According to the latest research report titled, “Semiconductor Market (2024 – 2029)” by Mordor Intelligence, the aviation market is estimated at USD 0.72 trillion in 2024 and growing at a CAGR of 10.86% during the forecast period.
The semiconductor sector is expected to undergo robust expansion in the coming years due to increasing demand for semiconductor materials in emerging fields such as artificial intelligence (AI), autonomous vehicles, the Internet of Things (IoT), and 5G technology. This growth is propelled by fierce competition among major industry players and continual investment in research and development (R&D). Consequently, companies are continuously motivated to innovate and secure a competitive edge within the market.
The semiconductor sector is facing a growing demand for skilled workers, with projections suggesting a need for over one million additional skilled personnel by 2030 to meet industry requirements. Moreover, the industry is marked by lengthy lead times and substantial capital investments. Shortages in the supply chain have arisen due to manufacturing capacity constraints and shifts in demand, posing challenges to the market’s expansion.
Report Summary
Which are the Top Companies in the Semiconductor Market?
The semiconductor industry is characterized by significant players such as Intel Corporation, Samsung Electronics Co. Ltd, Qualcomm Incorporated, Micron Technology Inc., and SK Hynix Inc., which contribute to its partially consolidated landscape. In October 2023, Micron significantly expanded its 1β process node technology by introducing the 16Gb DDR5 memory. Rigorously tested and validated for in-system functionality at speeds of up to 7,200 MT/s, this new product is now being shipped to Micron’s data center and PC clientele.
Prominent players in the semiconductor market:
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Key Highlights from the Semiconductor Market Report
1. Discrete Semiconductors: Significant Market Share in Devices Segment
2. Fabrication’s Dominance in Semiconductor Materials Market
One of the primary factors driving the demand for semiconductor fabrication materials is the increasing use of digitally integrated ICs in the electrical, electronics, automotive, and telecommunication industries. Moreover, heightened investments in the energy sector are poised to drive this segment’s growth further. Semiconductors find extensive applications in solar panels, drives, pumps in wind and water turbines, and protection circuits in energy conversion processes to enhance efficiency and minimize power loss. For instance, the International Energy Agency (IEA) projects a notable 8% surge in global energy investment which reached USD 2.4 trillion in 2022. Additionally, the International Renewable Energy Agency (IRENA) forecasts a steady increase in spending on renewable energy, further propelling market expansion.
What are the Latest Developments in the Semiconductor Market?
Mordor Intelligence Report on the Semiconductor Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the semiconductor industry. Get a glance at the Semiconductor Market Report (2024 – 2029)
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