Press Release Description
Semiconductor Manufacturing Equipment Market to Flourish with the Upgrade in Consumer Electronic Demand
The Global Semiconductor Manufacturing Equipment Market size was valued at around USD 89.11 billion in 2023 and is estimated to grow at a CAGR of about 8.66% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The rise in consumer electronics demand is being driven by higher disposable incomes, which has increased the need for advanced electronic products in areas such as workplaces, daily routines, and entertainment. The growing demand is predicted to drive semiconductor injunction and, as a result, market growth.
Furthermore, the advancement of cloud technology, the expansion of 5G networks, and the growing interest in connected vehicles are expected to strengthen the semiconductor manufacturing equipment sector. The consumer preference for more sophisticated gadgets has given rise to a variety of business models, such as usage-based, subscription-based, and outcome-based, allowing for greater access to expensive equipment. Besides, within autonomous systems, connected devices, consumer electronics, home appliances, and electric vehicles, there's a growing reliance on semiconductor components, IC chips, and logic circuits, further fueling market growth.
Moreover, the automotive industry's increased automation has heightened the requirement for lithographic systems and semiconductor chips, contributing to the demand for semiconductor manufacturing machinery and stimulating the Semiconductor Manufacturing Equipment Market. Increased demand for compact devices and improved functionalities in electronic products such as smartphones, laptops, and digital cameras are presumed to drive market growth. The requirement for semiconductors is increasing as a result of intricate IC designs that necessitate more semiconductor implants for IC manufacturing, resulting in cost savings and improved operational value in final products.
Nevertheless, comprehensive integration is required to begin the digitalization process in traditional supply chain management technologies such as demand planning, asset management, warehouse and logistics management, procurement, and order fulfillment. Also, the ability to extract data from these operations and equip them with the necessary instrumentation to generate essential data is critical to digitalizing the supply chain. In addition, semiconductor companies can use technology and applications to capture precise data and analytics across all stages of the supply chain, allowing for quick, data-driven decision-making and fostering market growth in the coming years, further states the research report, “Global Semiconductor Manufacturing Equipment Market Analysis, 2024.”
Global Semiconductor Manufacturing Equipment Market Segmentation Analysis
Memory to Outcast Other Product Type by Capturing Potential Market Share
Based on Product Type, the market is fragmented into Memory, Foundry, Logic, MPU, Discrete, Analog, MEMS, and Others. Among them, the Memory segment accounted for the potential share of the Global Semiconductor Manufacturing Equipment Market and is presumed to upscale in the forecast years as well. Increased adoption of memory devices in automotive applications like infotainment systems and advanced safety features, along with declining memory device costs and their expanded use in electronic devices are pivotal factors propelling this segment's prominence in the global market.
Asia-Pacific to Account for Substantial Market Portion
The Asia-Pacific region is poised to secure a substantial portion of the Global Semiconductor Manufacturing Equipment Market in the forecasted period. This region is primarily concentrated in preferred countries, with minimal sales beyond these critical markets. China, notably, has emerged as a significant producer of mature semiconductor technologies, supported by a governmental focus on economic growth and technological advancements. Also, projections indicate that China would contribute approximately 40% of the world's new capacity by 2030.
Furthermore, the significant presence of suppliers in India and South Korea is anticipated to positively impact the growth of the Asia-Pacific Semiconductor Manufacturing Equipment Market. Moreover, Japan's semiconductor equipment growth is being driven by the increased adoption of smart electronic devices, offering new manufacturing opportunities. Additionally, the incorporation of IoT, artificial intelligence, and connected devices across various industries is driving the market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Tokyo Electron Limited, Hitachi, Ltd., Applied Materials, Inc., KLA Corporation, Screen Holding Co. Ltd., Veeco Instruments, Inc., ONTO Innovation, SCREEN Semiconductor Solutions Co., Ltd., Modutek Corporation, ACM Research Inc., EV Group, Singulus Technologies AG, Kokusai Electric, among others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Semiconductor Manufacturing Equipment Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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