Semiconductor Market To Reach $573 Billion By 2024

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  • The integrated circuit will remain the largest segment due to the increasing demand for memory ICs in smartphones,
  • Communication will remain the largest application due to increasing demand for wireless communication technology
  • APAC will remain the largest region and it is also expected to witness the highest growth due to growing adoption of IoT

According to a report by Research and Markets, the semiconductor market is expected to reach $573 billion by 2024 with a CAGR of 4.1 per cent from 2019 to 2024.

The report mentioned that the major drivers for this market are growth in wireless communication, increasing demand for advanced safety features in automotive, and growth in internet-connected devices.

Development of artificial intelligence-based semiconductors and increasing demand for semiconductor in autonomous driving technology are among the emerging trends which have a direct impact on the dynamics of the industry.

The largest segment

The report highlighted that the integrated circuit will remain the largest segment due to the increasing demand for memory ICs in smartphones, tablet PCs, and other personal media devices. Sensor is expected to witness the highest growth due to the increasing demand for advanced driver assistance system in automotive and growing consumer preference for IoT-enabled devices.

Within the semiconductor market, communication will remain the largest application due to an increasing demand for wireless communication technology. The industrial segment is expected to witness the highest growth due to increasing demand for industrial robots and digitalization of manufacturing base.

APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to a growing adoption of IoT (Internet of Things), increasing electronic content per vehicles, and growing industrial automation in countries such as China, Taiwan, and India.

The report noted some of the major semiconductor manufacturers which includes Samsung Electronics, Intel, SK Hynix, Qualcomm, Broadcom, Micron, Texas Instrument, Microchip, STMicroelectronics, and NXP Semiconductors.

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