The broad usage of chips across a diverse array of end-use applications like consumer electronics, industrial equipment, automotive, data processing, and telecommunications is the primary factor fueling the semiconductor sector’s growth. Moreover, the rapidly rising AI, machine learning, IoT, and wireless communications devices are spurring chip demand.
The Semiconductor Industry Association (SIA) announced that global semiconductor industry sales totaled $46.20 billion for February 2024, reflecting a 16.3% increase compared to February 2023. Further, SIA forecasts a 13.1% growth in global chip sales to $595.30 billion in 2024, compared to a decline of about 8% last year.
