Semiconductor market to hit $588.36bn in 2024
The global chip market will bounce back from its recent slump to grow 13% next year, say new numbers from World Semiconductor Trade Statistics.
The industry body expects the market to rebound to a record US 588.36 billion in 2024 up from USD 520.13 billion this year. It says the boom in demand for chips used for artificial intelligence is the key reason for its optimistic forecast.
It is welcome news. Post COVID, the industry had struggled thanks to a glut of inventory, global geopolitical tension and suppressed consumer demand. This led to a 9.4% fall in the value of the industry from USD 574.08 billion in 2022 to USD 520.13 billion this year.
Broken down by product type, the body says discrete semiconductors, primarily propelled by power semiconductors, are on target to experience 5.8% year-over-year growth in 2023. However, all integrated circuit categories, including analog, micro, logic and memory, are anticipated to witness an 8.95% decline compared to the previous year.
By region, for the year 2023, only the European market is projected to grow, with an increase of 5.9%. The Americas will decline by 6.1%, the Asia Pacific region by 14.4% and Japan by 2.0%.
