The Business Research Company has gone on to update its global market reports, which feature the latest data for 2024 and also projections up to 2033.
The semiconductor as well as other electronic component markets have gone on to experience robust growth, growing from $1,151.27 billion in 2023 to $1,242 billion in 2024, thereby boasting a well-regarded CAGR of 7.9%. This trajectory, which happens to be upward, is set to continue, with forecasts indicating a semiconductor as well as other electronic component market size of $1,649.37 billion by 2028, pushed due to a sustained CAGR of 7.3%.
Consumer Electronics Frenzy
The bloated demand when it comes to consumer electronics stands as a major catalyst, thereby pushing the semiconductor as well as other component markets. Consumer electronics, which go on to span gadgets that are designed for daily, private, and even professional usage go on to rely on semiconductor elements for processing power, memory, connectivity, as well as specialized features. Importantly, LG’s annual financial report for 2022 goes on to showcase the growth in consumer electronics sales, exceeding $60 billion, thereby marking a substantial surge from almost $52.70 billion in 2021. This growth in consumer electronics demand pushes up the growth of the semiconductor as well as other component markets.
Green Semiconductors, When It Comes To Sustainability
A worldwide trend in the semiconductor sector goes on to revolve around the intensified emphasis when it comes to green semiconductors so as to bolster competitiveness. This strategic transition looks to curtail energy consumption and limit the usage of data. Major players like Samsung Electronics, Intel Corporation, as well as QUALCOMM Inc. happen to be actively investing when it comes to green semiconductors by way of innovations such as Samsung’s green DDR4 that offers increased performance as well as less energy consumption as compared to the predecessor DDR3. This eco-friendly move is indeed reshaping the semiconductor manufacturing landscape.
Revolutionizing By Way of LCM™ Technology
It is well to be noted that semiconductor industry leaders happen to be revolutionizing efficiency as well as productivity by way of groundbreaking technologies such as Light Control Meta Surface LCM™. Lumotive, which happens to be a US-based company, has gone on to introduce the LM10, which is the world’s first full-production offering with LCM™ technology. This patented beam-steering technology goes on to elevate object detection, shape recognition, as well as safety within industrial robotics applications, pushing the industry towards an unmatched level of efficiency and productivity.
International Players Shaping The Landscape
The semiconductor as well as other electronic component markets go on to boast a roster of main players like Samsung Electronics, SK Hynix Inc., Taiwan Semiconductor Manufacturing Company Limited, Qualcomm Incorporated, Micron Technology Inc., etc. These global players go on to play a major role when it comes to steering the semiconductor spectrum, thereby providing a diverse range of products as well as technologies.