The global semiconductor market is projected to reach $1,033.5 billion by 2031, registering a CAGR of 6.21% from 2022 to 2031.

A semiconductor is a substance that has specific electrical properties that enable it to serve as a foundation for computers and other electronic devices. It is typically a solid chemical element or compound that conducts electricity under certain conditions but not others. This makes it an ideal medium to control electrical current and everyday electrical appliances. Semiconductors such as memory chips are a backbone and a prerequisite for any endeavors in emerging technologies. From artificial intelligence (AI), reliant smartphones to adoption of internet of things (IoT) and 5G, nothing has been left untouched by semiconductors. Semiconductor is used to power technologies that enrich lives of consumers and make businesses run smarter, faster, and more efficiently.

Region wise, the semiconductor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global industrial semiconductor. Major organizations and government institutions in the country are intensely putting resources into the technology.

Rapid growth of the semiconductor industry is attributed to increasing consumption of consumer electronics devices around the world. Moreover, emergence of machine learning and artificial intelligence has provided new opportunities for development of the semiconductor market size. Furthermore, increasing demand for efficient and faster memory chips in industrial applications is also expected to drive the semiconductor market growth during the forecast period.

Significant factors that impact growth of the semiconductor industry include increase in utilization of consumer electronics. Moreover, surge in adoption of internet of things (IoT) technology is expected to drive the market growth. However, complexities in manufacturing acts as a prime barrier for early adoption, which hampers growth of the market. On the contrary, increase in investments in semiconductor wafer fabrication equipment and materials offers potential growth opportunities for the semiconductor market share.

The key players profiled in this report include Broadcom Inc, Intel Corporation, Qualcomm Incorporated, Samsung Electronics Co Ltd, SK Hynix Inc., Taiwan Semiconductors, Texas Instruments Inc., Toshiba Corporation, Maxim Integrated Products Inc. and Micron Technology Inc. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations to enhance their penetration in the semiconductor industry.