Global Semiconductor & Electronics Industry to Attain Remarkable Growth In the Coming Years: Grand View Research, Inc.

SAN FRANCISCO, Aug. 6, 2024 /PRNewswire/ -- The global semiconductor & electronics industry is anticipated to grow lucratively in the coming years, as per the forecast by Grand View Research. Some of the prominent factors fueling the growth of the global semiconductor & electronics industry are the proliferation of Internet of Things (IoT) devices and sensors, the rollout of 5G networks boosting demand for semiconductors, increasing consumption of consumer electronics (such as smartphones, tablets, wearable devices), rising adoption of industrial automation and intelligent systems, and growing use of electrical vehicles & autonomous driving technologies creating a surge in demand for automotive semiconductors.

Following is a list of the markets that are anticipated to propel the growth for the semiconductor & electronics industry:

The global architectural lighting market size was estimated at USD 8.94 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The market growth can be attributed to the increasing prominence of architectural lighting across independent bungalows, condos, community houses, skyscrapers, residential buildings, malls, office space, hotels, public offices, and industrial lofts, among others. Furthermore, architectural lighting is highly compatible with sensors that help manage lighting usage and save energy and money.

The automotive LiDAR market size was valued at USD 447.0 million in 2022 globally and is projected to expand at a compound annual growth rate (CAGR) of 8.1% from 2023 to 2030 owing to rising demand for advanced driver assistance systems (ADAS) and autonomous vehicles, increasing emphasis on safety regulations and the need to reduce road accidents. Furthermore, the rising adoption of safety systems in autonomous and semi-autonomous cars at various levels of automation is expected to draw huge investment from key participants, thus driving regional industry demand during the forecast period.

The worldwide consumer electronics market size was worth USD 1,068.22 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Smartphone proliferation is expected to fuel the global market for consumer electronics. Technological advancements, the emergence of 4G and 5G technologies, and innovation are expected to drive demand for the market for consumer electronic.

The global digital signage market size was estimated at USD 26.76 billion in 2023 and is anticipated to register a compound annual growth rate (CAGR) of 8.1% from 2024 to 2030. This market growth is accredited to the increasing demand for the digitized promotion of products and services to attract the attention of the target audience in an effective manner. Furthermore, the demand for 4K digitized sign displays (digital signage displays) with embedded software and media player is rising as it offers customers an affordable Ultra HD digital signage solution, which is also expected to drive the demand. 

The fiber optics market size was valued at USD 8.76 billion in 2022 globally and is projected to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030. Fiber optics technology is a modern-day innovation that has evolved owing to rigorous studies conducted by researchers and scientists worldwide through extensive R&D. Significant adoption of fiber optic cables under the sea contributed towards growth of market due to increased utilization of deployed fiber, improved network capacity, and enhancement in spectral efficiency.

The worldwide field programmable gate array (FPGA) market size was worth USD 10.46 billion in 2022 and is anticipated to register a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030. The growing trend for the adoption of field programmable gate array in areas of deep packet inspection, network processing, and security is anticipated to drive their demand over the forecast period. The preference for FPGA architecture is on the rise due to its capabilities, such as low power consumption and high compute density. 

The global flexible electronics market size was valued at USD 24.94 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 10.5% from 2023 to 2030. A noticeable increase in the adoption of laptops and smartphone products by consumers and the wide applicability of flexible electronics such as flexible batteries and displays in the consumer electronic industry is a major factor expected to drive the global flexible electronic market growth.

The gallium nitride semiconductor devices market size was estimated at USD 2.56 billion in 2023 globally and is expected to expand at a CAGR of 26.4% from 2024 to 2030. The growth of the market can be attributed to the ability of gallium semiconductors to provide high-speed performance as well as contribute to lower carbon emissions, which position them as effective devices in the field of electronics.

Global gas sensor market size was worth USD 2.90 billion in 2023 and is anticipated to register a compound annual growth rate (CAGR) of 9.5% from 2023 to 2030. The major factor driving the market is the development of miniaturization and wireless capabilities, coupled with the improvement in the communication technologies that enable their integration into various devices and machines to detect toxic gases at a safe distance. In addition, the rising demand to control harmful emissions from critical industries also bodes well for the growth of the market.

The worldwide interactive display market size was valued at USD 41.45 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The market is expected to witness significant growth in the coming years, primarily owing to increasing demand for digital classrooms as well as growing adoption of these displays, such as video walls and tables. These video walls and tables are used at transit spaces/public transportation, such as railway stations and airports.

The global interactive kiosk market size was valued at USD 28.45 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030. Due to the high development in payment and security technologies, the market has witnessed rapid growth over the past few years. Many of the self-service kiosk manufacturers will continue to extract these technologies' maximum potential and are expected to include them as an indispensable component of their product offering.

The laptop market size was valued at USD 194.25 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030. The market is continuously expanding owing to rising disposable incomes, growing internet connectivity, and the increasing inclination of consumers toward advanced laptops with respect to system performance and design.

The global LiDAR market size was valued at USD 1.81 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030. The technological advancements in spatial resolution of LiDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The growth of the market is attributed to the rising automation in LiDAR to reduce human efforts and increase efficiency.

The worldwide microwave devices market size was valued at USD 7.49 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030. The growing usage of SiC and GaN devices in the upcoming amplifier technology is expected to drive industry growth. Microwave devices offer high efficiency and heat tolerance. They are also able to perform well in harsh environments. 

The millimeter wave technology market size was valued at USD 3.75 billion in 2023 globally and is anticipated to register a compound annual growth rate (CAGR) of 39.7% from 2024 to 2030. The mmWave technology has gained popularity owing to its potential for high data rates, low latency, and capacity to support a massive number of devices simultaneously. Rising demand for bandwidth-intensive applications, use of mmWave in 5G communications, and demand for high speed for the Internet of Things (IoT) are contributing to the market's growth.

The global outdoor LED display market size was valued at USD 7236.9 million in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 15.9% from 2023 to 2030. The increasing demand for digital advertising and the rising popularity of large-scale events drive market growth. The expansion of exhibitions and sports events, ceremonies, seminars, and other similar events are the key factors for the market growth for outdoor displays.

The pressure sensor market size was valued at USD 18.73 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030. The market's growth can be attributed to the rising demand for pressure sensors from various industry verticals, such as automotive and healthcare, and in various applications, such as consumer electronics, portable healthcare wearables, alarm systems, medical breathing appliances, water purifiers, refrigeration systems, and off-road constructions among others.

The global printed electronics market size was valued at USD 8.66 billion in 2021 and is anticipated to register a compound annual growth rate (CAGR) of 22.3% over the forecast period as printed electronic products are gaining rapid traction. The estimated escalation of the technology is attributed to its ability to be incorporated in a variety of dynamic application areas, such as the Internet of Things (IoT) and consumer electronics. The increasing penetration of IoT is providing several growth opportunities, widening the scope of printed electronics applications across the sector.

The worldwide silicon photonics market  size was worth USD 1.29 billion in 2022 and is anticipated to expand at a CAGR of 25.8% from 2023 to 2030. Silicon photonics is an emerging technology experiencing growing demand due to the need for higher data transfer rates and bandwidth-intensive applications. It has found significant traction in data centers and telecommunications, where it offers high-speed data transmission, reduced power consumption, and integration with existing silicon-based electronic systems.

The smart lighting market size was valued at USD 15.05 billion in 2022 globally and is expected to grow at a compound annual growth rate (CAGR) of 22.1% from 2023 to 2030. The ability of lights to connect with IoT devices and create a variety of ambient lighting using just smartphones or tablets has increased its popularity and demand across commercial and residential spaces. A wide range of features apart from illumination coupled with the growing adoption of IoT devices and smart assistant platforms have created market growth avenues for smart lighting.

The global smart ticketing market size was valued at USD 10.14 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 15.5% from 2023 to 2030. The primary factor leading to the growth in adopting smart ticketing solutions is the increasing incorporation of emerging technologies. In addition, the availability of multi-modal disbursement channels through online ticketing systems, smartphones, E-kiosks, and smart ticketing machines is supplementing effective crowd management and making smart ticketing systems preferable over traditional paper-based ticketing systems.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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