Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global integrated circuit market size was valued at USD 437.71 billion in 2020 and is projected to grow from USD 489.31 billion in 2021 to USD 1136.98 billion by 2028, exhibiting a CAGR of 12.8% during the forecast period. Rising Smartphone Penetration to Streamline Growth. Fortune Business Insights, provide this information in its report titled, Global Integrated Circuit Market Forecast, 2023-2030.
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According to the analysis, the integrated circuit market size will be pronounced across advanced and emerging economies. Industry players are likely to inject funds into advanced driver assistance system (ADAS) to expand their penetration across untapped areas. While the development of advanced technologies will propel the industry outlook, the rampant COVID-19 pandemic could deter the growth prospect.
Key Industry Development:
On behalf of the central government of India, the IT minister announced the keen interest of government in developing and enhancing the Electronics System Design and Manufacturing (ESDM) sector. The government has made a hefty investment of USD 13.4 million to advance chip design related activities in the current ongoing fiscal year.
Key Takeaways
- The development of novel technologies and high-end cellphones and compact electronic devices are expected to fuel the market growth.
- Substantial Effects of International Trade and Difficulties in Procurement of Raw Materials to Obstruct Market Growth
- Substantial Demand for ICs in Automotive Sector and IoT-based Devices to Provide Noteworthy Growth of Market
- By Application Analysis: Standard PCs Application to Retain its Substantial Share in Market Over Forecast Period
- Integrated Circuit Market Size in North America was USD 192.38 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the global integrated circuit market are SAMSUNG (Suwon-si, South Korea), Intel Corporation (California, U.S.), Qualcomm Technologies, Inc. (California, U.S.), Toshiba Electronic Devices & Storage Corporation (Tokyo, Japan), Texas Instruments (Texas, U.S.), AMI Semiconductor (Idaho, U.S.), SK Hynix (Gyeonggi-do, South Korea), NVIDIA (California, U.S.), Micron Technology, Inc. (Idaho, U.S.), Avago Technologies (Broadcom) (California, U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.8% |
| 2028 Value Projection | USD 1,136.98 Billion |
| Base Year | 2020 |
| Integrated Circuit Market Size in 2020 | USD 437.71 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | Product, Application, And Geography |
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Drivers and Restraints
Exponential Rise in Smartphone Penetration to Bolster Growth
Industry participants are expected to tap markets across emerging economies following the trend for smartphones. IC manufacturers seek opportunities and could infuse funds into the landscape. Integrated circuit market share will observe an upward growth trajectory on the heels of the sales of semiconductors. According to the Semiconductor Industry Association (SIA), approximately 24% growth was witnessed in the global sales of semiconductors in October 2021. Furthermore, the soaring footprint of 5G services is likely to add fillip to the industry growth.
That said, a reduced chance of repair, along with surging maintenance costs, is expected to dent the business outlook.
Segments:
By Product Type
- Logic
- Memory
- Micro
- Analog
By Application
- Standard PCs
- Cellphones/Tablets
- Automotive
- Internet of Things (IoT)
- Servers
- TVs/Set Top Box
- Gaming Consoles
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights
North America to Provide Promising Opportunities with Growing Footprint of Automotive Sector
Integrated circuit manufacturers are likely to witness an upward trend in the U.S. and Canada in the wake of growth in the automotive sector. Well-established auto manufacturers are poised to seek microcontrollers, auguring well for regional growth. North America market size was valued at USD 192.4 billion in 2020 and will witness a similar trend during the forecast period.
Asia Pacific is likely to emerge as a lucrative region with China, India and Japan likely to lead from the front. The presence of leading companies and burgeoning sales of IoT integrated home maintenance equipment will bode well for the business outlook. Industry players are likely to explore potential opportunities from research and development activities.
Major players are likely to bolster their footfall across Europe as end-users continue to exhibit traction for smart connectivity and IoT integrated operation. Europe integrated circuit market growth will be noticeable with the growing footprint of laptops, smart desktops and tablets. Industry participants are likely to emphasize the production of sophisticated and state-of-the-art integrated circuit devices.
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Competitive Landscape
Industry Players Explore Opportunities in Mergers & Acquisitions to Expand Footprint
Both well-established players and emerging economies are poised to inject funds into mergers & acquisitions, product launches, technological advancements and R&D activities. Prevailing trends suggest industry participants could focus on geographical expansion during the forecast period.
FAQ’s
How big is the Integrated Circuit Market?
Integrated Circuit Market size was USD 437.71 Billion in 2020.
How fast is the Integrated Circuit Market growing?
The Integrated Circuit Market will exhibit a CAGR of 12.8% during the forecast period, 2021-2028
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