Semiconductor Market Report and Forecast 2023-2028

According to the report, the global semiconductor market attained a value of USD 613.71 billion in 2022. Aided by the rapid advancements in technology and the increasing demand for consumer electronics, the market is projected to further grow at a CAGR of 8% between 2023 and 2028 to reach a value of USD 971.71 billion by 2028.

Semiconductors are materials that have electrical conductivity between that of insulators and conductors. They are widely used in the manufacturing of electronic devices such as integrated circuits (ICs), transistors, and diodes, among others. Semiconductors play a critical role in the development of advanced technologies, including artificial intelligence (AI), the Internet of Things (IoT), and 5G communication. The rapid advancements in technology are driving the growth of the semiconductor market. The increasing demand for high-performance ICs, driven by the need for miniaturised electronic devices with improved functionality, has led to the development of advanced semiconductor manufacturing processes. Furthermore, the growing adoption of advanced technologies such as AI, IoT, and 5G communication has fuelled the demand for semiconductors.

The growing demand for consumer electronics, such as smartphones, tablets, and wearables, is another key factor propelling the growth of the semiconductor market. The increasing adoption of smart devices and the rising popularity of smart homes and smart cities have further driven the demand for high-performance semiconductor components. As a result, the market for semiconductors is witnessing significant growth. The rising focus on energy efficiency and sustainability is also contributing to the growth of the semiconductor market. The development of energy-efficient semiconductor materials and processes, as well as the growing adoption of renewable energy sources, have resulted in an increased demand for advanced semiconductor products that enable more efficient and sustainable technologies.

The rising focus on electric vehicles (EVs) and renewable energy is also contributing to the growth of the semiconductor market. The shift toward sustainable transportation and clean energy sources has resulted in the increased demand for power semiconductors, which are essential for the efficient conversion and control of electrical energy in EVs and renewable energy systems. The growing investments in the EV and renewable energy sectors are expected to drive the demand for semiconductors in these applications.

Market Segmentation

The market can be divided on the basis of form, end use, and region.

Market Breakup by Form:

• ICs
• Optoelectronics
• Discrete semiconductors
• Sensors

Market Division by End Use:

• Automotive
• Industrial
• Data Centre
• Telecommunication
• Consumer Electronics
• Aerospace and Defence
• Healthcare
• Others

Market Segregation by Region:

• North America
• Europe, Middle East and Africa (EMEA)
• Asia Pacific
• Latin America

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global semiconductor companies. Some of the major key players explored in the report are as follows:

• Intel Corporation
• Micron Technology, Inc
• Qualcomm Technologies, Inc
• Samsung Electronics Co., Ltd
• SK Hynix Inc
• Others

*The publisher always strives to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.