Global Semiconductor Industry To See a Rise In 2023

Automotive, telecommunication, and industrial equipment markets, among others, influence the semiconductor market industry. Asian countries play a significant role in the semiconductor market share compared to European and American countries. China is the largest consumer of semiconductors. 

Various factors are leading to the growth of the global semiconductor industry, geopolitical and macroeconomic factors being the major ones. According to a recent source, the semiconductors market is expected to generate a revenue of USD 599.80 billion in 2023. Since China is the largest consumer of semiconductors, most of the revenue is expected to come from China in global comparison, up to USD 217.10 billion in 2023. The semiconductor industry is supposed to see products like diodes, transistors, DRAM, analog to digital converters, and LEDs, among others, for the booming economy. Optoelectronics like LED, optical switches, etc., the market is expected to reach USD 48.77 billion in 2023; among all other countries, China will see a revenue production of USD 18,750 million in 2023. The optoelectronics market generates revenue in both offline and online sales channels; its usage is more in day-to-day activities the market produces more income. But the largest market of the semiconductor industry is integrated circuits, with a market volume of USD 488.8 billion in 2023.

According to the data given by Deloitte, 2023 will provide ample opportunities for the semiconductor industry to grow and start a new one by overcoming the shortage of chips. Rising interest rates and high inflation are one of the primary reasons for the downfall of the semiconductor industry in 2022.