Semiconductor And Other Electronic Component Global Market Report 2024

The semiconductor and other electronic component market size has grown strongly in recent years. It will grow from $1,151.27 billion in 2023 to $1,242 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historic period can be attributed to several factors, including technological advancements, increased demand for consumer electronics, the proliferation of data centers, and the rise of the Internet of Things (IoT) and Industry 4.0. These trends have driven the semiconductor and electronics industry forward.

The semiconductor and other electronic component market size is expected to see strong growth in the next few years. It will grow to $1,649.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The forecasted growth in the semiconductor and electronics industry can be attributed to several key factors, including the emergence of 5G and beyond technologies, the increasing role of artificial intelligence (AI) in electronics, challenges related to semiconductor shortages, a growing emphasis on green technology and environmental considerations, as well as evolving regulatory factors. These dynamics will continue to shape the industry's trajectory. Additionally, significant trends in the forecast period include electrification and lightweighting, the adoption of advanced materials, additive manufacturing, enhanced digitalization and connectivity, and various collaboration and partnership initiatives. These trends will drive innovation and transformation within the semiconductor and electronics sector.

The semiconductor and other components market is poised for growth, primarily driven by the increasing demand for consumer electronics. Consumer electronics encompass a wide range of electronic devices designed for daily, personal, or professional use by end-users. Semiconductors serve as the foundational components of consumer electronics, providing essential processing power, memory, connectivity, and specialized features that make these devices versatile, efficient, and capable of meeting the demands of modern consumers. For example, LG, a South Korea-based consumer electronics company, reported exceptional financial results in its annual report for 2022. With sales exceeding $60 billion in 2022, LG achieved its highest-ever annual revenue, marking a 12.9% increase from the previous year when sales first exceeded approximately $52.70 billion. Consequently, the growing demand for consumer electronics acts as a driving force for the semiconductor and other components market.

The main categories within the semiconductor and other electronics industry include semiconductors and related devices, as well as general electronic components. Semiconductors, primarily composed of silicon, possess electrical conductivity properties that are intermediate between insulators like glass and conductors like copper or aluminum. These properties can be modified through a process called doping, involving the introduction of impurities, to meet specific requirements in electronic components. These components are utilized through both online and offline channels, with various sales channels such as original equipment manufacturers (OEM) and aftermarket serving applications in industries like automotive, manufacturing, and others.

The semiconductors and other electronic components market research report is one of a series of new reports that provides semiconductors and other electronic components market statistics, including semiconductors and other electronic components industry global market size, regional shares, competitors with a semiconductors and other electronic components market share, detailed semiconductors and other electronic components market segments, market trends and opportunities, and any further data you may need to thrive in the semiconductors and other electronic components industry. This semiconductors and other electronic components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Global semiconductor companies are actively investing in green semiconductor technologies to enhance their competitiveness. This trend primarily focuses on reducing energy consumption and limiting data usage. For instance, Samsung has introduced green DRAM in the form of DDR4, which features a reduced operating voltage and doubled bandwidth compared to DDR3. Samsung's DDR4 offers a 40% increase in performance while reducing energy consumption by up to 15% compared to DDR3. Furthermore, Samsung plans to develop next-generation green memory solutions like magneto-resistive random-access memory (MRAM) and Phase-change Memory (PRAM). Notable semiconductor companies involved in the production of green semiconductors include Samsung Electronics Co. Ltd., Intel Corporation, and QUALCOMM Inc.

Leading companies operating in the semiconductor and other components market are introducing advanced technologies such as control meta-surface technology to drive market revenues. The Light Control Meta-surface (LCM) technology represents a patented beam-steering innovation utilized in solid-state optical semiconductors. For instance, in August 2023, Lumotive, a U.S.-based semiconductor manufacturer, launched LM10, which is the first fully realized product incorporating its Light Control Meta-surface (LCM) technology. This groundbreaking technology offers exceptional performance, a compact design, and software-defined scan modes, enabling precise object detection, shape recognition, and improved safety in industrial robotics applications. It propels the industry toward higher levels of efficiency and productivity, marking a significant advancement in the field.

Major companies operating in the semiconductor and other electronic component market include Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, SK Hynix Inc., Qualcomm Incorporated, Micron Technology Inc., LG Display Co. Ltd., Intel Corporation, Hon Hai Precision Industry Co. Ltd., Broadcom Inc., Advanced Semiconductor Engineering Inc., Texas Instruments Inc., Toshiba Corporation, Infineon Technologies AG, STMicroelectronics NV, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, MediaTek Inc., ON Semiconductor Corporation, Amkor Technology Inc., Marvell Technology Inc., Advanced Micro Devices Inc., NVIDIA Corporation, Cypress Semiconductor Corporation, Silicon Laboratories Inc., Microchip Technology Inc., Integrated Device Technology Inc., Cirrus Logic Inc., Semtech Corporation, Lattice Semiconductor Corporation, Monolithic Power Systems Inc., Power Integrations Inc.

Asia-Pacific was the largest region in the semiconductor and other electronic component market in 2023. North America was the second largest region in the semiconductor and other electronic component market. The regions covered in the semiconductor and other electronic component market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the semiconductor and other electronic component market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The semiconductors and other electronic components market consists of sales of integrated circuits, memory chips, microprocessors, and other semiconductors and electronic components. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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