Integrated Circuits Market Trends & Growth Industry Forecast Outlook 2024-2031

Market Overview :

The semiconductor industry constantly develops fast and efficient integrated circuits. The adoption of smartphones and other consumer electronics items has been a major driver for the growth of the market. Globalization of electronics manufacturing has expanded the reach of integrated circuits and makes them accessible in the market worldwide. In 2020, China became world's largest and fastest growing market in the field of integrated circuit sector and has net worth of Yuan 880 billion. During its five year plan the market grows about 20% and reached up to Yuan 884.8 billion that is 4 times higher than global expansion rate. Further ongoing research and development is going and results breakouts which drives the market.

During the forecast period, with around 1/4th of the global integrated circuits market, North America is expected to show a healthy growth. More advanced and specialized integrated circuits are required due to the increasing demand for electronics from various industries. For instance, on 20 September 2023, Amitron Corporation, a prominent U.S. based manufacturer of printed circuit boards and provider of electronic manufacturing services, introduced a new industry column aimed at promoting American manufacturing technology.

Market Trends :

Rising Fab Capacities Increases the Market Demand

Higher IC production capacities are required because there is increasing demand for electronic products, including smartphones, tablets, laptops, IoT devices, automotive electronics and more. Advanced and specialized ICs are necessary for emerging technologies like 5G, AI, machine learning and the Internet of Things and there is a demand for fabs to develop ICs that can support these applications as these technologies gain acknowledgment.

According to the report by SemiFab in September 2023, fab equipment spending reached a record high of USD 99.5 billion. in 2023, there is an expected decline of 15% year-over-year (YoY) to USD 84 billion and this decline is attributed to softening chip demand and an elevated inventory of consumer and mobile devices. The recovery in fab equipment spending in 2024 is expected to be driven by several factors. One of the key factors is the end of the semiconductor inventory correction in 2023.

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Market Segmentation :

The global integrated circuits market is segmented based on type, product, application, end-user and region.Adoption of Digital IC Increases the Growth of the Market

During the forecast period 2023-2030, digital ICs are estimated to account for about 1/3rd of the global integrated circuits market. Digital ICs are integral to emerging technologies such as quantum computing, edge computing and neuromorphic computing and these technologies open new avenues for digital IC innovation and growth. Collaborating with partners in different regions or industries can help digital IC manufacturers expand their market reach. Joint ventures or partnerships can open doors to new customer segments and applications.

More compact, energy-efficient and potent digital ICs may now be produced because of continuous advances in semiconductor manufacturing methods, including lower nodes. For instance, in December 2021, Taiwan Semiconductor Manufacturing Company declared a collaboration with Sony in December 2021, with the two companies investing USD 7 billion to develop a chip manufacturing facility in Japan. The advancements will raise Digital IC production and market growth.

Geographical Share :

Rising Consumption of Semiconductors in Asia-Pacific

Asia-Pacific is the fastest as well as dominant region in the global integrated circuits market covering more than 1/3rd of the market. Due to the ongoing movement of diversified electronic equipment to China, the consumption of semiconductor parts in China, South Korea and Japan is fast expanding in comparison to other nations.

Furthermore, the largest sector of China's Integrated Circuits industry, IC design, has evolved from a focus on low-margin consumer applications to include advanced communication and computing semiconductors across growth markets such as automotive, the Internet of Things (IoT), crypto mining and artificial intelligence (AI).

For example, in August 2021, SiEn (Qingdao) Integrated Circuits Co, a foundry, began production of 8-inch silicon wafers and tested a new 12-inch production line in Qingdao. Furthermore, Semiconductor Manufacturing International Corp (SMIC) announced a USD 8.87 billion investment in the construction of a chip manufacturing plant in Shanghai in September 2021. The company's strategy has been centered on integrated circuit foundry and technology services at process nodes of 28 nanometers and above.

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Competitive Landscape

The major global players in the market include Samsung, Intel Corporation, Qualcomm Technologies, Inc., Texas Instruments, SK Hynix, NVIDIA, Avago Technologies, Micron Technology, Inc., AMI Semiconductor and Toshiba Electronic Devices & Storage Corporation.

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