Semiconductor Market to Exhibit a CAGR of 14.9% from 2024 to 2032; Market Value to Rise Owing to the Surging Product Use in Consumer Electronics and Integrated Circuits Integration

The global semiconductor market size stood at USD 611.35 billion in 2023. The market value is slated to rise from USD 681.05 billion in 2024 to USD 2062.59 billion by 2032 at a CAGR of 14.9% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Semiconductor Market Size, Share & Industry Analysis, By Component (Memory Devices, Logic Devices, Analog IC, MPU, Discrete Power Devices, MCU, Sensors, and Others), By Application (Networking & Communications(Ethernet Controllers, Adapters & Switches, and Routers & Others), Data Centers, Industrial (Power Controls and Motor Drives, Intelligent Systems, and Industrial Automation & Others), Consumer Electronics (Home Appliances, Personal Devices, and Other devices), Automotive (Telematics & Infotainment, Safety Electronics, Chassis, Powertrain, and Body Electronics), and Government), and Regional Forecast, 2024-2032”

Semiconductors are necessary electronic units or circuits produced by deploying materials, such as silicon carbide, silicon, germanium, and others. The growing electronics use and deployment across applications, such as data processing, consumer electronics, automotive, government projects, and others, is fostering the market expansion.

In 2020, the industry witnessed a shock due to the COVID-19 pandemic with its sudden onset. It also resulted in critical challenges that impeded the stable growth of the industry. According to an assessment conducted by the United Nations Conference on Trade and Development (UNCTAD), there was a 2% decrease in automotive parts export from China to other manufacturers in the EU nations in 2020.

Samsung Unveiled its 2.5D and 3D packages of Heterogeneous Integration Technology to Enhance its Position

In March 2023, Samsung, the leading technology company and a provider of innovative solutions, announced the release of its 2.5D and 3D packages of heterogeneous integration technology. Multiple transistor plantations are supported by this solution.

Growth in Product Use in Consumer Electronics and Integrated Circuits Integration to Spur the Market Expansion

The semiconductor market growth is driven by a rise in the deployment of products in consumer electronics and the integration of integrated circuits. Heavy investments in research and the introduction of new devices are being made by many consumer goods manufacturers, such as Panasonic, Apple, Samsung, and others, to serve the rising consumer demand.

Despite an expanding scope for the adoption of the product, inventory drawdowns with technological innovations, along with the prohibitive capital cost, may hinder the market growth.

Key Companies Emphasize Product Development to Reinforce Their Industry Position

Many competitive strategies are being leveraged by leading players to sustain their industry leadership. Mergers & acquisitions, joint ventures, and partnerships are some of these strategies. Many players are also investing huge amounts into intense research and development for the launch of enhanced capabilities of products.

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Key Players

• Broadcom, Inc. (U.S.)


• Samsung Electronics (South Korea)


• Intel Corporation (U.S.)


• Maxim Integrated Products, Inc. (U.S.)


• Taiwan Semiconductors (Taiwan)


• Micron Technology (U.S.)


• NXP Semiconductors N.V. (Netherlands)


• NVIDIA Corporation (U.S.)


• Qualcomm (U.S.)


• SK Hynix (South Korea)


• Texas Instruments (U.S.)


• Toshiba Corporation (Japan)

Key Industry Development

• December 2022: Taiwan Semiconductor (TSC), a prominent manufacturer of LED drivers and supplier of Analog ICs and ESD protection devices, unveiled the release of SMPC4.6U wettable flank in its package devices segment.

Further Report Findings

• The Asia Pacific occupies the largest semiconductor market share. The region can supply a secured amount of manufactured and raw materials to produce a huge amount of semiconductor components. This factor is bolstering the regional growth.


• On the basis of component, the market is segregated into logic devices, memory devices, analog IC, discrete power devices, MPU, MCU, sensors, and others. The memory devices segment is projected to observe the highest CAGR during the forecast period owing to the ongoing technological incorporation of DRAM and NAND flash chips for innovations across the gaming industry, such as cloud computing and virtual reality.

Table of Segmentation