Global Real Time Clock (RTC) Market Size, Share & Trends Analysis Report, Type, Application, By Region Forecasts, 2023 - 2030

Global Real Time Clock (RTC) Market Size, Share & Trends Analysis Report, Type, Application, By Region Forecasts, 2023 - 2030

Global Real Time Clock (RTC) Market was valued at US $ 1684.8 million in 2022 and is expected to reach US $ 2726.1 million by 2030 growing at a CAGR of 6.2% during the forecast period 2023 – 2030.

The growing need for Real-Time Clocks (RTCs) in electrical devices is propelling the growth of the RTC market. Precise timekeeping has become critical in today's technologically advanced society, and RTCs are leading the way in guaranteeing synchronised internal clocks. This demand is present in a wide range of electronic products, including the constantly growing Internet of Things (IoT) space as well as smartphones, tablets, and smartwatches. Notably, there is a great need for low-power RTCs, especially for wearables and Internet of Things applications where longer battery life and energy economy are essential. The necessity for RTCs is further heightened by the exponential rise of IoT across a wide range of businesses, since precise timekeeping is essential to data synchronisation and integrity. RTCs are having a significant impact on the industrial and automotive sectors in addition to consumer electronics by enabling data logging, scheduling, and streamlined operations. The energy sector's embrace of automation and smart grid technologies supports the growth of the RTC industry.

RTCs are becoming more and more necessary to allow scheduling, remote control, and synchronisation as consumer gadgets develop with more sophisticated functions. Furthermore, RTCs are essential for accurate timekeeping in new applications in machine learning (ML) and artificial intelligence (AI), which is necessary for real-time data synchronisation and decision-making. Together, these elements highlight the RTC market's impressive rise and establish RTCs as essential elements in our technologically advanced and socially interconnected world. The consumer electronics market is likely to grow significantly between 2023 and 2028, with a projected increase of 125.5 billion U.S. dollars, or 12.21 percent, according to Statista's global revenue prediction. Interestingly, there are fluctuations in this growth pattern, especially around 2024. By 2028, it is anticipated that total revenue will soar to an astounding 1.2 trillion dollars. Investigating certain national markets, such those in the Philippines and Indonesia, is advised for a more thorough grasp of revenue patterns in the consumer electronics industry.

“I2C RTC segment, by type, to be dominating market from 2023 to 2030.”

The most popular and quickly expanding kind of RTC on the market is the I2C RTC (Inter-Integrated Circuit Real-Time Clock). Over 51.36% of the revenue generated by the worldwide RTC market in 2022 came from I2C RTCs. Because of its many useful features, the Inter-Integrated Circuit Real-Time Clock (I2C RTC) has become the most popular and rapidly expanding real-time clock technology. I2C RTCs are a popular option for embedded systems because of their easy integration and smooth interoperability with a wide range of microcontrollers and microprocessors. Their effectiveness, characterised by low power consumption and sophisticated communication protocols, meets the needs of energy-efficient or battery-powered devices, like wearables and Internet of Things sensors.

“Consumer Goods segment, by application, to be dominating market from 2023 to 2030.”

The consumer goods sector is the most important application for real-time clocks (RTCs), accounting for about 52.53% of the worldwide RTC market revenue in 2022. The increasing popularity of RTCs in a variety of consumer electronics devices, such as wearables, tablets, smartphones, and smart home appliances, is responsible for this ascent. The application for industrial utilisation came in second place with a share of more than 25% of the worldwide RTC market revenue in 2021, trailing closely behind. RTCs are extremely useful in many industrial applications, including process control, medical devices, and factory automation. As for the other applications category, it includes a variety of industries such as automotive, aerospace and defence, and telecommunications. These industries combined will account for the remaining revenue of the worldwide RTC market in 2021.

“Asia Pacific to be largest region in Real Time Clock (RTC) market.”

Over 40.62% of the revenue generated by the worldwide RTC market in 2022 came from the APAC region. A number of strong factors combine to make the Asia-Pacific (APAC) region the real-time clock (RTC) industry's fastest-growing and largest market. The region's voracious need for electronic devices, especially IoT gadgets, consumer electronics, and industrial equipment—where RTCs are essential for accurate timekeeping and data synchronization—is being driven by a booming wave of industrialization and urbanisation. Asia-Pacific (APAC) is home to manufacturing powerhouses such as China, Taiwan, South Korea, and Japan, which together require large amounts of resistive thermocouples (RTCs) for a range of applications. RTC demand has also been further stimulated by the region's enthusiastic acceptance of wearables and the Internet of Things (IoT), a thriving consumer electronics market, and a proactive attitude to government-driven smart city development programmes. Because of its steady economic expansion, tech-savvy population, and highly qualified workforce in the technology sector, Asia is now the main driver of the RTC market's unparalleled expansion and dominance.

Real Time Clock (RTC) Competitive Landscape

The competitive landscape of the Real Time Clock (RTC) market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Real Time Clock (RTC) technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Real Time Clock (RTC) market is highly competitive, with numerous companies vying for market share. Prominent companies in the Real Time Clock (RTC) Market include:

Major Players:

Micro Crystal AG, Vishay Intertechnology, NJR, Silicon Laboratories, Microchip, ROHM, ABLIC Inc, ON Semiconductor, STMicroelectronics, ISSI, Maxim, Epson, Diodes, Cymbet, NXP, DAPU TELECOM, Renesas, Seiko Group, Texas Instruments (TI), Abracon

Recent Developments:

Three prominent semiconductor companies introduced innovative Real-Time Clock (RTC) solutions in 2023, each catered to certain industry requirements:

Microchip unveiled a state-of-the-art RTC family distinguished by outstanding precision and energy efficiency. These RTCs are specifically designed for energy-conscious applications, and they work especially well with battery-powered electronics like wearables and Internet of Things devices.

NXP introduced a cutting-edge RTC that supports trusted execution environments (TEEs) and has cutting-edge security features. For applications that require strict security, including those in financial and automotive systems, where data security is crucial, this RTC is the ideal option.

Renesas revealed a dedicated RTC made specifically to meet the needs of applications using AI and ML. Because high-speed, real-time processing is crucial in these cutting-edge technologies, this RTC provides exceptional performance with low latency.