MIC (Market Intelligence and Consulting Institute) projected that shipment value of Taiwan's semiconductor industry will reach around NT$2.26 trillion (US$74.1 billion; US$1=NT$30.50) this year, up 5.5% annually—higher than the expected global average of 3.8%—reported Commercial Times on May 21. By sector, IC design, foundry, and testing and packaging are all expected to see a rise in shipment value this year. In particular, IC foundry sector is expected to grow 12% year on year to reach NT$1.45 trillion (US$47.5 billion), thanks to the continuous deployment in 20-nm and 16-nm process technologies. Affected by the plunge in PC shipments and lower-than-expected growth of smartphones, shipment value of the worldwide semiconductor industry is expected to reach US$348.8 billion this year, up merely 3.8% year on year, said MIC.