October 30, 2024 /SemiMedia/ — SEMI China Global Vice President Lung Chu recently stated that the global semiconductor market is expected to grow by 15-20% this year, reaching approximately $600 billion. This growth, primarily driven by high computational demands from AI and big data, is projected to push the semiconductor industry to a $1 trillion valuation by 2030.

The industry's expansion is fueled by emerging sectors like AI, new energy vehicles, and advanced packaging, which provide fresh growth avenues and accelerate technological advancements.

Generative AI, in particular, marks significant application potential, as companies like NVIDIA report major gains in data center-related chip demand, highlighting the essential role of semiconductors in powering advanced AI tools. “AI and semiconductors are interdependent, setting the industry’s development path,” Chu noted.

Additionally, growth in electric vehicle sales and sectors such as smart manufacturing and IoT further stimulate semiconductor demand, especially in energy management and intelligent systems. This convergence of new technology sectors underscores the semiconductor industry’s central role in future global advancements.