According to the latest forecast published by IC Insights, the IC market will grow 11% this year, following a strong 26% growth in 2021 and 13% in 2020 (Figure 1). If achieved, it would mark the first time in 25 years that the IC market has enjoyed three consecutive years of double-digit growth. The previous time such an increase occurred was the four-year period from 1992-1995. Figure 1 highlights years when IC market growth exceeded 25%.

IC Insights: Global IC sales achieve double-digit growth for third consecutive year-SemiMedia

IC Insights stated that the IC Industry remains very resilient. It endured a steep decline of -15% in 2019 and then struggled through profound economic uncertainties in the first half of 2020 due to the global Covid-19 pandemic. The pandemic led to a transformation in how the world went about life. Individuals, businesses, educators, and governments turned increasingly to digital-based operations, providing the catalyst for a strong upturn in IC sales in the second half of 2020 and into 2021. Robust demand, coupled with rising average selling prices due to widespread supply chain disruptions, led to 26% IC market growth last year. The 26% surge in 2021 was tied with 1979 for the 8th-largest annual increase in IC sales dating back to 1978. The industry experienced a 28% increase in 1980 and 2004, and increased 33% in both 1994 and 2010.

Looking ahead, IC Insights pointed out that the worldwide IC sales are projected to increase 11% in this year to a new record high of $565.1 billion after topping the half-trillion dollar plateau for the first time in 2021 to reach $509.8 billion.

More details on the IC Insights report, please visit