The semiconductor market will reach US$573 billion by 2024

The semiconductors market will continue to look very healthy well into the next decade. This is the main message of a new report published by ResearchAndMarkets into its growth over the next 5 years. According to these estimations, it will do so at a compound annual rate of 4.1% until it reaches $573 billion in 2024.

This trend is thought to be strongly influenced by the need for these materials in wireless communications, and in general internet connectivity. They will also be in demand for emerging applications such as automotive processors (for driving assistance, automatic spatial awareness in vehicles and so on) and internet-of-things (IoT) components. On that note, the 'sensor' sector of this market may have the highest growth over the period studied.

Nevertheless, there will still be a strong role for the good old integrated circuit in the continued success of this market. They will continue to be crucial for PCs, mobile devices, consoles and other electronics into the 2020s. The new report also indicates that APAC will exhibit the highest growth among regional sectors over the next 5 years, and yet also remain the largest.

In terms of industrial figures, the most prominent names in the semiconductors market remain Broadcom, Intel, Microchip, Micron, NXP Semiconductors, Samsung, SK Hynix, STMicroelectronics, Qualcomm and Texas Instruments.