Blogs-Semiconductor Market – An Increase in Consumption of Consumer Electronics Goods is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 8.8% from 2022 to 2028

As stated in our extensive report; the Global Semiconductor Market accounted for USD 429.5 Billion in 2021. 

The Semiconductor industry is involved in designing and producing Semiconductor and other Semiconductor devices such as integrated circuits and transistors. The Semiconductor industry is one of the emerging industries, with a reported growth rate of 10%. Semiconductor has sought massive growth due to the extensive demand for personal wearables devices such as smartwatches, Earphones, etc. In addition, the wireless communication industry has also sought an enormous rise with the 5G technology. Smartphones are mainly based on Semiconductor, and the mobile industry is undergoing massive growth due to excessive demand for new technologies. 

The automotive industry is using Artificial Intelligence (AI) in its vehicles to increase the overall user experience. As a result, electric cars are gaining considerable exposure due to their immense capabilities, positively affecting the Semiconductor industry, but it is causing a shortage of Semiconductor chips. With solar panels, Windmills have increased in many smart cities due to their clean and emission-free nature. In addition, companies can keep better track of their employees by introducing devices like biometrics, which are technologically advanced and error-free. 

Medical equipment has sought enormous development in the last decade by introducing devices that give accurate results. The undergoing problem between the US and China has affected the Semiconductor industries. Both countries are the largest producer and consumers of Semiconductor chips. COVID-19 has significantly affected the Semiconductor industry, which has resulted in an unbalanced supply chain. The Global Semiconductor shortage has grown the demand for microchips and will likely boost the industry once the supply chain becomes normal. 

The Semiconductor industry is dominated by countries, namely the US, Taiwan, South Korea, China, and 10;Semiconductor production is complex and comes with many problems and high production costs. The Semiconductor industry also lacks funds for research and development. Nevertheless, China is expecting a massive rise in the sector of mobile chips due to its well-known and established production and assembly plants of many recognized smartphone companies such as Apple, OnePlus, and Oppo. In addition, consumer electronics such as Wearable devices, gaming consoles, and other electronic devices play a huge role in this industry. 

Some of the key players in the Global Semiconductor Market include- Broadcom Inc. (U.S.), Intel Corporation (U.S.), Qualcomm (U.S.), Samsung Electronics (South Korea), SK Hynix (South Korea), Taiwan Semiconductors (Taiwan), Texas Instruments (U.S.), Toshiba Corporation (Japan), Maxim Integrated Products Inc. (U.S.), Micron Technology (U.S.), NVIDIA Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), and others.