August 16, 2023 /SemiMedia/ -- According to the Semiconductor Manufacturing Monitor report released by SEMI in cooperation with TechInsights, the global semiconductor industry is nearing the end of the down cycle and is expected to start recovering in 2024 as the sequential decline in IC sales begins to slow.

The report pointed out that in the third quarter of 2023, electronics sales are expected to achieve a healthy 10% quarter-on-quarter growth, while memory IC sales are expected to record double-digit growth for the first time since the downturn began in the third quarter of 2022. Logic IC sales are expected to remain stable and improve as demand gradually recovers.

The report also pointed out that the semiconductor manufacturing industry will continue to face resistance in the second half of the year. Drawdowns of high inventory at integrated device manufacturer (IDM) and fabless companies will continue to suppress fab utilization rates to much lower levels than those in the first half of 2023. The weakness is projected to extend declines in capital equipment billings and silicon shipments for the rest of the year despite stable results in the first half of 2023.

Market indicators point to a semiconductor industry bottoming at the end of the first half of 2023, and the industry has since started a recovery, setting the stage for continued growth in 2024. All segments are projected to log year-over-year increases in 2024, with electronics sales surpassing its 2022 peak.

To download a sample report, visit