necessity for advanced IC substrates.

Advanced IC Substrates Market Trends

Mobile Devices and Consumer Electronics Are Expected to Hold Major Market Shares

  • The need for mobile communication devices and consumer electronics is compelling mobile and consumer electronics manufacturers to develop smaller and more portable products. The rising inclination toward miniaturization is the main driver behind the demand for advanced packaging. The expanding capabilities of mobile devices and consumer electronics, along with the surging popularity of smart devices and smart wearables, are expected to significantly contribute to the adoption of advanced IC substrates in the projected timeframe.
  • The selection of the package for an integrated circuit (IC) is influenced by various factors such as power dissipation, size, price, and other considerations. With the increasing demand for 5G-enabled smartphones and smart wearables worldwide in the coming years, the requirement for advanced IC substrates is expected to increase. Additionally, the growing adoption of state-of-the-art technologies like AI and HPC, along with high-performance mobile devices, including 5G, is fueling the demand for sophisticated IC substrates.
  • The global demand for smartphones is projected to witness growth as a result of factors such as the increasing usage of the Internet, the intense promotional campaigns by smartphone manufacturers, and the rising number of subscriptions to social media platforms. Smartphones hold a substantial market share, and the introduction of 5G smartphones is expected to further drive the demand. Renowned global companies like Samsung are investing significantly in the semiconductor industry to establish themselves as prominent vendors in the 5G smartphone market.
  • Ericsson reported that the global count of smartphone mobile network subscriptions reached nearly 6.4 billion in 2022; the figure is expected to surpass 7.7 billion by 2028. Notably, China, India, and the United States have the highest number of smartphone mobile network subscriptions. The widespread adoption of 5G technology continues to accelerate, with 1.6 billion connections already established worldwide. According to GSMA Intelligence, this figure is expected to rise to 5.5 billion by 2030. These factors are likely to lead to increased product demand.
  • The surge in demand for 5G-capable devices like smartphones is fueling the growth of 5G penetration. According to GSMA, one-third of the global population is expected to have access to 5G networks by 2025. These escalating numbers of communication devices and mobile subscriptions would consequently boost the demand for IC substrates. The proliferation of IoT applications in a wide range of consumer devices led to a rise in smart devices and compact semiconductors, thereby boosting the need for sophisticated IC substrates.
  • Numerous companies are producing energy-efficient integrated circuits (ICs), particularly for the consumer electronics industry. Graphics processing units (GPUs), PCs, gaming laptops, and various portable devices have evolved to become viable solutions for a range of emerging applications such as high-performance computing, blockchain, and AI/ML. The increasing need for neural processing units (NPU) to offload tasks from CPUs and other system-on-chip (SoC) components, particularly during AI data processing, is projected to drive up the market demand.
  • Increasing investments by the manufacturers of consumer electronics are further expected to increase the potential of the market. In January 2023, LG Innotek organized an event at its newly established Gumi facility, where it was expected to produce FC-BGA. The manufacturing of the flip-chip ball grid array (FC-BGA) is scheduled to commence in February 2023. Following this initial phase, the second phase will commence in 2026. LG Innotek aimed to enhance its FC-BGA production capacity to 7.3 million units per month in 2023; it expects to further increase it to 15 million units per month in 2026.

The United States is Expected to Witness Significant Growth

  • The United States is poised for significant expansion in the market over the coming years, necessitating a greater focus on research and development and enhancing independent innovation to build a comprehensive semiconductor industry chain system. The advancement in the region's semiconductor industry, coupled with the enactment of the CHIPS Act to enhance domestic production, led to a surge in demand for advanced IC substrates. The increasing need for these substrates in industries such as automotive and mobile is anticipated to propel the market forward.
  • The expansion is driven by the rise in connected and consumer electronics, along with companies' focus on improving quality and offering comprehensive testing solutions. The demand for high-performance, affordable, versatile, and highly integrated chips is expected to grow alongside the increasing sales of consumer electronics, requiring advanced assembly and packaging solutions. As per CTA, smartwatch sales reached USD 7.1 billion in 2022, marking an 8% increase compared to 2021. Moreover, the consumer electronics market experienced growth due to the expansion of 5G, with 5G devices estimated to make up 73% of smartphone shipments in 2023.
  • Increasing investments and EV sales in the region's automotive industry are expected to influence the market's growth. The EV market in the United States is thriving, with impressive sales figures. According to COX Enterprise, the sales of battery electric vehicles in the country reached a remarkable 258,900 units in the first quarter of 2023. This represented a substantial year-over-year growth of around 44.9% compared to the figures from the same period in 2022. The first quarter of 2023 surpassed the fourth quarter of 2022, making it the most successful quarter for BEV sales in the country over the previous two years.
  • The market's growth is expected to be driven by the increasing efforts to promote the adoption of EVs. According to the IEA, California enforced new ZEV mandates for cars and trucks in 2022 and 2023. These mandates established a minimum sales requirement for ZEVs in the passenger LDV category, with the goal ranging from 35% in 2026 to 100% in 2035. Furthermore, milestones have been set for the sale of zero-emission heavy-duty vehicles (HDVs), with the aim of achieving 100% adoption between 2035 and 2042, depending on the specific vehicle segment. These factors contribute to the rise in EV adoption and will generate more demand for IC substrates.
  • The region's chip production capabilities will be enhanced as a result of the growing government efforts to promote semiconductor R&D activities. This, in turn, will drive the market demand. In February 2024, the US government made a noteworthy announcement regarding the dedication to semiconductor-related research and development. It disclosed its intention to allocate a significant sum of USD 11 billion toward this endeavor. It also introduced the National Semiconductor Technology Center (NSTC), an innovative initiative backed by a budget of USD 5 billion. These strategic investments in the semiconductor industry will contribute to the overall expansion of the market in the region.
  • The increasing adoption of 5G technology and growing investments in the communications industry are further expected to boost the market's growth. The profits of IC substrate manufacturers are boosted by the advancements in IoT. Apple planned to incorporate mmWave antenna into its 5G iPhones and 5G iPads by utilizing TSMC's antenna in package technology and ASE's FC AiP process. The expansion of IoT led to increased utilization of the latest semiconductor packages, which can improve the performance of ICs and reduce costs in various applications.

Advanced IC Substrates Industry Overview

The advanced IC substrates market is moderately competitive and consists of a few major players. The players dominating the market include ASE Group, TTM Technologies Inc., Kyocera Corporation, Siliconware Precision Industries Co. Ltd, and Ibiden Co. Ltd. The existing players in the market are striving to maintain a competitive edge by catering to newer technologies such as 5G telecommunication, high-performance data centers, and compact electronic devices.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power of Suppliers
    • 4.2.2 Bargaining Power of Consumers
    • 4.2.3 Threat of New Entrants
    • 4.2.4 Threat of Substitutes
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Industry Value Chain Analysis
  • 4.4 Impact of Macro Economic trends on the Industry

5 MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Rising Application of Advanced Substrate in Manufacturing of IoT Equipment
    • 5.1.2 Increasing Trend of Miniaturization in Semiconductor Devices
  • 5.2 Market Restraints
    • 5.2.1 Complexity in the Manufacturing Process

6 MARKET SEGMENTATION

  • 6.1 By Type
    • 6.1.1 FC BGA
    • 6.1.2 FC CSP
  • 6.2 By Application
    • 6.2.1 Mobile and Consumer
    • 6.2.2 Automotive and Transportation
    • 6.2.3 IT and Telecom
    • 6.2.4 Other Applications
  • 6.3 By Geography
    • 6.3.1 United States
    • 6.3.2 China
    • 6.3.3 Japan
    • 6.3.4 South Korea
    • 6.3.5 Taiwan
    • 6.3.6 Rest of the World

7 COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 ASE Kaohsiung (ASE Inc.)
    • 7.1.2 AT&S Austria Technologies & Systemtechnik AG
    • 7.1.3 Siliconware Precision Industries Co. Ltd
    • 7.1.4 TTM Technologies Inc.
    • 7.1.5 Ibiden Co. Ltd
    • 7.1.6 Kyocera Corporation
    • 7.1.7 Fujitsu Ltd
    • 7.1.8 JCET Group
    • 7.1.9 Panasonic Holding Corporation
    • 7.1.10 Kinsus Interconnect Technology Corp.
    • 7.1.11 Unimicron Corporation

8 INVESTMENT ANALYSIS

9 MARKET OPPORTUNITIES AND FUTURE TRENDS