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The semiconductor market will reach US$573 billion by 2024

Semiconductors are not going anywhere any time soon. (Source: Flickr)
Semiconductors are not going anywhere any time soon. (Source: Flickr)
New research has shown that the market for semiconductors is estimated to grow to US$573 billion in 5 years. This may be driven by a demand for these materials in wireless communications, vehicles and online connectivity. However, the common-or-garden integrated circuit will continue to influence the market into the next decade.

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.

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Deirdre O Donnell, 2019-10- 8 (Update: 2019-10- 8)
Deirdre O'Donnell
I became a professional writer and editor shortly after graduation. My degrees are in biomedical sciences; however, they led to some experience in the biotech area, which convinced me of its potential to revolutionize our health, environment and lives in general. This developed into an all-consuming interest in more aspects of tech over time: I can never write enough on the latest electronics, gadgets and innovations. My other interests include imaging, astronomy, and streaming all the things. Oh, and coffee.