Jan. 11, 2023 /SemiMedia/ -- According to reports, the size of the global semiconductor market will exceed $1 trillion by 2030, with a compound annual growth rate of 7%. Automotive is considered the most promising semiconductor market.

In 2021, the global semiconductor market size was $556 billion, of which computing accounted for about 38%, communications accounted for 33%, and a total of more than 70%, while automotive, industrial and consumer electronics each accounted for about 10%.

Global semiconductor sales will exceed $1 trillion by 2030 as demand surges. The communications and computing markets will still account for more than 60%. In addition, the compound annual growth rate of automobiles is expected to exceed 10% in the next ten years, while the sales growth of industrial chips is also higher than the industry average.

Growth in the computing industry will flatten as demand for PCs and laptops saturates, the report said. However, emerging data centers will provide the driving force for semiconductor demand. It is expected that the computing industry chips will grow to $360 billion, with a CAGR of 6%.

Communication applications are mainly contributed by mobile infrastructure, which will drive demand for semiconductors, including mobile APs, base station CPUs, radio frequency components, power devices, and optoelectronics. Communications chips are expected to grow to $318 billion by 2030, at a CAGR of 6%

The adoption of electronic systems in the automotive industry is exploding today. Demand for components such as sensors, computing and control chips will continue to surge as electric vehicles become more common. Automation, electrification, and Internet of Vehicles will bring huge business opportunities to the automotive chip market. Automotive chips are expected to grow to $145 billion by 2030, a CAGR of 12%

The Internet of Things (IoT) is expected to drive the growth of the semiconductor industry in both industrial and consumer segments. In addition to core computing and control chips, radio frequency components and sensors are also key components. For industrial applications, the demand for power and analog ICs is higher due to higher power requirements. Industrial chips are expected to grow to $130 billion by 2023, with a CAGR of 9%, while the sales of consumer electronic chips will grow to $84 billion, with a CAGR of about 6%.