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| Memory chips are forecast to lead the overall market growth in 2024 - Illustration photo. (Source: AP) |
The World Semiconductor Trade Statistics Organization, an organization founded by major chipmakers, made the forecast. The organization revised up its forecast from the 11.8% growth forecast it made in June. If the growth rate is achieved, the semiconductor market in terms of orders will surpass the record $574.08 billion recorded in 2022. The market is expected to shrink 9.4% to $520.3 billion in 2023 due to a decline in demand for memory chips.
The forecast shows an optimistic outlook for the semiconductor market as the industry sees signs of recovery driven by demand for AI applications following the launch of OpenAI’s ChatGPT chatbot and improvements in PC and smartphone sales.
In terms of products, memory chips will lead the overall market growth in 2024, with sales expected to increase by 44.8% compared to 2023. The logic chip market is also forecast to record a growth of 9.6%, while the image sensor chip market is expected to grow by 1.7%.
By region, the Americas are expected to grow the most at 22.3% next year. The Asia-Pacific market, home to many smartphone and PC manufacturing facilities, is expected to grow by 12%.
In Japan, the semiconductor market is forecast to grow at a modest 4.4% as it does not benefit much from a strong recovery in memory chip demand as sales of the product remain low.
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