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Worldwide semiconductor market expected to hit $520 billion in 2023, revival in 2024

Views: 0     Author: globalsmt     Publish Time: 2023-12-01      Origin:

The European Semiconductor Industry Association (ESIA) reports on the latest semiconductor market forecast by the World Semiconductor Trade Statistics (WSTS). Exceeding the spring projections with slightly better Q2 and Q3 results, the updated market valuation for 2023 is now estimated at US$ 520 billion, marking a 9.4% decline from the previous year. However, this is anticipated to be followed by a robust recovery, with an estimated growth of 13.1% in 2024.

Reflecting the stronger performance observed in the last two quarters, WSTS has revised its growth projections slightly upward, noting improvements in certain end-markets. For 2023, Discrete Semiconductors, primarily propelled by Power Semiconductors, are projected to experience a 5.8% year-over-year growth. However, all Integrated Circuit (IC) categories, including Analog, Micro, Logic, and Memory, are anticipated to witness an 8.9% decline compared to the previous year. This downturn, though significant, is less pronounced than initially forecast in June 2023.

For the year 2023, only the European market is projected to experience growth, with an increase of 5.9%. Conversely, the remaining regions are anticipated to face a downturn, with the Americas expected to decline by 6.1%, the Asia Pacific region by 14.4%, and Japan by 2%.

Anticipated revival in the global semiconductor market for 2024

The outlook for 2024 points to a vigorous upswing in the worldwide semiconductor market, with projections indicating a 13.1% increase, reaching a valuation of US$ 588 billion. This growth is expected to be largely fuelled by the Memory sector, which is on track to soar to around US$ 130 billion in 2024, representing an upward trend of over 40% from the previous year. The majority of other principal segments, including Discrete, Sensors, Analog, Logic, and Micro, are also expected to record single-digit growth rates.

From a regional standpoint, all markets are poised for on-going expansion in 2024. The Americas and Asia Pacific, in particular, are forecast to demonstrate significant double-digit growth on a year-over-year basis.

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