Semiconductor industry's journey to reach USD1.21T by 2029
Date
4/14/2024 5:02:11 AM
(MENAFN) According to projections by Mordor Intelligence, the Semiconductor industry is set to undergo substantial expansion, with revenues expected to soar from USD720 billion in 2024 to a staggering USD1.21 trillion by 2029, reflecting an impressive annual growth rate of 10.86 percent. This anticipated growth trajectory is underpinned by fierce competition among industry players and sustained investments in research and development initiatives. As vendors vie for market share, there is a concerted effort to drive innovation and gain a competitive edge in the dynamic semiconductor landscape.
Moreover, the surge in market demand for semiconductor devices is propelled by the widespread adoption of electrification and autonomy across various industries, particularly in the automotive sector. Electric vehicles (EVs) have emerged as frontrunners in the transition towards a sustainable future, with electronics and semiconductors playing pivotal roles in enabling their functionality. Governments worldwide are setting ambitious targets to electrify their transportation sectors, compelling leading automakers to ramp up investments in EV research and development endeavors.
Semiconductors have assumed a central role as processing units in EVs, facilitating optimal performance and efficiency. Consequently, the escalating investments in electric vehicles are anticipated to drive increased demand for semiconductor solutions. However, this surge in demand also underscores the pressing need for a skilled workforce within the semiconductor industry. By 2030, it is estimated that the industry will require more than one million additional skilled workers to adequately meet burgeoning demand and sustain growth momentum.
The convergence of technological advancements, market dynamics, and regulatory imperatives is poised to propel the semiconductor industry into a phase of unprecedented growth and innovation. As stakeholders across the semiconductor ecosystem collaborate to address evolving challenges and capitalize on emerging opportunities, the industry is poised to play a pivotal role in shaping the future of various sectors, including automotive, consumer electronics, and beyond.
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