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| Memory chips are projected to lead overall market growth in 2024 - Illustration. (Source: AP) |
The Semiconductor Trade Statistics Organization – an organization founded by major chip manufacturers – issued this forecast. The organization revised its forecast upwards from the 11.8% growth forecast made last June. If this growth is achieved, the semiconductor market size, based on orders, will surpass the record high of $574.08 billion recorded in 2022. The market is expected to decline by 9.4% in 2023, to $520.3 billion, due to decreased demand for memory chips.
Forecasts indicate an optimistic outlook for the semiconductor market as the industry shows signs of recovery driven by demand for AI applications following OpenAI's launch of the ChatGPT chatbot tool and improved sales of personal computers and smartphones.
In terms of products, memory chips are expected to lead overall market growth in 2024, with sales projected to increase by 44.8% compared to 2023. The logic chip market is also forecast to record growth of 9.6%, while the image sensor chip market is expected to grow by 1.7%.
Regionally, the Americas are projected to see the strongest growth at 22.3% next year. The Asia- Pacific market, home to many companies that manufacture smartphones and personal computers, will grow by 12%.
In Japan, the semiconductor market is projected to grow at a modest 4.4%, as it is not expected to benefit significantly from the strong recovery in memory chip demand, given the low sales of this product.
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