January 17, 2024 /SemiMedia/ -- According to a report from Market.us, the global semiconductor market is expected to grow significantly, reaching US$673.1 billion in 2024, and the compound annual growth rate between 2023 and 2032 will reach 8.8%. By 2032, the semiconductor market is expected to grow to US$1.3 trillion.
Market.us lists six factors that are driving semiconductor market growth:
- Technological advancements and continued innovation. Chipmakers are focused on producing smaller, faster and more efficient semiconductors. Advances in artificial intelligence, the Internet of Things, autonomous vehicles and 5G networks bring opportunities and stimulate the pursuit of semiconductor solutions.
- Growing demand for electronic equipment across industries. Industries such as automobiles, healthcare, automation, and aerospace rely heavily on semiconductor components. In addition, the continued growth of the consumer electronics market and the widespread integration of electronic products in various applications have greatly promoted the expansion of the semiconductor industry.
- Cloud computing and data center expansion. The growing popularity of cloud services has boosted demand for high-performance processors, memory chips and other semiconductor components.
- Development of the automobile industry. The development of electric vehicles, autonomous vehicles, in-car entertainment systems, and ADAS advanced driving assistance systems have increased the demand for semiconductors.
- Emergence of new technologies and applications. Virtual reality, augmented reality, mixed reality, and the Internet of Things have created demand for semiconductor components.
- Localized production. Market growth is also supported by measures and investments taken by countries and regions around the world, especially the United States and Europe, to improve local semiconductor manufacturing capabilities after experiencing a supply crisis.
Market.us stated that the growth of data-intensive industries such as artificial intelligence, machine learning, and big data analysis has stimulated the demand for high-computing power and high-speed semiconductors; The development of the Internet of Things and 5G also requires more advanced and energy-saving semiconductors. The demand for sensors used in consumer equipment, biomedical applications, drones, robots and other fields also continues to rise. In addition, demand for semiconductors in the automotive field is also expected to grow rapidly.
By product type, memory chips have a large demand and are expected to achieve the fastest growth rate in the future; the MPU and MCU fields still have the largest market share, accounting for approximately 34% in 2022.
From a regional perspective, Market.us stated that the Asia-Pacific region dominated the global semiconductor market in 2023, with a share of more than 51.5%. North America also plays a key role in semiconductor design and innovation as home to practitioners and cutting-edge research institutions. The European market share is small, but it focuses more on semiconductors in the automotive and industrial fields. Although Latin America is an emerging player, the consumer electronics and automotive industries are growing, driving a gradual increase in semiconductor demand. The Middle East and Africa are growing steadily, with investments in infrastructure and smart city initiatives driving demand for advanced semiconductors.
For more information on the report or to get sample, please visit https://market.us/report/semiconductor-market/#requestSample.
