The global demand for high-quality semiconductors is on the rise despite facing significant challenges, such as disruptions in the supply chain and the growing complexity of manufacturing processes. According to a recent report by Fortune Business Insight, the global semiconductor market size is expected to increase from USD 574 billion in 2022 to USD 1,380 billion in 2029, showing a compound annual growth rate (CAGR) of 12.2% during the forecast period. This growth is primarily driven by the increasing consumption of consumer electronics devices worldwide.
The Asia Pacific region currently holds the largest share of the market and is projected to experience the highest growth globally. A study by Trendforce revealed that Taiwan based TSMC accounted for 54% of global chip production. The region’s adoption of advanced equipment along with the replenished supply of silicon wafers is contributing to the growing demand for semiconductor chips. Furthermore, the adoption of IoT technologies in the manufacturing process is boosting production numbers while at the same time keeping defect rates at a low.
Given the current global marketplace’s complexity, geographic dispersion and constant evolution, semiconductor manufacturers must be innovative in meeting the demand for quality while reducing costs and increasing efficiency. To respond effectively to frequent and unpredictable changes, flexible technologies are necessary to meet these demands and as a result, semiconductor Manufacturing Execution System (MES) has become a crucial element in the technology strategy of semiconductor manufacturers.
Trueventus takes pride in hosting the Integrated World: Semiconductor Manufacturing Summit. Learn and discover how you can take your business to the next level. Take opportunity to connect with industry leaders and gain a competitive edge in the global marketplace and learn about cutting-edge technologies and best practices that can help you stay ahead of the curve in this rapidly evolving industry.