Ottawa, July 17, 2024 (GLOBE NEWSWIRE) -- The global semiconductor market size is predicted to increase from USD 544.78 billion in 2023 to approximately USD 1,137.57 billion by 2033, According to Precedence Research. The semiconductor market is driven by the increasing usage of electronics equipment and R&D projects.
The semiconductor market encompasses the global industry involved in the design, manufacturing, and sale of semiconductor devices. These devices are crucial components in modern electronics, enabling a wide range of applications across various industries, including consumer electronics, telecommunications, automotive, healthcare, and industrial automation. Semiconductors are materials whose resistance decreases with temperature and whose electrical conductivity values fall between those of conductors and insulators.
Semiconductor junctions may be created by doping impurities into the crystal lattice. Common semiconductors found in diodes, transistors, and contemporary electronics include silicon, germanium, and gallium arsenide. Semiconductors are necessary for air conditioner temperature management, temperature sensor fabrication, and PC operation. They are also essential to the Internet, banking, transportation, and social infrastructure, including health networks. Particularly with ADAS, the quantity of semiconductor devices put in cars is growing.
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Semiconductor Market Regional Revenue (USD Billion), By Component 2020 to 2023
| By Component | 2020 | 2021 | 2022 | 2023 |
| North America | 122.56 | 126.09 | 130.80 | 123.82 |
| Europe | 89.87 | 90.83 | 92.59 | 86.13 |
| Asia Pacific | 293.03 | 298.61 | 306.86 | 287.79 |
| Middle East and Africa | 25.07 | 24.73 | 24.58 | 22.27 |
| Latin America | 27.48 | 27.23 | 27.20 | 24.78 |
Semiconductor Market Key Insights:
- Asia Pacific dominated the semiconductor market with the largest revenue share of 52.8% in 2023
- By application, the network and communication segment has generated the highest revenue share of 29.2% in 2023.
- By application, the automotive segment is expected to be the fastest-growing segment during the forecast period
- By component, the memory devices segment has contributed more than 23% of revenue share in 2023.
- By component, the MPU and MCU segment is estimated to be the fastest growing during the forecast period.
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Asia Pacific Semiconductor Market Size and Forecast 2024 to 2033
The Asia Pacific semiconductor market size was valued at USD 287.79 billion in 2023 and is expected to reach around USD 611.73 billion by 2033, growing at a CAGR of 7.83% from 2024 to 2033.
Asia Pacific dominated the semiconductor market in 2023. The demand for semiconductor wafers, which are utilized in many goods, including infotainment systems, HMI, navigation control, collision detection systems, and machine vision systems, has expanded because of the automation and electrification of industrial processes. Semiconductor fabrication plants operate more often in Asia-Pacific nations, including China, Singapore, and Korea. More investments are anticipated because of government programs like Made in China, which are anticipated to propel the market over the projected period. As it imports a substantial number of semiconductors from outside and seeks to establish an internal supply chain for this technology, Japan is also luring foreign businesses with financial incentives to safeguard its chip supplies and alleviate worldwide shortages.
North America is expected to witness significant growth during the forecast period. With over 1 trillion chips sold last year, the semiconductor business is becoming increasingly significant on a worldwide scale. Governments worldwide are investing to attract manufacturing and innovation as the need for chips rises. The United States government implemented the CHIPS and Science Act in 2022 with the aim of bolstering the country's economy, supply networks, and national defense by offering incentives for manufacturing and research. The goal of this action is to draw in more innovation and semiconductor manufacturing to the nation.
- For instance, in July 2024, Bhupendra Patel, the Chief Minister of Gujarat, and Japan's Consul General Yagi Koji met to talk about possible investments in industries including infrastructure, green ammonia, cars, semiconductors, and renewable energy. Meanwhile, Patel had discussions about the potential of investment with New Zealand's High Commissioner Patrick Rata and France's Ambassador Thierry Mathou.
- For instance, President Joe Biden signed the CHIPS and Science Act into law on August 9, 2022, allocating $52.7 billion of the $280 billion in additional funds to support domestic semiconductor manufacture and research in the US.
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Semiconductor Market Coverage
| Report Attribute | Key Statistics |
| Market Size in 2033 | USD 1,137.57 Billion |
| Market Size in 2024 | USD 584.17 Billion |
| Market Size in 2023 | USD 544.78 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 7.64% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Component, Application, Region |
| Regional Scope | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
Semiconductor Market Segments Outlook
Application Outlook
The network and communication segment dominated the semiconductor market in 2023. Semiconductors are essential to the telecom infrastructure because they can encode, transport, and capture data and pictures in an efficient and secure manner. Semiconductor manufacturers have been innovating since the 1960s to offer fast data rates, pervasive connection, and user-friendly services.
However, the network is under threat from growing data traffic, energy consumption, and security issues, which calls for new semiconductor advancements and stronger supply chains. Semiconductors will remain a key component of telecom networks as we investigate novel methods of operation and visualization.
The automotive segment is expected to be the fastest-growing segment during the forecast period. Advanced driver assistance systems and in-car GPS are only two examples of the cutting-edge electronics and features found in modern cars (ADAS). These technologies ensure precise and quick vehicle control by processing critical data using semiconductor chips. Semiconductor chips are necessary for managing emissions, assessing engine temperature and pressure sensor data, controlling emissions, improving fuel injection, and ensuring smooth engine running.
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Advanced driver assistance systems (ADAS) are especially helpful while sharing lanes and traveling at high speeds. Semiconductor chips contribute to increased safety and simplified production processes by improving vehicle handling and steering input. For Electric Power Steering (EPS) systems, businesses are creating new semiconductor chips that include essential parts such as sensors, CAN transceivers, MOSFETs, microcontrollers, and power supplies.
Component Outlook
The memory devices segment dominated the semiconductor market in 2023. A vital part of contemporary electronics, semiconductor memory stores information and instructions for use in a wide range of devices, including computers, cell phones, medical devices, and industrial automation. It addresses double data, the "1s" and "0s" that make up the advanced innovation language, using electrical charges. Because of its great storage density, quick access times, low power consumption, and scalability, semiconductor memory is used widely. It is a component of computers, cell phones, and sophisticated systems, and its ongoing advancements guarantee quicker, denser, and more efficient techniques for managing and storing data. Its exceptional qualities are the reason for its extensive use.
The MPU and MCU segment is estimated to be the fastest growing during the forecast period. The processing power and software development of MCUs have increased, and Real-Time Operating Systems (RTOS) have been developed for applications that need precise timing and simplicity of programming. MCUs are being used in computationally demanding applications due to these advancements. Meanwhile, MPU hardware has been integrated better, requiring fewer support chips and working with all-in-one MCUs. MPUs have also appeared in the embedded space, where they can run RTOS and popular operating systems like Linux.
Browse More Insights:
- Microchips Market Size and Forecast: The global microchips market size was estimated at USD 80.02 billion in 2023 and is projected to hit around USD 157.32 billion by 2032, registering a CAGR of 7.80% during the forecast period from 2023 to 2032.
- Flow Computers Market Size and Forecast: The global flow computers market was valued at USD 700 million in 2022 and is predicted to reach over USD 1,190.0 million by 2032, with a registered compound annual growth rate (CAGR) of around 5.50% during the forecast period 2023 to 2032.
- Graphic Processing Unit (GPU) Market Size and Forecast: The global graphic processing unit (GPU) market size was valued at USD 42.2 Billion in 2022 and is expected to reach USD 773.07 Billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 33.8% during the forecast period 2023 to 2032.
- Sensor Market Size and Forecast: The global sensor market size was evaluated at USD 204.8 billion in 2022 and is expected to hit around USD 508.64 billion by 2032, growing at a CAGR of 8.40% from 2023 to 2032.
- Outsourced Semiconductor Assembly and Test Services Market Size and Forecast: The global outsourced semiconductor assembly and test services market size reached USD 40.12 billion in 2022, and it is expected to be worth around USD 87.75 billion by 2032, expanding at a CAGR of 8.14% from 2023 to 2032.
- Compound Semiconductor Market Size and Forecast: The global compound semiconductor market size was valued at USD 43.23 billion in 2022, and it is expected to hit over USD 119.13 billion by 2032 with a registered growth at a compound annual growth rate (CAGR) of around 11.08% during the forecast period 2023 to 2032.
- Automotive Semiconductor Market Size and Forecast: The global automotive semiconductor market size was estimated at USD 48.52 billion in 2022 and is expected to hit over USD 115.78 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 11.5% from 2022 to 2030.
- Semiconductor Wafer Market Size and Forecast: The global semiconductor wafer market size was valued at USD 20.18 billion in 2022 and it is expected to hit around USD 35.16 billion by 2032, poised to grow at a CAGR of 5.71% during the forecast period 2023 to 2032.
- Space Semiconductor Market Size and Forecast: The global space semiconductor market size was estimated at USD 3.5 billion in 2022 and is expected to reach around USD 5.93 billion by 2032, poised to grow a CAGR of 5.42% during the forecast period from 2023 to 2032.
Semiconductor Market Dynamics
Driver: Rising usage of electronic equipment
The rising usage of electronic equipment in a variety of industries, including vehicles, healthcare, automation, and aerospace, is driving semiconductor demand up. Cloud computing, 5G, EVs, AI, and VR are all driving up demand. The rise of the consumer electronics sector, as well as the broad integration of electronic devices into diverse applications, has enlarged the semiconductor business.
Restraint: Recycling semiconductor materials
Because individual integrated circuits contain relatively tiny amounts of precious materials, the semiconductor market has difficulties in recycling and materials reclamation. Recovering materials such as copper, silver, gold, and palladium from a million recycled cell phones is not a financially feasible endeavor. In addition to producing hazardous waste, the process is sometimes contracted out to underdeveloped nations, where child labor is employed to sift recyclables and burn useless components.
Children are exposed to mercury, cadmium, lead, lithium, and chromium as a result. In Delhi, India alone, the International Labour Organization estimates that between 35,000 and 45,000 youngsters work as rubbish pickers and dismantlers. In addition to burning chemicals that are emitted into the atmosphere, deposition, and etching waste can include arsenic and other pollutants.
Opportunity: Chiplet-Based Architectures
Chiplets, specialized, modular chips that may be assembled to form intricately integrated systems-on-chips (SoC), are the direction that the semiconductor industry is moving toward. This strategy may result in more sustainable hardware, cheaper consumer prices, and lighter hardware.
Chiplets that are connected by certain IP vendors come with "soft IP," or IP that businesses may customize to meet their own requirements. This change is what the semiconductor business will look like in the future, according to MIT Technology Review. However, it will probably take another five years for chiplet-based designs to proliferate as the norm in the industry.
Semiconductor Market Top Companies
- Intel Corporation
- Qualcomm Technologies, Inc.
- Broadcom, Inc.
- Taiwan Semiconductors
- Samsung Electronics
- Texas Instruments
- SK Hynix
- Micron Technology
- NXP Semiconductors
- Maxim Integrated Products, Inc.
Recent Developments:
- In March 2024, to increase memory longevity in next-generation computer systems, researchers created a novel manufacturing technique that produces high-quality oxide films and non-volatile resistive random-access memory at low temperatures.
- In August 2023, Researchers at Tokyo Tech created α-In2Se3, a unique ferroelectric semiconductor memory that has the potential to completely transform memory storage and processing capacities. This ground-breaking technology represents a breakthrough in-memory technology since it is non-volatile and allows data preservation even in the event of a power outage. Applications requiring a lot of data cannot benefit from the speed, scalability, or power consumption of traditional memory technology. The creation of this two-dimensional van der Waals substance creates new avenues for memory technology advancement.
- In January 2022, using magneto-resistive random-access memory, Samsung Electronics developed the first in-memory computing in history (MRAM). The breakthrough, which demonstrated Samsung's dominance in-memory technology and its attempts to combine memory and system semiconductors for next-generation AI processors, was published in a study by Nature.
Market Segmentation
By Component
- Power Devices
- Logic Devices
- Memory Devices
- MPU
- MCU
- Analog IC
- Discrete Power Devices
- Sensors
- Others
By Application
- Data Processing
- Industrial
- Networking & Communications
- Consumer Electronics
- Automotive
- Government
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
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