The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

 

The semiconductor and other electronic component market have experienced robust growth in recent years, marking a period of technological advancements and transformative trends. In 2023, the market size reached $1,151.27 billion, and it is set to further expand to $1,242 billion in 2024, reflecting a commendable Compound Annual Growth Rate (CAGR) of 7.9%. This growth in the historic period can be attributed to key drivers like technological advancements, consumer electronics, data centers, IoT, and Industry 4.0.

 

 

Key Drivers of Past Growth

• Technological advancements
• Consumer electronics
• Data centers
• IoT and Industry 4.0

 

Anticipating Strong Growth Ahead

Looking forward, the semiconductor and electronic component market is poised for continued expansion, with a projected size of $1,649.37 billion in 2028, boasting a strong CAGR of 7.3%. This growth in the forecast period is fueled by critical factors such as 5G and beyond, artificial intelligence (AI), semiconductor shortages, green technology, and environmental and regulatory considerations.

 

 

Catalysts for Future Growth

• 5G and beyond
• Artificial intelligence (AI)
• Semiconductor shortages
• Green technology
• Environmental and regulatory factors

 

 

Major Trends in the Forecast Period

The forecast period will witness significant trends shaping the landscape of the semiconductor and electronic component market.

1. Electrification and Lightweighting
   • Integration of advanced propulsion systems.
   • Utilization of lightweight materials for enhanced efficiency.
2. Advanced Materials
   • Incorporation of cutting-edge materials for durability.
   • Improving resilience and performance.
3. Additive Manufacturing
   • Utilizing 3D printing for rapid prototyping.
   • Enhancing flexibility and reducing production costs.
4. Digitalization and Connectivity
   • Implementation of digital technologies for real-time monitoring.
   • Improving communication and data-sharing capabilities.
5. Collaboration and Partnerships
   • Formation of strategic alliances for joint development projects.
   • Fostering innovation through collaborative efforts.

 

 

Green Semiconductors: A Key Focus for Competitiveness

Semiconductor companies globally are intensifying their focus on green semiconductors, aiming to enhance competitiveness by reducing energy consumption and limiting data usage. Samsung, for example, has introduced green DRAM DDR4, which significantly improves performance while reducing energy consumption compared to DDR3. Other major players in green semiconductors include Intel Corporation and QUALCOMM Inc.

 

 

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Key Features of Green Semiconductors

• Reduced operating voltage
• Improved bandwidth
• Energy-efficient solutions

 

 

LCM™ Technology: Transforming the Semiconductor Industry

Leading companies in the semiconductor and electronic component market are driving efficiency and productivity through innovative technologies such as Light Control Meta surface (LCM™) technology. Lumotive, a US-based company, introduced LM10, the world’s first digital beam steering solution with LCM™ technology. This technology, patented for beam-steering, enables precise object detection, shape recognition, and enhanced safety in industrial robotics applications.

 

 

Applications of LCM™ Technology

• Object detection
• Shape recognition
• Enhanced safety in industrial robotics

 

 

Market Segmentation for Precision

The semiconductor and electronic component market are intricately segmented to cater to diverse needs and applications.

1. By Type:
   • Semiconductor and Related Devices
   • General Electronic Components
2. By Mode:
   • Online
   • Offline
3. By Sales Channel:
   • OEM (Original Equipment Manufacturer)
   • Aftermarket
4. By Application:
   • Automotive
   • Manufacturing
   • Other Applications

 

 

Regional Dominance: Asia-Pacific Leads the Way

In 2023, the Asia-Pacific region emerged as the largest contributor to the semiconductor and other electronic component market, underscoring its pivotal role in driving global innovation and technology.

 

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The Semiconductor And Other Electronic Component Global Market Report 2024  provides an overview of the semiconductor and other electronic component market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The semiconductor and other electronic component market forecast analyzes semiconductor and other electronic component market size, semiconductor and other electronic component market share, leading competitor and their market positions.

 

 

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