Semiconductor And Other Electronic Component Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Semiconductor And Other Electronic Component Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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, .

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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.

Semiconductor And Other Electronic Component Market 2024 Key Insights:

• 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%.
• Consumer Electronics Demand Fueling Semiconductor And Other Components Market Growth
• Innovating Efficiency And Productivity With Lcm™ Technology In Semiconductor Industry
• Asia-Pacific was the largest region in the semiconductor and other electronic component market in 2023

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