The global semiconductor market size is projected to reach USD 726.73 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. Increasing smartphone usage will be a key growth factor for this market, finds Fortune Business Insights™ in its report, titled “Semiconductor Market Size, Share & COVID-19 Impact Analysis, By Components (Memory Devices, Logic Devices, Analog IC, MPU, Discrete Power Devices, MCU, Sensors and Others), By Application (Networking & Communications, Data Processing, Industrial, Consumer Electronics, Automotive, Government) and Regional Forecast, 2020-2027”. Greater affordability and improving accessibility to mobile phone technology have led to wider smartphone adoption over the past few years. According to the American think tank, Pew Research Center, approximately 2.5 billion people worldwide own at least one smartphone. Semiconductors are the heart of smartphones and other consumer electronics, embedded into microprocessors and transistors that power all electronic devices. Most of the semiconductor chips are made from silicon, with the element powering a multi-billion dollar tech industry. The demand for these materials is thus unlikely to fall in the near future owing to their essentiality in the electronics industry.
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The COVID-19 pandemic has brought economies to a standstill, spreading uncertainty, anxiety, and panic among businesses across industries around the globe. Governments are taking the necessary steps to wade their countries out of these troubled waters, while private companies are looking for alternatives to survive these trying times. At Fortune Business Insights™, we are striving to gain market intelligence to equip you with updated information and aid your efforts at wading through this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.
According to the report, the global market value in 2019 stood at USD 513.08 billion. The highlights of the report include:
- Tangible analysis of the impact of the coronavirus outbreak on the market;
- Comprehensive examination of the market drivers, trends, and challenges;
- Microscopic study of the various market segments; and
- Granular evaluation of the regional developments and competitive landscape of the market.
US-China Trade War to Hinder Market Growth
One of the biggest challenges facing the semiconductor market growth is the on-going trade war between the United States and China. The Trump administration announced in April 2018 that it will impose tariffs amounting to USD 50 billion that had a direct bearing on this industry as prices of components and equipment imported from China rose dramatically. According to the announcement, chips produced in China would be subject to 25% tariff, even if the components had been made in the US. This decision has to a notable decline in sales in the US. For example, the Semiconductor Industry Association (SIA) reported a 28.8% contraction in their sales, which fell to USD 6.29 billion in August 2019. With two of the largest chip manufacturers engaged in an intense trade war, the global supply chain of semiconductors is likely to suffer as a result. The damage will be even more heightened because of the COVID-19 pandemic.
Steadily Climbing Demand for Advanced Electronics to Fuel the Market in Asia Pacific
Asia Pacific is expected to dominate the semiconductor market share during the forecast period on account of the steadfast rise in demand for advanced electronics and components across the region. The region’s leading position is further bolstered by the expanding chip manufacturing operations in China, which holds a significant share in the global industry. In 2019, the market size of Asia Pacific stood at USD 279.77 billion.
Heavy investments in R&D are anticipated to propel the market in North America. The SIA estimates that between 1999 and 2019, spending on semiconductors in the US grew by 6.6% annually. In Europe, on the other hand, the market will be primarily driven by the widespread adoption of these materials across the region’s robust automotive industry.
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List of Key Companies Profiled in this Market Report:
- NXP Semiconductors N.V. (Eindhoven, The Netherlands)
- Micron Technology (Idaho, United States)
- Toshiba Corporation (Tokyo, Japan)
- Taiwan Semiconductors (Hsinchu, Taiwan)
- Samsung Electronics (Suwon-si, South Korea)
- Intel Corporation (California, United States)
- NVIDIA Corporation (California, United States)
- Maxim Integrated Products, Inc. (California, United States)
- Texas Instruments (Texas, United States)
- SK Hynix (Gyeonggi, South Korea)
- Qualcomm (California, United States)
- Broadcom, Inc. (California, United States)
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