In 2022, the semiconductor industry finds itself in one of the most defining moments of its history. While we are clearly still dealing with the global ripple effects of the chip shortage, there are also several other key trends dramatically shifting the landscape of this industry. The global semiconductor industry has been evolving and growing steadily. This growth has largely been driven by the soaring demand for cutting-edge smart devices and related technological advancements. Semiconductors have become indispensable and are now widely adopted in a variety of industries- Defense, Transportation, Communications, Consumer electronics, Clean Energy, Aerospace, and Automotive.
Semiconductors are the foundation of contemporary electronics. They are present in microcontrollers, integrated chips, diodes, transistors, photosensors, calculators, 3D printing machines, self-driving cars, solar plates, and other such technological devices. MOSFET and Transistor -used in electrical circuits as a switch- are also produced with the help of semiconductors. The physical and chemical characteristics of semiconductors make them proficient in the creation of tech tools.
Apart from electronics, they help in the working of trains, the internet, ATMs, and various other forms of communication. They are even used in the medical system- from filling prescriptions to the completion of lab work. Practically, these small technological wonders support us to make our lives more comfortable.
After gaining prominence, the world of 5G technology will create a huge impact on the global semiconductor industry. According to experts, the Global 5G Chipset Market size was estimated at USD 1.53 billion in 2019 and is predicted to reach USD 90.79 billion by 2030 with a CAGR of 44.95% from 2020-2030. In the automotive industry, self-driving vehicles are the next big thing that will function with the assistance of semiconductor chips. The market size for automotive artificial intelligence software is reportedly aiming to reach USD 53.98 billion by 2030.
As years are passing by, tracking the evolution of technology is becoming harder. While artificial intelligence, 5G, IoT, autonomous cars are all in the initial phase – most companies are just starting out for their execution- they will have major implications on the semiconductor industry in the coming years. With perpetual technological advancement, the global semiconductor industry offers a plethora of opportunities and is set to witness a more promising future.