After a decline this year, the semiconductor market is expected to bounce back in 2024 with nearly 12% growth estimated by the European Semiconductor Industry Association (ESIA).
Looking ahead to 2024, the global semiconductor market is forecasted to surge by 11.8%, amounting to USD 576 billion. This expansion will primarily be driven by the memory segment, which is projected to recover to USD 120 billion in 2024, marking an increase of over 40% compared to the previous year. Nearly all other key categories, including discrete, sensors, analog, logic, and micro, are projected to exhibit single-digit growth.
In terms of regional perspectives, all areas are expected to see sustained growth in 2024. Notably, the Americas and Asia Pacific regions are estimated to showcase robust double-digit year-over-year growth.
Meantime, WSTS has adjusted its growth projections downwards in response to increasing inflation and weakening demand in end markets, particularly those relying on consumer spending.
Although two primary categories, discrete and optoelectronics, are predicted to sustain single-digit year-over-year growth at 5.6%and 4.6 %respectively in 2023, other categories are anticipated to shift into negative growth. This includes memory, which is forecasted to decline by approximately 35% year-over-year. For 2023, the European and Japanese markets are projected to grow, with respective increases of 6.3%and 1.2%.
Conversely, the remaining regions are anticipated to face a downturn, with the Americas expected to decline by 9.1% and the Asia Pacific region by 15.1%.
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