Semiconductor market to reach USD 1,380.79 billion
As per the report by Fortune Business Insights, the global semiconductor market size is projected to reach USD 1,380.79 billion in 2029, at a CAGR of 12.2% during the forecast period, 2022-2029.
The semiconductor market size is projected to grow from USD 573.44 billion in 2022 to USD 1,380.79 billion in 2029 at a CAGR of 12.2% during the 2022-2029 period. This information is presented by Fortune Business Insights, in its report, titled, “Semiconductor Market Forecast, 2023-2029.”
The global market size was USD 527.88 billion in 2021. Factors such as the rising consumption of consumer electronics and the emerging usage of Artificial Intelligence (AI) will boost the growth of the market during the forecast period. Additionally, increasing demand for faster and advanced memory chips will increase the footprint of the market.
Drivers & Restraints-
• Increasing Consumption of Consumer Electronics & Rising Demand for ICs to Augment Growth
• Factors such as rising consumption of consumer electronics, increasing disposable income, and rapidly growing population will boost the semiconductor market growth during the forecast period.
• Additionally, rising urbanization & rising products by industry leaders will increase the footprint of the market.
• Also, rising demand for Integrated Circuits (ICs) and rising technological advancements will fuel the growth of the market.
• However, shifting global trade practices are expected to hamper the growth of the market during the forecast period. Also, tariff disruptions will limit the growth of the market.
• Regional Insights-
• Asia Pacific to Hold Dominance due to Rising Adoption of High-End Technology
• Asia Pacific will witness the largest semiconductor market share during the forecast period due to increased adoption of technology and decreasing minimum electronic prices. Additionally, rising technological advancements and integration of the Internet of Things (IoT) and LTE will further fuel the growth of the market. Also, the presence of key market players in the region will increase the footprint of the market.
• North America will occupy a considerable market share in terms of global contribution, owing to rising R&D activities and increasing expenditure.
• Europe will witness moderate growth during the forecast period due to the expanding telecom & automotive industry along with rising investment opportunities. Additionally, rising demand for advanced devices & components combined with rising electronic consumption will drive the market.
