NEW YORK, April 19, 2024 /PRNewswire/ — The global semiconductor market size is estimated to grow by USD 156.39 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.08% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 75%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Analog Devices Inc., Broadcom Inc., Infineon Technologies AG, Intel Corp., Microchip Technology Inc., Micron Technology Inc., NVIDIA Corp., NXP Semiconductors NV, ON Semiconductor Corp., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Skyworks Solutions Inc., Sony Group Corp., STMicroelectronics International N.V., Taiwan Semiconductor Manufacturing Co. Ltd., Texas Instruments Inc., Wolfspeed Inc., MediaTek Inc., Toshiba Corp.
Analyst Review
The Semiconductor Market is experiencing significant progress and breakthroughs in contemporary technology, driven by the integration of Artificial Intelligence (AI) and the Internet of Things (IoT). B2B, B2G, and B2C enterprises are investing heavily in semiconductors for various applications, including PC sales, Smartphones, Data centers, and Communication systems. IDC and the Semiconductor Industry Association forecast a profitable future for semiconductor devices, with inventories remaining high due to increased Fab utilization. Key electronic components, such as Memory chips, computer chips, and Data center chips, are in high demand. Semiconducting materials, including transistors and diodes, continue to be the foundation for subsequent technologies, making this an exciting time for the semiconductor industry. VAT, Spring, and PC sales are also relevant factors influencing the market’s growth.
Key Market Drivers
The semiconductor market is experiencing significant growth due to the increasing integration of technology in various sectors, including renewable energy and IoT. Solar panels and pumps are key applications benefiting from semiconductor technology, with protection circuits ensuring energy conversion efficiency and minimal power loss. Global energy investment in emerging materials like gallium arsenide, aluminum nitride, and carbon nanotubes drives innovation in semiconductors. Gallium arsenide’s electron mobility and direct bandgap properties make it ideal for optoelectronic applications, such as lasers and solar cells. Semiconductor companies, such as Micron, offer diverse product portfolios, including integrated circuits for data centers, PC clientele, and IoT devices. Competitive advantages include top-down approach design and bottom-up validation, ensuring high-quality semiconductors. The semiconductor industry association reports continued growth, driven by B2B, B2G, and B2C enterprises. The level of digitization, GDP, and exchange rates influence market trends. Semiconductors play a crucial role in AI, IoT, and machine learning applications, as identified by IDC and the Semiconductor Industry Association.
Challenges and Opportunities
The semiconductor market, driven by factors such as 5G and 6G rollout, VR technology, and the growth of data centers, experiences a significant surge in demand. Companies like Navitas Semiconductor and Polymatech Electronics face supply shortages, leading to longer lead times and increased prices. ASE/SPIL, Amkor, and other manufacturers struggle to keep up with the rising demand, impacting profit margins and consumer electronics prices. Spring brings new challenges with the need for memory chips, PC sales, and smartphone communication chips. Inventories remain low due to high fab utilization. The chip industry IP market sees profitability with the rise of generative AI accelerators like Gen AI and smart manufacturing. Cyberattacks and export controls add complexity, requiring advanced node manufacturing equipment for AI semiconductors. The subsequent years promise progress and breakthroughs in semiconductor devices, electronic components, and semiconducting materials, including transistors, diodes, and fundamental functional units like integrated circuits. Affordability and dependability remain crucial as these technologies become more compact and utilized in diverse electronics.
In the semiconductor market, emerging technologies such as autonomous driving, 5G, AI, and the IoT drive intense competition and widespread adoption. Semiconductor companies face significant challenges in meeting the increasing demand for electronics, particularly in the automotive sector with electrification and autonomy. This surge in demand leads to capital investments, manufacturing capacity constraints, and changes in customer behavior. To ensure a sustainable future, industry leaders like TSMC and Intel invest in substantial sustainability programs, including water recycling and pollution prevention. Semiconductor manufacturing requires massive energy consumption, approximately 1 TWh per year, and ultra-pure water, up to four million gallons daily. Essential parts and components, including Discrete Semiconductors and Semiconductor Devices Segment, are in high demand for power-efficient devices, wireless, and portable electronic products. Efficient power management, system architectures, and AC-DC power adapters require size and component count reductions, while Power-over-Ethernet (PoE) and power transfer technologies enable connected lighting and MOSFET applications. The telecom sector and switching power supply markets rely on power MOSFETs and power transfer technologies for mobile networks and 5G subscriptions. The post-pandemic era brings new challenges and opportunities, with shortages and lead times impacting business revenues and corporate operations. Skilled workers remain essential to the semiconductor supply side, as the industry continues to innovate and adapt to the evolving landscape.
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Market Overview
The Semiconductor Market is a significant sector in the Technology industry, encompassing the design, manufacture, and commercialization of various types of semiconductor devices. These devices include Microprocessors, Memory chips, Logic gates, and Sensors, among others. The market is driven by factors such as increasing demand for electronics in various sectors like Telecommunications, Consumer Electronics, Automotive, and Industrial Automation. The market is also influenced by technological advancements, regulatory policies, and economic conditions. The market is expected to grow significantly due to the increasing use of semiconductors in emerging technologies like Artificial Intelligence, Internet of Things, and 5G networks. The Semiconductor industry is a critical component of the global economy, contributing to innovation and economic growth.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
