According to a report from the largest market research, the value of the semiconductor market was USD 55.659 billion in 2023, and is expected to reach nearly USD 1 trillion by 2030 at a strong CAGR from 2024 to 2030.
The rapid growth of the semiconductor industry is primarily due to rapid technological development, along with the wider application of semiconductors across a variety of sectors.
Semiconductors enable the latest communication, computing, healthcare, military systems, transportation, clean energy and many other applications. Media releases show that the need for complex semiconductor devices is increasing dramatically as new technological advances in the fields of AI, IoT and 5G networking is rapidly changing.
The increasing use of AI technology requires sophisticated semiconductors that can handle complex calculations. Specialized AI workload-enabled high-bandwidth memory (HBM) is expected to grow bit growth and revenues at 64% CAGR and 58% CAGR from 2022 to 2028, respectively, according to the report. It states.
The US semiconductor industry is expected to grow significantly, with forecasts calling for an increase in domestic manufacturing capacity by 2032. This expansion will increase the US share of global manufacturing capacity from 10% to 14%.
China continues to be the juggernaut of the semiconductor market, with the industry coming to US$1794.8 billion in 2023. According to forecasts, China’s semiconductor revenue is expected to be around US$29.506 billion by 2030, with a CAGR of 7.36%. 2024-2030.
The European semiconductor market was USD 53.47 billion in 2023, and is estimated to be nearly USD 973 billion by 2030, 8.93% from 2024 to 2030.
Japan relies heavily on semiconductors to support the electronics and automotive industry. With its focus on R&D and joint ventures and diversification efforts between states and private companies, the country is striving to achieve faster semiconductor production rates. Back at home, Japan focused its supply chain initiatives on cornering the sophisticated components needed to drive chips to meet domestic and global demand.
India has emerged as a key player in global semiconductors on a market size estimated at USD 27.2 billion in 2023. Therefore, the Indian semiconductor market witnessed a CAGR of 17.1% between 2024 and 2030, reaching estimates. By 2030, the market will be 846.9 billion US dollars.
