August 22, 2024 /SemiMedia/ -- In the second quarter of 2024, the global semiconductor market reached a substantial $149.9 billion, reflecting a 6.5% increase from Q1 2024 and an 18.3% year-on-year growth, according to WSTS. This strong performance was driven largely by the memory sector, which saw significant gains, propelling the semiconductor market to a robust first half of the year.

Memory companies, particularly SK Hynix and Kioxia, dominated the growth, with each reporting revenue increases exceeding 30% compared to the previous quarter. Samsung Semiconductor also saw a remarkable 23% rise, while Micron Technology's revenue grew by 17%. Overall, the top 15 semiconductor companies experienced an 8% weighted average growth in Q2 2024, with memory companies leading the way at 22%, in contrast to a more modest 3% growth among non-memory companies.