Semiconductor Market Size to Grow at a CAGR of 7.7% in the Forecast Period of 2023-2028

The ‘Global Semiconductor Market Size, Share, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global semiconductor market, assessing the market on the basis of its segments like form, end use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Semiconductor Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): USD 580.36 billion
• Forecast CAGR (2023-2028): 7.7%
• Forecast Market Size (2028): USD 808.34 billion

The wide applications of semiconductors across various industries have bolstered the demand for semiconductors due to which the global semiconductor market has flourished. Increased adoption of advanced systems like independent braking systems, collision warning systems, smart cameras, and other innovations in the automotive sector is a key driving force of the market for semiconductors. The surging demand for consumer electronics like laptops, speakers, smartphones, and televisions have created a heightened demand for semiconductors.

The growing adoption of 5G networks across the world have positively impacted the market for semiconductors and augmented its growth. The increasing requirement for semiconductors in cloud data centres and advancements in edge computing technology are likely to bolster the data centre end uses of this market in the forecast period. Semiconductors are increasingly being preferred owing to their shock-proof and compact nature, and their longer shelf life than vacuum diodes, leading to the expansion of the semiconductor market.

The growing usage of solar cells and light-emitting diodes across various sectors for rural electrification and in medical and household applications are projected to expand the demand for optoelectronics forms of semiconductors in the future. Furthermore, growing usage of electric vehicles and the promising advancements in autonomous driving are likely to expand the automotive end uses of semiconductor market in the coming years.

Semiconductor Industry Definition and Major Segments

Semiconductors are materials that offer conductivity between conductors (generally metals) and insulators (mostly ceramics) and have a resistivity less than insulators, but more than conductors. A semiconductor is an essential component of an electronic device, having specific electrical properties. They are usually made from silicon, gallium arsenide, and germanium.

On the basis of form, the market is segmented into:

• ICs
• Optoelectronics
• Discrete Semiconductors
• Sensors

Based on end use, the market is classified into:

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

On the basis of region, the market is divided into:

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

Semiconductor Market Trends

The increased usage of advanced technologies like AI and machine learning, coupled with the development of IoT (internet of things), have created new opportunities for the growth of the market for semiconductors. Rapid digitalisation and the increased adoption of chipset technology across the world are the key trends observed that are leading to the steady growth of the global semiconductor market. The wide adoption of system-on-a-chip (SoC), in line with the prevailing demand for wearables and embedded systems, is likely to create a boom in this market in the forecast period.

Adoption of work-from-home models by various companies has led to a burgeoning demand for data processing applications and strong network and communication, further bolstering the growth of the market for semiconductors. Increased investments towards the research and development of advanced semiconductors is fostering the growth the semiconductor market. Deployment of manufacturing processes that reduce energy consumption and the adoption of Scope 2 emissions by semiconductor manufacturers has further supported sustainability and fuelled the growth of this market.

Intense competition among manufacturers has led to the emergence of innovations in semiconductors by leveraging novel materials, which has resulted in improved performance and advantages like higher voltage resistance and faster switching. This has made the atmosphere favourable for the growth of the market for semiconductors.

Key Market Players

The major players in the global semiconductor market report are:

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

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.