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The global semiconductor market size reached USD 527.88 billion in 2021. The market value is estimated to increase from USD 573.44 billion in 2022 to USD 1,380.79 billion in 2029 at a CAGR of 12.2% in 2022-2029. This information is published by Fortune Business Insights™, in its report, titled, “Semiconductor Market Size, Share & COVID-19 Impact Analysis, By Component (Memory Devices, Logic Devices, Analog IC, MPU, Discrete Power Devices, MCU, Sensors, and Others), By Application (Networking & Communications, Data Processing, Industrial, Consumer Electronics, Automotive, and Government), and Regional Forecast, 2022-2029”
U.S-China Trade War & Disrupted Supply Chains to Push Market Toward Negative Growth During Pandemic
Since the onset of COVID-19 in early 2020, various manufacturing and production hubs experienced a downfall in capacities due to lockdowns and fragmented workforces. The semiconductor industry was already experiencing a downfall due to the ongoing trade war between the U.S. and China. The International Data Corporation (IDC) published a report that estimated a 6% revenue contraction in 2020 for the global market over the forecast period.
Also, the outbreak of the virus in China often hailed as the center of production and consumption, further decreased the value of the market. The United Nations Conference on Trade and Development (UNCTAD) estimated 2% reduction in export conditions from China toward the EU. Additionally, the U.S., South Korea, and Japan could face repressions of USD 7 billion arising from delayed projects surrounding the market.
Broadcom. Inc to Revitalize Sector for WLAN & Set-up Boxes
Broadcom. Inc announced its new 3*3 Wi-Fi 6 chip named BCM6710, which is specifically designed for WLAN applications and set-up boxes. This highly-optimized chipset has been integrated with RF power amplifiers for providing higher bandwidth and low-latency applications. Applications, such as 4K UHD video streaming and AR, are expected to be running more effectively by using this chipset.
Additionally, in July 2020, Qualcomm Technologies Inc. introduced the ‘Qualcomm QCS410’ and ‘Qualcomm QCS610’ system-on-chips (SoCs). These products were designed keeping in mind high-end camera applications and include ML and AI attributes.
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Rising Consumption of Consumer Electronics Propelling Market Growth
Rising disposable income among levels, rapid population, and rising urbanization are expected to augment the semiconductor market growth during the forecast period. Additionally, the rising integration of Integrated Circuits (ICs) toward various devices, such as smartphones, washing machines, TVs, and refrigerators, and increased focus of key market players toward launching novel products will drive the market growth.
Additionally, factors such as rising demand for advanced devices, increasing technological advancements, and compacting ICs will push the boundaries of the market. The increasing number of personal computer manufacturers and rising investments toward R&D activities will increase the footprint of the market.
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Value (USD billion)
By Component, Application, and Region