The Global Semiconductor Market report, published by Report Ocean, presents a comprehensive analysis of the product’s/service industry, examining both historical patterns and future prospects from 2023 to 2031. This report serves as a valuable reference for businesses seeking to formulate effective strategies for the coming years, offering insights into the performance of organizations and the overall market in the previous year.
Global Semiconductor Market to Boost in Coming Years Projected to Reach Worth USD 820.1 Billion by 2028
The global Semiconductor market’s growth is attributable to the ever-increasing demand for consumer electronic devices and the emergence of advanced technologies like artificial intelligence, machine learning, IoT, etc..
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A recent study by the strategic consulting and market research firm; Report Ocean revealed that the Global Semiconductor market was worth USD 550.2 billion in 2021 and is anticipated to reach USD 820.1 billion by 2028 at a CAGR of 5.3%. The growth rate of the market is driven by the massive demand for consumer electronic devices created owing to the growing population, escalating household incomes, increasing digitization combined with rapid urbanization.
Technological Advancements Coupled With The Surge In Demand For Consumer Electronic Devices Driving Global Semiconductor Market Growth
Technology is becoming more autonomous, virtual, connected, and intelligent, increasing the significance of the superconductors for a wide range of industries like smartphones, computers, smart homes, refrigerators, air conditioners, etc. The semiconductors function as translators from the physical world to the digital world. For instance- In a smartphones digital camera, the semiconductor sensors inside the camera convert the image of what the lens sees into digital data. Moreover, numerous emerging technologies entailing artificial intelligence, industrial internet of things, automotive electronics, and augmented / virtual reality are becoming significant across different industries. Consequently, more and more companies find ways to use them to innovate and develop new products and revolutionize their businesses, thus making a significant contribution to the demand for semiconductors.
The Change In The Pattern Of Global Trade And High Manufacturing Costs Impede The Global Semiconductor Market Growth
Change in the trade policies and a shift towards protectionist measures adopted by the United States has impacted the global supply chains. Furthermore, the constantly changing semiconductor market and the complicated manufacturing process are expected to slow down the growth and demand for semiconductors during the forecast period. Additionally, the massive production costs of semiconductors and high initial costs of production with uncertain returns are a major challenge expected to hamper the growth of the semiconductor market during the forecast period 2022-2028.
Memory Devises Segment Dominates The Market Share Due To High Demand Of Consumer Electronic Devices.
Amidst the segmentation, memory devices accounted for the largest market share in 2021 owing to the rapid adoption of technological advancements like AR/VR, cloud computing, etc., and their integration in end-user devices. Moreover, the high cost of memory products like NAND flash chips and DRAM is responsible to a large extent for their high market share. For instance- In the third quarter of 2021, the global semiconductor market was led by strong sales of memory products such as DRAM and NAND flash. The NAND flash market significantly expanded. The logical devices segment is anticipated to witness the highest growth rate during the forecast period. The MPU and MCU show stagnant growth owing to weak shipments and investments in smartphones, computers, etc.
Impact Of COVID-19 On The Semiconductor Market
The semiconductor industry has been severely impacted by the abrupt outbreak of the COVID-19 pandemic. During the initial phases in 2020, companies and manufacturing facilities worldwide were shut down due to the stringent lockdown restrictions creating uncertainty in the stock market and declining business confidence. On the other hand, it escalated digitization, thus increasing the significance of digital technologies in connecting people and businesses to function. 2020 witnessed a high surge in demand for both companies as well as consumer customers. Therefore, the demand for semiconductors remained high despite the supply chain issues due to the Covid-19 wave.
Asia-Pacific Dominates The Global Semiconductors Market In 2021 And Is Projected To Exhibit The Highest Growth Rate During The Forecast Period 2022-2028
The market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific leads the market with the highest share in 2021 due to the adoption of high-end technology-based devices, growing consumer demand for electronic devices, and low prices. China in Asia-Pacific is expected to grow with the highest CAGR during the forecast period due to the presence of local component manufacturing. Asia- Pacific is followed by North America in terms of growth rate as a result of high investment in the research and development activities. Latin America, the Middle East, and Africa are expected to register a healthy market growth rate on account of rising consumption of smartphones, TVs, etc., and the presence of skilled labor, respectively.
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Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Component
Memory Devices
Logic Devices
Analog IC
MPU
Discrete Power Devices
MCU
Others Like Sensors
By Application
Networking And Communications
Data Processing
Industrial
Consumer Electronics
Automotive
Government
By Region
North America
Europe
Asia-Pacific
Latin America
Middle-East and Africa
Competitive Landscape
The global semiconductor market is fragmented with numerous players serving the market. The key players dominating the global semiconductor market are Samsung Electronics, Intel, Qualcomm, Broadcom, SK Hynix, Toshiba, Taiwan Semiconductors, Texas Instruments, Micron Technology, Maxim Integrated Products, NXP Semiconductors N.V., NVIDIA, and other prominent players. The key marketing strategies adopted by the players are launching new and advanced product launches investing in new technologies, collaborations, partnerships, and acquisitions to expand their customer reach.
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Some of the Key Questions Answered in this Report:
What are the key market trends and market dynamics?
Who are the major players in the market and what is their market share?
What is the competitive landscape like in the market?
What are the major drivers and restraints affecting the market?
What are the growth opportunities in the market?
What are the regional and local market conditions and consumer behavior?
What is the market size and growth forecast for different regions and countries?
What is the impact of government regulations and policies on the market?
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