Semiconductor Market size is set to grow by USD 112.8 billion from 2024-2028, Growing adoption of IoT devices to boost the market growth, Technavio – PR Newswire
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NEW YORK, July 2, 2024 /PRNewswire/ — The global semiconductor market size is estimated to grow by USD 112.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.42% during the forecast period. Growing adoption of IoT devices is driving market growth, with a trend towards increasing adoption of sustainability manufacturing. However, supply-demand gap in semiconductor industry poses a challenge. Key market players include Analog Devices Inc., Broadcom Inc., Infineon Technologies AG, Intel Corp., MediaTek Inc., Microchip Technology Inc., Micron Technology Inc., NVIDIA Corp., NXP Semiconductors NV, ON Semiconductor Corp., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Skyworks Solutions Inc., Sony Group Corp., STMicroelectronics International N.V., Taiwan Semiconductor Manufacturing Co. Ltd., Texas Instruments Inc., Toshiba Corp., and Wolfspeed Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Application (Networking and communication, Data processing, Industrial, Consumer electronics, and Others), Product (ICs, Optoelectronics, Discrete semiconductors, and Sensors), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)
Region Covered
APAC, North America, Europe, South America, and Middle East and Africa
Key companies profiled
Analog Devices Inc., Broadcom Inc., Infineon Technologies AG, Intel Corp., MediaTek Inc., Microchip Technology Inc., Micron Technology Inc., NVIDIA Corp., NXP Semiconductors NV, ON Semiconductor Corp., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Skyworks Solutions Inc., Sony Group Corp., STMicroelectronics International N.V., Taiwan Semiconductor Manufacturing Co. Ltd., Texas Instruments Inc., Toshiba Corp., and Wolfspeed Inc.
Key Market Trends Fueling Growth
The semiconductor industry requires significant energy and water resources, with a single fabrication plant consuming approximately 1 terawatt-hour of energy annually and two-to-four million gallons of ultra-pure water daily. The increasing demand for semiconductors, driven by emerging technologies like 5G, AI, and IoT, necessitates production growth. Industry leaders, such as TSMC and Intel, are addressing sustainability concerns through water recycling, diverse water sources, and pollution prevention. By 2030, Intel aims to conserve 60 billion gallons of water and 4 billion kWh of energy, while using 100% renewable energy. Vendors’ sustainability efforts enhance their brand image, contributing to the global semiconductor market’s growth.
The semiconductor market is experiencing significant growth with the increasing adoption of technology in various industries. The demand for advanced technologies such as Artificial Intelligence, Machine Learning, and Internet of Things (IoT) is driving the market. The automotive industry is also a major contributor, with the integration of semiconductors in electric vehicles and autonomous driving systems. The market is competitive with players like Powerexpress, Mosfet, and Discreteset producing and supplying semiconductors. The trend towards miniaturization and higher performance is leading to the development of new technologies like 5G and SUPPLY-chain management is crucial for companies to meet the growing demand. The semiconductor market is expected to continue its upward trajectory in the coming years.
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Market Challenges
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Segment Overview
This semiconductor market report extensively covers market segmentation by
1.1 Networking and communication- The networking and communication segment is a major sector in the global semiconductor market, driven by the increasing demand for efficient communication solutions. This segment includes semiconductor devices and components used in various communication technologies and networking infrastructures. The rollout of 5G technology and the growth of IoT devices are key factors fueling this demand. Semiconductor solutions support high-speed data transmission, energy efficiency, and wireless connectivity for these applications. The increasing popularity of data-intensive activities like video streaming and online gaming further boosts the need for advanced semiconductor technologies. As a result, the networking and communication segment of the semiconductor market is expected to experience significant growth during the forecast period.
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Research Analysis
The semiconductor market is experiencing significant progress and breakthroughs in contemporary technology, driven by the integration of artificial intelligence (AI) and the Internet of Things (IoT). Machine learning algorithms are being employed in B2B, B2G, and B2C enterprises to optimize inventories, improve fab utilization, and enhance profitability. IDC reports that the global semiconductor market is expected to grow, fueled by the demand for memory chips in PC sales, smartphones, communication devices, data center chips, and various semiconductor devices. The semiconductor industry association anticipates subsequent technologies, such as VAT, Spring, and advanced computer chips, to further propel market growth. Electronic components and semiconducting materials, including transistors and diodes, continue to be essential building blocks in this dynamic industry.
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The global Front End of the Line Semiconductor Equipment Market is experiencing robust growth due to the increasing demand for advanced semiconductors in various industries. Concurrently, the global Semiconductor IP Market is expanding, driven by the need for efficient and cost-effective semiconductor design solutions. Additionally, the Magneto Resistive RAM (MRAM) Market is gaining traction as MRAM technology offers significant advantages in terms of speed, endurance, and power efficiency. These trends highlight the dynamic nature of the semiconductor industry, underscoring the critical role of innovative technologies in shaping the future of electronics.
Market Research Overview
The Semiconductor Market encompasses the design, manufacturing, and sale of various types of semiconductor components, including microprocessors, memory chips, sensors, and other electronic components. These semiconductors are integral to numerous industries, such as consumer electronics, automotive, healthcare, and telecommunications. The market is driven by factors like increasing demand for miniaturization, automation, and connectivity in various sectors. Additionally, advancements in technology, such as the Internet of Things (IoT), artificial intelligence (AI), and 5G networks, are fueling the growth of the semiconductor industry. Semiconductors are also essential for power electronics, renewable energy systems, and electric vehicles, further expanding the market’s scope. The semiconductor industry is characterized by continuous innovation, intense competition, and rapid technological advancements.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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Semiconductors
Computer & Electronics
Electronic Components