Semiconductor Market to Grow by 6.27% CAGR between 2023 and 2033
The global semiconductor market is anticipated to grow at a CAGR of 6.27% during the forecast period. The market is segmented based on components, application, and region.
The memory devices segment is expected to dominate the market during the forecast period. The networking & communications segment is anticipated to witness significant growth over the forecast period. Asia Pacific region is expected to lead the market during the forecast period.
China dominates the global semiconductor market and is expected to grow moderately during the forecast period. North America is expected to grow at the highest CAGR during the forecast period.
Major market players in the global semiconductors market include Micron Technology, Inc., SK Hynix Inc., NXP Semiconductors N.V., Intel Corporation, Samsung Electronics Co., Ltd., Analog Devices, Inc., ON Semiconductor Corporation, Renesas Electronics Corporation, Taiwan Semiconductor Manufacturing Company Limited (TSMC), STMicroelectronics N.V., Infineon Technologies AG, Advanced Micro Devices, Inc., MediaTek Inc., NVIDIA Corporation, Xilinx, Inc., Sony Corporation, Qualcomm Incorporated, Broadcom, Inc., and Texas Instruments.
Semiconductors are substances with specific electrical characteristics that facilitate serving as the foundation for technological and other electronic devices. A semiconductor is a solid chemical element or compound that conducts electricity in some conditions and not in others. The need for memory devices is growing daily as technology advances like cloud computing and virtual reality are developed, and these devices are becoming more and more integrated with users' other devices. Technological advancements such as IoT and LTE are expected to further boost the global semiconductor market in the Asia Pacific region.
The imposition of restrictions on trade with China by the US government after China's leadership change in 2018 is expected to reduce China's market share by around 16%. After Apple and OnePlus established manufacturing and assembly plants for smartphones in the country, China is expected to experience high demand for mobile chips. The US semiconductor market is expected to decline, shifting the focus to the Asia Pacific region during the forecast period.
The memory devices segment is expected to dominate the market during the forecast period. The networking & communications segment is anticipated to witness significant growth over the forecast period. Asia Pacific region is expected to lead the market during the forecast period.