United States Invests In The Production Of Microchips In 2024

By Shubhendra Anand , 29 June, 2024

The clean energy transition is gaining momentum due to climatic changes. Therefore, many renewable products are being produced in different nations. Along with renewables, the automotive industry is adopting electrification in transportation. Hence, large numbers of semiconductors are needed to enhance electric vehicle production. The United States is investing significant semiconductor industry investments to revolutionize the microchip market in 2024.

In 2024, the United States will invest in domestic microchip production. The American government plans to reduce the nation's dependency on imported materials. Another reason behind investment in the semiconductor industry is to support clean tech in the light of sustainability development. In the international market of green tech, Asian countries like China and Taiwan dominate the world. China is expanding its growth in the manufacturing of microchips. The microchip market is growing exponentially due to its usage in different electronic devices, such as charging smartphones, computers, and other electronic devices. Therefore, the United States is expected to increase its public and private funding by up to 20 percent from 12 percent on microchips by 2030. The production of semiconductor microchips in the United States of their own is to suppress the dominance of Taiwanese microchips. Western countries are increasing their microchip production to reduce the dominance of Asian microchip output in 2024.

According to experts, the United States is all set to place itself as a dominating nation in semiconductor production. Therefore, the United States is investing in the semiconductor industry to become the world leader in production in 2024. Further, advanced research into the industry will establish the United States as self-reliant in microchip production.

US Investments for Production of Advanced Semiconductors