The global semiconductor market is set to gain momentum from the surging advancement in the fields of wireless connected devices, Internet of Things (IoT), and artificial intelligence (AI). Micron Technology, Inc., for instance, is presently focusing on the development of multi-chip packages and high capacity memory containing AI training for mobiles and edge devices. This information is given by Fortune Business Insights™ in its report, titled, “Semiconductor Market, 2021-2028.” As per the report, the market size is projected to grow from USD 452.25 billion in 2021 to USD 803.15 billion in 2028 at a CAGR of 8.6% in the forecast period. It stood at USD 425.96 billion in 2020.
Halt of Import Activities from China to Impact Growth amid COVID-19 Pandemic
The outbreak of the COVID-19 pandemic has severely impacted various industries and the technology industry is no exception. It is trying to get back on track owing to the effects of the down cycle occurred in 2019 and the US-China trade war. As China is considered to be the major hub for the production of numerous components required in vehicles, various regions worldwide are unable to get hold of these parts and components because of lockdown measures in the country. As per the United Nations Conference on Trade and Development (UNCTAD), in 2020, a 2% decline in imports from China was observed. These factors may obstruct growth.
Networking & Communications Segment Held 32.4% Share in 2020: Fortune Business Insights™
Based on components, the market is classified into sensors, memory devices, MCU, analog IC, discrete power devices, MPU, logic devices, and others (DSP). By applications, it is divided into government, automotive, networking & communications, consumer electronics, industrial, and data processing. Out of these, the networking & communications segment earned 32.4% in terms of the semiconductor market share in 2020. This growth is attributable to the high demand for smart devices and smartphones worldwide.
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Drivers & Restraints
Increasing Investments by Companies in Developing Advanced Devices to Boost Growth
The surging population and rapid urbanization are further resulting in the increasing household disposable income levels across the globe. It is, in turn, creating a high demand for advanced and regular consumer electronics devices. Appliances and devices, such as refrigerators, TVs, washing machines, and smartphones contain Integrated Circuit (IC) chips for their efficient functioning. Therefore, a large number of companies, especially Huawei, Apple, and Samsung are investing huge sums in the development of unique devices to fulfil the rising demand for novel devices. These factors are expected to propel the semiconductor market growth in the near future. However, the imposition of trade restrictions by the U.S. with China from 2018 may decline the former’s share and hence, hinder the demand for semiconductors.
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Asia Pacific to Remain at Forefront Stoked by Availability of Cost-effective Electronics
Geographically, Asia Pacific held USD 230.43 billion in terms of revenue in 2020. The region is estimated to remain at the forefront because of the surging adoption of various consumer electronics. Additionally, the availability of electronics devices at cheaper rates will also aid growth. On the other hand, North America is expected to grow dynamically backed by the rising investments by reputed firms in R&D activities. As per the Semiconductor Industry Association (SIA), from 1999 to 2019, the expenditure of the U.S. in R&D surged by 6.6%.
List of Prominent Providers of Semiconductor Operating in the Global Market:
- Broadcom, Inc. (California, United States)
- Intel Corporation (California, United States)
- Qualcomm (California, United States)
- Samsung Electronics (Suwon-si, South Korea)
- SK hynix (Gyeonggi, South Korea)
- Taiwan Semiconductors (Hsinchu, Taiwan)
- Texas Instruments (Texas, United States)
- Toshiba Corporation (Tokyo, Japan)
- Maxim Integrated Products, Inc. (California, United States)
- Micron Technology (Idaho, United States)
- NVIDIA Corporation (California, United States)
- NXP Semiconductors N.V. (Eindhoven, The Netherlands)
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