Integrated Circuits Market Size Share Analysis Growth Demand Report 2024-2031

Market Overview:

The global integrated circuits (IC) market reached USD 474.3 billion in 2022 and is projected to reach USD 1,103.5 billion by 2030, growing at a CAGR of 12.6% during the forecast period of 2024-2031. The semiconductor industry is consistently evolving, driven by the demand for faster and more efficient integrated circuits. The widespread adoption of smartphones and other consumer electronics has been a major growth driver, along with the globalization of electronics manufacturing, which has expanded the reach and accessibility of integrated circuits globally.

Market Dynamics and Trends:

The increasing demand for electronic products such as smartphones, tablets, laptops, IoT devices, and automotive electronics necessitates higher IC production capacities. Advanced and specialized ICs are crucial for emerging technologies like 5G, AI, machine learning, and the Internet of Things (IoT). According to a September 2023 report by SemiFab, fab equipment spending hit a record high of USD 99.5 billion in 2023. Despite an anticipated 15% decline to USD 84 billion due to softening chip demand and elevated inventory levels, a recovery in 2024 is expected, driven by the end of the semiconductor inventory correction.

The IoT sector has witnessed significant growth, increasing the demand for low-cost ICs integrated into devices like sensors, wearable technology, and smartphones. Ultra-low-cost flexible ICs offer production cost advantages, making them an attractive choice for manufacturers aiming to reduce expenses. For example, PragmatIC Semiconductor secured USD 80 million in Series C funding in October 2021 to establish a second FlexLogIC fab, meeting the rising demand for flexible ICs.

Collaborations between governments, research institutions, and semiconductor companies encourage innovation and accelerate the development of new technologies. These partnerships are essential for creating and adopting standards that ensure compatibility and interoperability in the semiconductor industry. For instance, Honda Motor Co. announced a strategic collaboration with Taiwan Semiconductor Manufacturing Co. in September 2023 to develop specialized chips for electric vehicles (EVs).

Download Sample: https://www.datamintelligence.com/download-sample/integrated-circuits-market

Market Segmentation:

By Type:

The global integrated circuits market is segmented based on type, product, application, end-user, and region.

Digital ICs:

Digital ICs are estimated to account for about one-third of the global IC market during the forecast period. These ICs are integral to emerging technologies such as quantum computing, edge computing, and neuromorphic computing. Continuous advances in semiconductor manufacturing, including lower nodes, enable the production of more compact, energy-efficient, and powerful digital ICs. For instance, Taiwan Semiconductor Manufacturing Company collaborated with Sony in December 2021 to develop a chip manufacturing facility in Japan, highlighting the advancements in digital IC production.

Geographical Analysis:

Asia-Pacific dominates the global integrated circuits market, covering more than one-third of the market. The region's rapid growth is driven by the high consumption of semiconductor parts in China, South Korea, and Japan, which surpasses other nations. China's IC industry has evolved significantly, focusing on advanced communication and computing semiconductors across sectors such as automotive, IoT, crypto mining, and AI. For example, SiEn (Qingdao) Integrated Circuits Co. began production of 8-inch silicon wafers in August 2021, and Semiconductor Manufacturing International Corp (SMIC) announced a USD 8.87 billion investment in a new chip manufacturing plant in Shanghai.

North America is expected to hold around one-fourth of the global integrated circuits market during the forecast period. The region's growth is driven by the increasing demand for advanced and specialized ICs across various industries. For example, Amitron Corporation, a U.S.-based manufacturer, introduced a new column in September 2023 aimed at promoting American manufacturing technology.

To access the complete report: https://www.datamintelligence.com/research-report/integrated-circuits-market

Competitive Landscape:

The global integrated circuits market is highly competitive, with major players including Samsung, Intel Corporation, Qualcomm Technologies, Inc., Texas Instruments, SK Hynix, NVIDIA, Avago Technologies, Micron Technology, Inc., AMI Semiconductor, and Toshiba Electronic Devices & Storage Corporation. These companies are focusing on innovations, strategic collaborations, and expanding their production capacities to maintain and enhance their market positions. For example, the collaboration between Honda and TSMC aims to advance automotive semiconductor technologies and boost market growth for integrated circuits.

Related Reports:

Cranes Rental Market: https://www.datamintelligence.com/research-report/cranes-rental-market

Concrete Cooling Market: https://www.datamintelligence.com/research-report/concrete-cooling-market

Smart Motors Market: https://www.datamintelligence.com/research-report/smart-motors-market

Static VAR Compensator (SVC) Market: https://www.datamintelligence.com/research-report/static-var-compensator-market

Contact Us -
Company Name: DataM Intelligence
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website: DataMIntelligence

About Us -
DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.

This release was published on openPR.