Global semiconductor market to rebound with 13% growth in 2024, says WSTS
The World Semiconductor Trade Statistics (WSTS) has published its most recent semiconductor market forecast. Semiconductor sales were somewhat higher than expected in the second and third quarters, prompting WSTS to revise its forecast for a 9.4% drop in 2023.
A strong rebound is expected, with growth of 13.1% anticipated in 2024, according to WSTS.
WSTS revised its semiconductor market growth projections slightly upward, citing improvements in several end markets. Discrete Semiconductors, led mostly by power semiconductors, are expected to grow 5.8% year on year in 2023. However, all IC categories, including analog, micro, logic, and memory, are expected to fall 8.9% from the previous year. This downturn is less severe than the predicted drop in May 2023, WSTS said.
Only the European market is expected to grow in 2023, with a 5.9% increase. The remaining regions, on the other hand, are likely to experience drops, with the Americas falling by 6.1%, the Asia Pacific region by 14.4%, and Japan by 2%, according to WSTS.
Forecast for 2024 revival
The global semiconductor market is forecast to reach US$588 billion in 2024, up 13.1% from US$520 billion in 2023, according to WSTS.
WSTS indicated that this growth is expected to be largely fueled by the memory sector, which is on track to soar to around US$130 billion in 2024, marking a 40% surge over the previous year. The majority of the other major segments, including discrete, sensors, analog, logic, and micro, are also predicted to grow in the single digits, WSTS said.
Regionally, all markets are poised to grow in 2024. The Americas and Asia Pacific are expected to show considerable double-digit year-on-year growth.