The semiconductor and related devices market is set for significant growth, forecasted to increase from $636.47 billion in 2023 to $691.41 billion in 2024, with a CAGR of 8.6%. This growth is fueled by rising demand from the consumer electronics and automotive sectors. By 2028, the market is expected to grow to $940.96 billion, driven by advancements in 5G technology and electric vehicles.
Major Driver In The Semiconductor And Related Devices Market
The semiconductors and related devices market is set to experience growth propelled by the rising penetration of mobiles, tablets, and other electronics, coupled with increasing data consumption. The sales surge in electronic devices like smartphones and tablets contributes to a higher generation and consumption of digital content, necessitating memory chips for data storage. A report from Uswitch Limited, a UK-based online and telephone comparison and switching service, revealed that there were 71.8 million active mobile connections in the UK in 2022, representing a 3.8% increase from 2021. With projections indicating 68.3 million people in the UK by 2025, 95% of whom will possess smartphones, the increasing use of these devices is expected to be a driving force behind the growth of the semiconductor and related devices market. The market sizes for 2023, 2024, and 2028 serve as key indicators of the market's development in response to these trends.
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Semiconductor And Related Devices Market Competitive Landscape
Samsung Electronics Co. Ltd., Sony Corporation, Taiwan Semiconductor Manufacturing Company Ltd., Intel Corporation, Qualcomm Incorporated, SK Hynix Inc., Broadcom Inc., Micron Technology Inc., Fujitsu Microelectronics Asia Pacific Limited, NVIDIA Corporation, Advanced Micro Devices Inc., Toshiba Corporation, Texas Instruments Incorporated, Western Digital Corporation, MediaTek Inc., STMicroelectronics N.V., Infineon Technologies AG, Transcend Information Inc., NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, KLA Corporation, AU Optronics Corp., Semiconductor Manufacturing International Corporation, Marvell Technology Group Ltd., SolarEdge Technologies Inc., Tower Semiconductor Ltd., Mellanox Technologies Ltd., Freescale Semiconductor Limited, ON Semiconductor Corporation, Maxim Integrated Products Inc., Cypress Semiconductor Corporation
Key Semiconductor And Related Devices Market Trend
Companies in the memory chip market are developing chips with major technological changes that contribute to the growth of demand for memory chips. Researchers are creating memory chips that can store and process the data, reducing the time and energy required to transfer data and increasing the speed of processors. For instance, Samsung Electronics announced the mass production of fifth-generation V-NAND memory chips that transfer data faster and additionally have the fastest data write speed at 500 microseconds (µs). This write speed is a 30% improvement over the previous generation, and the read-time has significantly reduced to 50µs. Technological advances reducing the data transfer time and energy contribute to the growth of the semiconductor and related devices market.
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Semiconductor And Related Devices Market Segmentation
The semiconductor and related devices market covered in this report is segmented –
1) By Product Type: Integrated Circuits, Memory Chips, Microprocessors, Other Product Types
2) By Type: Intrinsic Semiconductor, Extrinsic Semiconductor
3) By End-Use Industry: Information Technology, Aerospace & Defense, Consumer Electronics, Automotive, Healthcare, Other End-Users
By Geography:The regions covered in the semiconductor and related devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the semiconductor and related devices market in 2023.
The Semiconductor And Related Devices Global Market Report 2024 furnishes information about the global semiconductor and related devices market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
