Semiconductor Industry Size, Share & Trends

Global Semiconductor Industry Outlook 2024

Report Code: SE 8889 Dec, 2023, by marketsandmarkets.com

Updated on : Sep 12, 2024

Semiconductor Industry Outlook 2024 Size & Growth

In the rapidly evolving technology landscape, the Global Semiconductor Industry anticipates a dynamic trajectory for 2024. This year's outlook delves into the intricate interplay of market forces, technological advancements, and emerging trends that promise to shape the semiconductor sector. From the intricacies of chip design to the ever-expanding applications of integrated circuits, our analysis sheds light on the crucial role semiconductors play in powering the innovations that define interconnected world.

MarketsandMarkets anticipates the global semiconductor market Size, Share, Industry Growth, Trends & Analysis was valued at USD 529 billion in 2023 and is projected to reach USD 617 billion by 2024, registering an annual growth of 16.6% in 2024. The market growth is expected to be driven by the rising demand for semiconductors in data centers, high-performance computing (HPC), and the automotive industry. The global semiconductor industry is expected to witness robust growth in 2024, fueled due to surge in overall market valuations across memory, logic, micro, sensors, analog, and discrete segments. Growing interests of enterprises in generative-AI fueling demand for AI-chips, increasing demand for GPUs from data centers, and increase in semiconductor content per vehicle – are some trends that spearhead an uptick in global semiconductor market growth.

Global Semiconductor Industry Outlook 2024

Global Semiconductor Industry Outlook 2024

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Global Semiconductor Industry Outlook 2024 Trends: Robust Growth Amid Technological Advancements

The global semiconductor industry is poised for robust growth in 2024, driven by accelerating advancements in technology, increasing demand for high-performance computing, and the proliferation of digital transformation across various sectors. As the backbone of modern electronics, semiconductors are critical components in a wide range of applications, from consumer electronics to automotive and industrial systems. This outlook explores key trends, challenges, and growth drivers shaping the semiconductor industry in 2024.
 
Key Growth Drivers:
 
5G and Connectivity:
 
The ongoing global rollout of 5G networks is a significant growth driver for the semiconductor industry. The demand for 5G-enabled devices, infrastructure components, and related technologies is increasing, requiring advanced semiconductors to support faster data speeds, lower latency, and enhanced connectivity.
 
Artificial Intelligence (AI) and Machine Learning (ML):
 
AI and ML applications are expanding across various industries, including healthcare, finance, and automotive. These applications require high-performance computing capabilities, driving the demand for advanced semiconductors such as AI accelerators, GPUs, and specialized processors designed to handle complex AI algorithms.
 
Automotive Sector:
 
The automotive industry is undergoing a transformation with the rise of electric vehicles (EVs), autonomous driving, and smart car technologies. Semiconductors play a crucial role in powering these innovations, from advanced driver-assistance systems (ADAS) to battery management systems and vehicle-to-everything (V2X) communication.
 
Internet of Things (IoT):
 
The proliferation of IoT devices in smart homes, industrial automation, and wearable technology continues to drive semiconductor demand. IoT devices require a variety of semiconductor components, including sensors, microcontrollers, and connectivity chips, to function efficiently and effectively.
 
Cloud Computing and Data Centers:
 
The shift towards cloud computing and the increasing reliance on data centers for storage and processing are boosting the need for high-performance semiconductors. Data centers require powerful processors, memory chips, and networking components to handle large volumes of data and complex computations.
 
Challenges and Opportunities:
 
Supply Chain Resilience:
 
The semiconductor industry faces ongoing challenges related to supply chain disruptions, geopolitical tensions, and raw material shortages. Companies are investing in building more resilient supply chains by diversifying suppliers, increasing local manufacturing capabilities, and adopting advanced supply chain management practices.
 
Technological Innovation:
 
Continuous innovation is crucial for maintaining competitiveness in the semiconductor industry. Companies are focusing on developing next-generation technologies, such as quantum computing, advanced packaging, and new materials like silicon carbide (SiC) and gallium nitride (GaN), to meet evolving market demands.
 
Sustainability and Energy Efficiency:
 
There is a growing emphasis on sustainability and energy efficiency in semiconductor manufacturing. Companies are adopting green manufacturing practices, improving energy efficiency in semiconductor devices, and exploring renewable energy sources to reduce their environmental impact.
 
Regulatory and Trade Policies:
 
The semiconductor industry is influenced by regulatory and trade policies that affect global supply chains and market access. Navigating these policies and fostering international collaboration are essential for ensuring the industry's growth and stability.
 

The report offers a wealth of information about the semiconductor industry growth, such as:

  • 2023:
  • GPU demand from data centers stayed strong – With generative AI revolutionizing every industry, enterprises are progressively searching for extensive computing resources within data centers. NVIDIA, AMD, and Intel are intensifying competition in the growing data center GPU market driven by increasing demand from AI & ML workloads.
  • Growing interests of enterprises in Generative-AI fueling demand for AI-chips – The surging interest in generative AI among enterprises propels the demand for AI chips, particularly GPUs, within data center infrastructure, presenting a lucrative revenue opportunity for industry participants. Top semiconductor companies are planning to expand in the AI field, recognizing the lucrative potential of AI model infrastructure, such as the HGX H200 introduced by NVIDIA for generative AI and HPC tasks.
  • Chiplet: Emerging new wave of Moore’s Law – Intel, AMD, Apple, Marvell, and IBM embrace chiplet technology. Intel targets a quadruple increase in advanced chip packaging capacity by 2025, signaling a shift toward chipset architecture adoption in the market. Chiplets have emerged as a promising alternative, offering a way to continue the progress of Moore's Law by embracing a modular approach to chip design.
  • 2024:
  • Co-packaged Optics to take a leap forward with growing demand from data centers – As data centers and HPC environments confront soaring demands, co-packaged optics (CPO) technology emerges as a critical solution, elevating bandwidth and reducing latency by seamlessly integrating optical components onto semiconductor packages.
  • MRAM is set to dominate the next-generation memory market in 2024, HPC and data centers are the key applications – Next-generation memory technologies like MRAM, ReRAM, HMC, and HBM have reached commercialization after extensive R&D efforts. Leading foundries and IDM are currently qualifying STT MRAM technology for various applications, including low-power MCU/SoC chips, ASIC products, IoT devices, wearables, and CMOS image sensors.
  • 2024 will be the breakthrough year for quantum computing commercialization – 2024 marks a significant turning point for quantum computing, transitioning from theoretical research to practical commercial applications. Quantum computing efforts in 2024 focus on developing scalable quantum processors, overcoming key challenges to enable broader adoption in various industries.

The MarketsandMarkets - Global Semiconductor Industry Outlook 2024 report can help prepare business leaders and semiconductor professionals 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. Discover the latest semiconductor industry trends with our in-depth semiconductor industry analysis.

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TABLE OF CONTENTS
 
1 EXECUTIVE SUMMARY 
    1.1 TOP DEVELOPMENTS IN 2023 
    1.2 KEY PREDICTIONS FOR 2024 
 
2 RESEARCH SCOPE, OBJECTIVES, AND METHODOLOGY 
    2.1 STUDY SCOPE 
    2.2 STUDY OBJECTIVES, METHODOLOGY, KEY INFORMATION AREAS, TARGETED PERSONAS 
 
3 GLOBAL MACROECONOMIC ANALYSIS 
    3.1 GLOBAL AND REGIONAL MACROECONOMIC INDICATORS: REAL GDP & INFALTION RATE 
    3.2 TOP 10 COUNTRIES MACROECONOMIC INDICATORS: REAL GDP GROWTH RATE & GDP PER CAPITA 
    3.3 TOP 10 COUNTRIES: CONSUMER-RELATED MACROECONOMIC INDICATORS  
 
4 GLOBAL SEMICONDUCTOR INDUSTRY IN 2023 
    4.1 SEMICONDUCTOR INDUSTRY PERFORMANCE: 2022 VS. 2023 
    4.2 GLOBAL SEMICONDUCTOR INDUSTRY IN 2023: KEY DEVELOPMENTS 
    4.3 COMPETITIVE ANALYSIS 
 
5 GLOBAL SEMICONDUCTOR INDUSTRY OUTLOOK IN 2024 
    5.1 GLOBAL SEMICONDUCTOR INDUSTRY PERFORMANCE: 2023 VS. 2024 
    5.2 GLOBAL SEMICONDUCTOR INDUSTRY IN 2024: KEY TRENDS 
 
6 KEY GROWTH OPPORTUNITIES AND RECOMMENDATIONS 
 
7 FINAL CONCLUSION AND KEY TAKEAWAYS  
 
8 APPENDIX 
    8.1 TOP 15 TRENDS FOR 2024 
 
9 ABOUT MARKETSANDMARKETS 
    9.1 LEGAL DISCLAIMER 
 
 

 


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