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Global semiconductor revenue is expected to grow 20% year-on-year in 2024
Time:2024.03.11 Size

The global semiconductor market is expected to pick up significantly this year, with revenue increasing by 20% year-on-year, and the storage and data center markets experiencing strong growth.

The latest forecast from research institute International Data Information (IDC) shows that the global semiconductor market will see a significant recovery this year, with revenue expected to rebound to US$630.2 billion, a year-on-year increase of up to 20%. Among them, the storage market has shown the strongest growth momentum, with an expected growth rate of 52.5%, followed by the data center market, with an expected growth rate of 45.4%.

At the Global Semiconductor 2024 Market Outlook online seminar held on the 6th, Mario Morales, vice president of IDC Global Semiconductor Research Group, said that with the gradual improvement of semiconductor market capacity utilization, long-term inventory adjustments at the end of 2023 have been At the end of the day, key demand gradually returned to a stable supply balance.

Morales further pointed out that although global semiconductor revenue in 2023 will be US$525.1 billion, a year-on-year decrease of 12.1%, with the gradual resolution of industry inventory adjustment problems and the recovery of the memory market, global semiconductor revenue is expected to increase significantly in 2024. It rebounded to US$630.2 billion, a year-on-year growth rate of 20%. In addition, it is expected to continue to grow by 14.4% in 2025.

Morales also mentioned that driven by technologies such as artificial intelligence devices, computing infrastructure, automobiles, high-bandwidth memory (HBM) and small chips, semiconductor revenue is expected to approach US$1 trillion by 2029. In 2032, this number will exceed $1 trillion.

Specifically, the growth momentum of each market segment is also very strong. Morales said that the storage market is expected to achieve 52.5% growth this year, the data center market will grow by 45.4%, the communications market will grow by 13.5%, the Internet of Things market will grow by 6.8%, and the automotive market will grow by 6.5%.

In addition, Morales also pointed out that memory suppliers’ priority is to make profits, which drives up memory prices. The memory market is expected to rebound by 57.3% this year and grow by another 13.8% in 2025.

At the same time, AI infrastructure investment is growing rapidly, with a compound growth rate expected to reach 35.7% from 2022 to 2027. As more companies adopt artificial intelligence technology, sales of personal computers and smartphones have also shown steady growth.

However, Morales also reminded that the Chinese market remained weak in the first half of the year. In addition, geopolitical factors will also bring certain risks to China's supply chain and semiconductor revenue growth. Market parties need to remain vigilant and respond flexibly to various uncertainties to ensure the continued and healthy development of the semiconductor industry.

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