Press release

COVID-19: Significant Shift in Strategy of Global Semiconductor Market 2020-2024| Rising Adoption of Semiconductors ICs in Automobiles to Boost Market Growth | Technavio

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The global semiconductor market is expected to grow by USD 90.80 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.

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Technavio has announced its latest market research report titled Global Semiconductor Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Semiconductor Market 2020-2024 (Graphic: Business Wire)

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The integration of semiconductors is being viewed as a key component in technological advancements by automotive manufacturers. In addition, several other developments in the automotive sector including autonomous vehicles, wireless charging, EVs, and computer-based testing will drive the need for semiconductor components. Thus, the increasing integration of advanced automotive systems such as collision warning systems, smart cameras, and autonomous braking systems, will boost the demand for semiconductor ICs during the forecast period.

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The global outbreak of coronavirus is expected to have a mixed impact on the information technology industry. However, the global semiconductor market will have a negative impact and the market growth is expected to decrease.

As per Technavio, the emerging semiconductor packaging technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Semiconductor Market: Emerging Semiconductor Packaging Technologies

The demand for advanced level packaging that helps to reduce node size and supports large volume production has compelled the development of various packaging technologies. In addition, the emergence of 3D ICs has also increased investments in packaging technologies. Several semiconductor packaging technologies are increasingly being developed and used by IDMs and OSATs to allow semiconductor manufacturers to improve the scale of production. Thus, the emergence of advanced packaging technologies will complement the growing quality and production scale requirements of semiconductor manufacturers during the forecast period.

“Factors such as the increase in number of data centers, and the emergence of 3D NAND technologies will have a significant impact on the growth of the semiconductor market value during the forecast period,” says a senior analyst at Technavio.

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Semiconductor Market: Segmentation Analysis

This market research report segments the semiconductor market by product (ICs, optoelectronics, discrete semiconductors, and sensors) and geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the semiconductor market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the presence of many end-users including consumer electronics, data centers, automotive, and capital equipment manufacturers.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.