Semiconductor Market by Component (Memory Devices, Logic Devices, Analog IC, MPU, MCU, Sensors, Discrete Power Devices, Others), by Node Size (180nm, 130nm, 90nm, 65nm, 45/40nm, 32/28nm, 22/20nm, 16/14nm, 10/7nm, 7/5nm, 5nm), by Application (Telecommunication, Defense and Military, Industrial, Consumer Electronics, Automotive, Others): Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast, 2023-2031
The global semiconductor market was valued at USD 600.79 billion in 2022 and expected to reach USD 1022.03 billion by 2031, poised to grow at a compound annual growth rate (CAGR) of 6.7% during the forecast period 2023 to 2031. A semiconductor is a material with specific electrical properties that allow it to serve as the foundation for computers and other electronic devices. It is typically a solid chemical element or compound that conducts electricity under certain conditions but not others this makes it an ideal medium to control electrical current and everyday electrical appliances. Semiconductors such as memory chips are the backbone and a prerequisite for any endeavour in emerging technologies. Semiconductors have influenced everything from artificial intelligence (AI) to smartphone reliance, the internet of things (IoT), and 5G. Semiconductors are used to power technologies that enrich the lives of consumers and make businesses run smarter, faster, and more efficiently.
The growth of the semiconductor market is attributed to the increasing consumption of consumer electronics devices across the globe. Additionally, new potential for market expansion is being presented by the development of artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML) technologies. These technologies aid memory chips in processing large amounts of data in less time. Moreover, the increasing demand for faster and more advanced memory chips in industrial applications will drive market growth over the forecast timeline. the growing popularity of electric vehicles and its rising adoption among the consumers is fueling the growth of the global semiconductor market.
Since the start of COVID-19 in early 2020, the industry has faced several challenges to maintain stable growth. The entire technology industry is rebounding from the United States-China trade war and 2019’s down cycle. The International Data Corporation (IDC) estimated a revenue contraction of approximately 7% in 2022 (with a 55% probability) for the global semiconductor industry over the forecast period.
The global semiconductor market has been severely impacted by the outbreak of the COVID-19 pandemic. With governments in several countries imposing and extending lockdowns, production and manufacturing facilities around the world have been shut down due to the crisis and a lack of labor. Furthermore, the outbreak of the pandemic has disrupted the global supply chain, thereby creating a significant gap in the supply chain. The economic impact of the pandemic has been disruptive. Key players in the semiconductor industry experienced a temporary slowdown due to a lack of skilled professionals to develop semiconductor market solutions, resulting in a decline in revenues for the fiscal year 2020 to 2021.
REPORT SCOPE & SEGMENTATION:
Projected Market Value (2031)
Estimated Market Value (2022)
2023 - 2031
Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Node size, Application, Region
By Component, By Node size, By Application, and Region
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2023 to 2031
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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By component, the semiconductor industry is divided into memory devices, logic devices, analog IC, MPU, MCU, sensors, discrete power devices, and others. The logic devices segment was the highest revenue contributor to the market in 2022. On the other hand, the memory devices segment is estimated to be the fastest growing during the forecast period. This can be attributed to the rising penetration of digitalization and the rapidly growing number of digital businesses. The burgeoning demand for cloud computing and the rising adoption of virtual reality are expected to boost the growth of this segment during the forecast period.
By application, it is segmented into telecommunication, defense & military, industrial, consumer electronics, automotive, and others. In 2022, the consumer electronics segment was the largest revenue contributor to the market. On the other hand, the automotive industry is expected to be the fastest-growing segment during the forecast period owing to the increased adoption of vehicles in both developed and developing nations. The demand for private vehicles is extremely high in developed regions like North America owing to the low availability of public transport and the high demand for convenience in commutes among the population. Furthermore, the rising popularity of electric vehicles among global consumers is boosting the demand for electric vehicles, which in turn is expected to augment the demand for semiconductors in the upcoming future.
The market can be categorised into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America in terms of region. Region-wise, the semiconductor market trends are analysed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, the UK, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global industrial semiconductor industry. The country's major organizations and government institutions are investing heavily in technology.
In 2022, Asia Pacific is expected to dominate the semiconductor market's growth. Asia Pacific has the largest market share and is expected to grow at the fastest rate in the world. Consumer electronics consumption is increasing as a result of increased use of high-end technology-based gadgets and falling electronics prices. Furthermore, because of technological advancements such as IoT and LTE, the region is able to control a large portion of the market.
China holds the largest share in the global semiconductor market and is projected to witness a moderate CAGR in the upcoming years, owing to the surging presence of local semiconductor component manufacturers. These local market players tend toward offering a wide range of products at discounted rates in bulk quantities. Thus, it would augment market growth in China over the forecast period. Because of their strong telecom and automotive industries, North America and Europe are expected to grow at a rapid pace. Rising investments in research and development activities by market players in the US are expected to grow at a rapid pace during the forecast period.
Who are the Major Vendors in the Global Semiconductor Market
The report analyses the competitive landscape of the market and provides information on several market vendors, including:
Segments Covered in the Report
Middle East and Africa
Questions and Answers About This Report:
Consumer electronics is considered to be the leading application of Semiconductor Market.
Econ Market Research says that the global market was USD 600.79 Billion in 2022.
Broadcom, Inc., Intel Corporation, Toshiba Corporation and Qualcomm are the top players in this market.
Asia Pacific dominated the global semiconductors market and is estimated to sustain its dominance during the forecast period.
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