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Tokyo, November 24, 2021 (GLOBE NEWSWIRE) – Precedence Research, recently announced report on “Semiconductor market – Global industry analysis, size, share, growth, trends, regional outlook and forecast 2021 to 2030 â€.
The global semiconductor market is primarily driven by growing demand for consumer electronics, industrial tools and equipment, automotive products, and networking and communications products. The rapid advancements in consumer electronics technologies such as smartphones, laptops, air conditioners and various other product lines have rapidly increased the consumption of electronics across the world, which has fueled the growth of the market for semiconductors.
In addition, the growing popularity of the latest technologies such as IoT, artificial intelligence and virtual reality are expected to exponentially increase the demand for semiconductors across the world. In addition, the growing demand from the automotive industry for manufacturing electric vehicles is driving the market. The semiconductor market is expected to grow significantly due to the increasing investment by market players to expand production facilities to meet the excess demand for semiconductors in various industries.
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However, continued semiconductor shortages across the world are causing a production shortage of various electronic products. This hinders the growth of the market. However, according to experts, this shortage is expected to recover by 2023 due to increased efforts to increase semiconductor production.
Scope of the semiconductor market
| Cover of the report | Details |
| Market size in 2021 | 430 billion dollars |
| Growth rate from 2021 to 2030 | 6.6% CAGR |
| Fastest Growing Market | North America and Europe |
| The biggest market | Asia Pacific |
| Year of reference | 2021 |
| Regional scope |
|
| Covered companies | Samsung Electronics, Qualcomm Technologies, Inc., Broadcom, Inc., Intel Corporation, Texas Instruments, Taiwan Semiconductors, NXP Semiconductors, SK Hynix, Micron Technology, Maxim Integrated Products, Inc. |
Asia Pacific is the dominant market and is also expected to be the fastest growing market for semiconductors. This is due to the presence of the best manufacturing units from various consumer electronics companies in the region. Nations like China and India are becoming the manufacturing hub of the world due to the easy and cheap availability of factors of production. In addition, the government’s favorable policies to attract FDI are stimulating industrial development, which is a major factor for the increase in semiconductor consumption in the region. In addition, the growing government investments in the region to develop several smart cities that will use the latest technologies such as AR, VR, IoT and AI are expected to fuel demand for semiconductors in the coming years. In addition, the growing demand for consumer electronics in the region due to increased urbanization, increasing disposable income and growing demand for digital products complements the semiconductor market.
Semiconductor market in Europe and North America is expected to experience a considerable growth rate due to the presence of strong telecommunications and automotive industries in the region. The rapidly increasing investments by market players in research and development activities in the United States will provide opportunities for growth in the near future.
Geopolitics can have a negative impact on market growth. Like, the trade war between the United States and China has resulted in an increase in tariffs which will reduce the demand for digital and electronics among consumers. The trade war between China and the United States that started in 2018, if it continues, the United States could face a market share loss of more than 15% in the semiconductor market.
The increasing demand for integrated chips due to the increased demand for mobile phones across the world is significantly driving the growth of the market. In addition, the growing demand for the latest washing machines, dishwashers and many other consumer electronics are increasing the consumption of semiconductors, thus propelling the market growth.
Component-based, MPU and MCU segments dominated the market in 2020. This is attributed to the increase in production of laptops, desktops and notebooks around the world in the past. Faster growth in the trend of working from home across the world has drastically boosted the demand for PCs and laptops, resulting in a significant amount of semiconductors across the world. In addition, the current trend and increasing demand for IoT devices are driving the demand for controllers and processors, which increases the growth of MPU and MCU segment. According to the National Cable and Telecommunications Association, there were approximately 50.1 billion connected devices in 2020 worldwide. In 2018, that number was around 34.8 billion. IoT devices are expected to grow significantly in the near future.
App based, automotive is estimated to be the most opportunistic segment during the forecast period. The increased adoption of motor vehicles in developed regions of Europe and North America has increased growth in the past. The growing popularity of electric vehicles among the world population is driving the demand for automotive semiconductors.
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Segments covered in the report
By component
- Logical devices
- MPU
- Power supplies
- MCU
- Analog IC
- Memory devices
- Sensors
- Discrete power devices
- Others
By application
- Data processing
- Industrial
- Networks and communications
- Consumer electronics
- Automotive
- Government
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