Semiconductor And Other Electronic Component Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033

The semiconductor and other electronic component market size has grown strongly in recent years. It will grow from $1151.27 billion in 2023 to $1242 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to technological advancements, consumer electronics, data centers, iot and industry 4.0.

The semiconductor and other electronic component market size is expected to see strong growth in the next few years. It will grow to $1649.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to 5G and beyond, artificial intelligence (AI), semiconductor shortages, green technology, environmental and regulatory factors. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .

Market Overview -
A semiconductor component is a crystal material whose ability to conduct electricity increases with increasing temperature. An electronic component refers to any discrete device in an electronic system that affects electrons or their associated fields. They are circuit elements that aid in its operation.

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Consumer Electronics Demand Fueling Semiconductor And Other Components Market Growth
The rise in demand for consumer electronics is expected to propel the growth of the semiconductor and other components market going forward. Consumer electronics refers to any electronic gadget designed for every day, private, or professional use by consumers or end users. semiconductor components are the foundation of consumer electronics, providing the processing power, memory, connectivity, and specialized features that make these devices versatile, efficient, and capable of meeting the demands of modern consumers. For instance, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, with sales surpassing $60 billion in 2022, LG recorded its biggest annual revenue ever, up 12.9% from 2021, when sales for the first time went over approximately $52.70 billion. Therefore, the rise in demand for consumer electronics drives the semiconductor and other components market.

Competitive Landscape -
Major companies operating in the semiconductor and other electronic component market include Samsung Electronics Co. Ltd., Taiwan Semiconductor Manufacturing Company Limited, SK Hynix Inc., Qualcomm Incorporated, Micron Technology Inc., LG Display Co. Ltd., Intel Corporation, Hon Hai Precision Industry Co. Ltd., Broadcom Inc., Advanced Semiconductor Engineering Inc., Texas Instruments Inc., Toshiba Corporation, Infineon Technologies AG, STMicroelectronics NV, NXP Semiconductors NV, Analog Devices Inc., Renesas Electronics Corporation, MediaTek Inc., ON Semiconductor Corporation, Amkor Technology Inc., Marvell Technology Inc., Advanced Micro Devices Inc., NVIDIA Corporation, Cypress Semiconductor Corporation, Silicon Laboratories Inc., Microchip Technology Inc., Integrated Device Technology Inc., Cirrus Logic Inc., Semtech Corporation, Lattice Semiconductor Corporation, Monolithic Power Systems Inc., Power Integrations Inc.

Innovating Efficiency And Productivity With Lcm™ Technology In Semiconductor Industry
Major companies operating in the semiconductor and other components market are introducing advance technology such as, control meta surface technology to drive revenues in the market. The Light Control Meta surface (LCM) technology is a patented beam-steering technology used in solid-state optical semiconductors. For instance, in August 2023, Lumotive, a US-based company that manufactures semiconductors launched LM10, the first full production offering with its Light Control Meta surface (LCM) technology. This is the world's first digital beam steering solution with exceptional performance, compact design, and software-defined scan modes, enabling precise object detection, shape recognition, and enhanced safety in industrial robotics applications, propelling the industry to new levels of efficiency and productivity.

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Key Segments -
The semiconductor and other electronic component market covered in this report is segmented -
1) By Type: Semiconductor And Related Devices, General Electronic Components
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By Application: Automotive, Manufacturing, Other Applications

Subsegments Covered: Integrated Circuits, Memory Chips, Microprocessors, Other Semiconductor And Related Devices

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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