Global Semiconductor Industry Outlook worth $617 billion by 2024

According to a research report, "Global Semiconductor Industry Outlook 2024" published by MarketsandMarkets, the global semiconductor industry market size is estimated to grow from USD 528.8 billion in 2023 to USD 616.5 billion by 2024 at a Y-o-Y increase of ~16% on the back of ongoing product innovation, growing semiconductor demand from AI data center, next-generation computing, and HPC applications, along with the growth of semiconductors in passenger vehicle and automotive electrification.

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Despite an overall market contraction in 2023, the demand for semiconductors from data centers is anticipated to remain robust. This resilience is primarily attributed to the escalating adoption of AI and ML workloads in data centers, driving the need for specialized processors like GPUs and TPUs. The continuous expansion of cloud computing services, big data analytics, and global advancements in Generative AI (GenAI) further contribute to the increased demand for data center infrastructure throughout 2023.

Semiconductor developments in 2023 and key trends in 2024

Government worldwide promotes local manufacturing, eying opportunities from the shifting global semiconductor landscape, quantum computing – unleashing qubit race among tech giants, and growing interests of enterprises in GenAI fueling demand for AI chipsets prevail in 2023. Process nodes to shrink further; Intel likely to demonstrate 2-nm chips in 2024, global silicon wafer shipments to recover in 2024 amidst revitalized demand and normalized inventory, Semiconductor equipment sales to see strong rebound in 2024 driven by China’s silicon surge, modular chiplet technology likely to witness triple-digit growth are trends that will front-line the semiconductor market outlook in 2024. In 2024, process technology advancements will be critical in shaping the semiconductor industry landscape. The embrace of novel process technologies and the need for advanced fabrication processes will be fueled by well-established megatrends such as AI, autonomous vehicles, broader automotive applications, high-performance computing (HPC), the evolution of 5G, and the anticipated connectivity advancements of 6G

We have analyzed the key semiconductor industry trends in our Global Semiconductor Industry Outlook 2024 project that can assist semiconductor professionals in being ready for both the known and unknowns of the upcoming year.

The MarketsandMarkets - Global Semiconductor Industry Outlook 2024 report can help prepare semiconductor professionals and business leaders for the year ahead. The report incorporates years of experience in the rapidly expanding semiconductor sector, the opinions of industry experts, comprehensive evaluations by analysts, and extensive interviews with stakeholder groups worldwide.

Market Players

NVIDIA Corporation (US), Apple Inc. (US), Intel Corporation (US), Advanced Micro Devices, Inc. (US), SAMSUNG (South Korea), Qualcomm (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), MediaTek Inc. (Taiwan), Texas Instruments Incorporated (US), Broadcom Inc. (US), Micron Technology, Inc. (US), SK Hynix Inc. (South Korea), are the top semiconductor companies having significantly contributed to market share in 2022 and were highly competitive with focus on new product development, launches, and partnership strategies. During 2023, companies prioritized the creation of novel generative AI models to maintain competitiveness in the market. For instance, Google introduced two new generative AI models, “Gemini” and “MedLM,” in December 2023 alongside its existing “Bard.” Notably, Google's Gemini is positioned to directly rival OpenAI’s GPT-4. These advancements are poised to drive the demand for AI servers in data centers, acting as a catalyst for market growth in 2024.

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Asia Pacific leads the semiconductor industry, and North America experiences the highest YoY growth

From a regional standpoint, Asia Pacific and North America are set for continued expansion in 2024 and are expected to exhibit substantial double-digit semiconductor industry growth year-over-year. Starting January 2023, companies across the semiconductor supply chain have disclosed investments exceeding USD 24 billion in the US. Following the enactment of the CHIPS and Science Act, a total of over USD 166 billion has been committed, comprising USD 39 billion in subsidies and a 25% tax credit to encourage domestic semiconductor manufacturing. A robust investment surge in the US semiconductor sector driven by the CHIPS and Science Act will propel the market growth in 2024. The Asia Pacific region is poised to command a substantial market share in 2024, primarily attributed to ongoing investments in developing and deploying new Integrated Device Manufacturers (IDMs) and semiconductor fabrication facilities. Notably, China, South Korea, and Taiwan are anticipated to remain pivotal destinations for spending on semiconductor manufacturing equipment in 2024.