The World Semiconductor Trade Statistics (WSTS) recently revised its estimate for global semiconductor sales in 2024 to US$588.364 billion, indicating a 13.1% YoY increase and anticipating a historic high. The recovery in memory IC sales is expected to contribute to over 40% growth.
WSTS's forecast report highlights a significant surge in demand for semiconductor products driven by the widespread adoption of generative AI. According to Market Intelligence & Consulting Institute (MIC), the AI server market has experienced nearly a 50% growth, thanks to the investment boom in 2023. AI server shipments are expected to continue growing by nearly 30% in 2024, with an anticipation of shipment volume nearly doubling by 2027 compared to 2022. In addition to AI servers, chips for use in Electric Vehicles (EVs), 5G Fixed Wireless Access (FWA) Customer Premises Equipment (CPE), and Wi-Fi stations are anticipated to contribute to bolstering global semiconductor shipments in both 2023 and 2024.
With the anticipated substantial recovery in memory IC demand, global semiconductor revenue is projected to reach US$588.364 billion in 2024, up from US$520.125 billion in 2023. Regarding Taiwan, a major semiconductor base, MIC estimates that the shipment value of the industry will reach NT$4.29 trillion (US$139.3 billion; US$1=NT$30.8) in 2024, up 13.7% compared to 2023.