2024 Global Chip Market Recovery: 20% Annual Growth Expected

- Advertisement -
- Advertisement -

Due to surging global demand for artificial intelligence (AI) and high-performance computing (HPC), combined with stable demands for smartphones, personal computers, infrastructure, and strong automotive sector growth, the semiconductor industry is anticipated to experience a significant growth wave.

A new report forecasts that the global semiconductor sales market will see a resurgence in 2024, with an anticipated annual growth rate of 20 per cent. This growth is attributed to a significant increase in demand for artificial intelligence (AI) and high-performance computing (HPC). Additionally, the market is being buoyed by consistent demand for smartphones, personal computers, and infrastructure, along with steady growth in the automotive industry. According to the latest research from IDC, these factors are set to catalyze a new growth phase in the semiconductor industry. The industry encompasses a range of products, including logic integrated circuits (IC), analogue IC, microprocessor and microcontroller IC, and memory chips.

Galen Zeng, Senior Research Manager of Semiconductor Research at IDC Asia/Pacific, notes that memory manufacturers’ stringent control over supply and production has led to rising prices since early November. Furthermore, the expanding demand for AI across various applications is poised to drive the overall semiconductor sales market’s recovery by 2024.

- Advertisement -

Zeng also mentioned that the semiconductor supply chain, which includes design, manufacturing, packaging, and testing, is expected to overcome its downturn in 2023.

The automotive market’s growth has been robust, particularly with the evident trends towards automotive intelligence and electrification, which are key factors propelling the future semiconductor market. Advanced Driver-Assistance Systems (ADAS) currently dominate the automotive semiconductor market, which is projected to grow at a compound annual growth rate (CAGR) of 19.8 per cent by 2027, accounting for 30 per cent of the market. Similarly, infotainment systems, driven by advancements in automotive intelligence and connectivity, represent the second-largest market share. This segment is expected to grow at a CAGR of 14.6 per cent by 2027, making up 20 per cent of the market.

The report further states that the increasing reliance of automotive electronics on chips indicates a long-term and stable demand for semiconductors. With the continuous evolution of semiconductor technology, it’s anticipated that more AI functions will be integrated into personal devices starting in 2024, including AI-enabled smartphones, PCs, and wearable devices.

The introduction of AI into personal devices is expected to lead to innovative applications, which will, in turn, stimulate an increase in semiconductor demand and advanced packaging technologies, as predicted by the IDC report.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

How Effective Will The Global Biofuel Alliance Be?

0
From environmental benefits to economic opportunities, the potential of biofuels in revolutionising our energy landscape. India has made history by hosting the 18th G-20 summit...
Marina

Investments In Drone Industry Decline To US$1.7 billion

0
The 2023 data now separates drone company funding from AAM/eVTOL funding, which significantly boosted the total in 2020 and 2021. Drone companies received US$1.7 billion...

Now’s A Great Time To Make In India: Jabil’s BN Shukla

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

Buzz

Tata

Tata To Start Semiconductor Fab Construction Within 100 Days

0
Additionally, Tata Semiconductor Assembly and Test Pvt Ltd (“TSAT”) will set up a semiconductor unit in Morigaon, Assam. The Union Cabinet chaired by Prime Minister...

Honda Unveils 2025 CR-V e Hydrogen Fuel Cell EV In US

0
Honda announced that the 2025 CR-V e:FCEV will be available for customer leasing in California starting later this year. Honda has unveiled the 2025 Honda...
Huawei

Huawei Launches Intelligent Distribution, Reduces High Line Losses

0
IDS uses high-speed power line carrier communication (HPLC) for low-voltage communication, facilitating rapid data collection and interactive connections  at a 99% data acquisition success...

Important Sectors

Tata

Tata To Start Semiconductor Fab Construction Within 100 Days

0
Additionally, Tata Semiconductor Assembly and Test Pvt Ltd (“TSAT”) will set up a semiconductor unit in Morigaon, Assam. The Union Cabinet chaired by Prime Minister...
Marina

Investments In Drone Industry Decline To US$1.7 billion

0
The 2023 data now separates drone company funding from AAM/eVTOL funding, which significantly boosted the total in 2020 and 2021. Drone companies received US$1.7 billion...

Honda Unveils 2025 CR-V e Hydrogen Fuel Cell EV In US

0
Honda announced that the 2025 CR-V e:FCEV will be available for customer leasing in California starting later this year. Honda has unveiled the 2025 Honda...
Huawei

Huawei Launches Intelligent Distribution, Reduces High Line Losses

0
IDS uses high-speed power line carrier communication (HPLC) for low-voltage communication, facilitating rapid data collection and interactive connections  at a 99% data acquisition success...

Bosch And Microsoft Explore Safety With Generative AI

0
The companies are collaborating to harness generative AI for improved vehicle convenience and enhanced road safety. Bosch is exploring the use of generative AI to...

Manufacturing

Now’s A Great Time To Make In India: Jabil’s BN Shukla

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

MeitY Secretary: Domestic Semiconductor Manufacturing Is The Next Big Thing

0
At the India Digital Summit (IDS) 2024, S Krishnan, Secretary of MeitY, highlighted that India is on the brink of a major move towards...

Tata Picks Somerset For UK Battery Plant

0
The Bridgewater factory, operated by the subsidiary Agratas, will initially produce batteries for JLR and Tata Motors; with a capacity of 40GWh, it will...

India’s Semiconductor Manufacturing Ambition Needs A Decadal Plan

0
Explore India’s surge in semiconductor imports, the pressing need for self-reliance, and the strategic pillars reshaping the nation’s technological destiny. Artificial intelligence (AI) refers to...

India’s Battery Manufacturing Capacity To Hit 120 GWh By 2028: Official

0
The government has allocated 30GWh capacity to three companies under the PLI scheme for ACC battery manufacturing and is in the process of awarding...