Taiwan Semiconductors Market is Estimated To Reach USD 66.06 Billion By 2031 By CIOTechOutlook Team

Taiwan Semiconductors Market is Estimated To Reach USD 66.06 Billion By 2031

CIOTechOutlook Team | Thursday, 13 July 2023, 08:46 IST

By 2031, the Taiwan Semiconductors Market is anticipated to surpass USD 66.06 billion, growing at a CAGR of 5.8%. Taiwan's semiconductor sector is anticipated to expand more quickly as a result of the rise of new applications like AIoT, 5G, and high-performance computing, as well as the advantage of having access to the best available technology and constant full production capacity.

In order to meet the rising demand for semiconductor materials in cutting-edge technologies like artificial intelligence (AI), autonomous driving, the Internet of Things, and 5G, as well as competition among major players and consistent spending on R&D, it is anticipated that the semiconductor industry will maintain its strong growth during the forecast period.

Due to industrial automation, continued advancements in consumer electronics, and the use of sensors in automobiles, semiconductor applications and demand are also growing across almost all industry verticals. The market is growing mostly as a result of a stronger emphasis on consumer electronics. Another factor assisting in gaining a competitive edge is the growing use of smartphones and other consumer goods, which leads to more investment in process equipment.

Taiwan Semiconductor Manufacturing Co. and the Center for Secure Microelectronics Ecosystem at Purdue University reaffirmed their close partnership in June 2023, which aided Purdue University in developing the semiconductor workforce. The renewal of TSMC's membership in CSME demonstrates that both organizations wish to continue collaborating on workforce development and research projects through 2031.