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Taiwan Semiconductor Industry Expected to Grow 1.7% to Over USD600B in 2023 Despite Slow Demand and Inventory Pileup: MIC
October 14, 2022

Owing to oversupply concerns, global inflation, and the ongoing Ukraine-Russia war, the global semiconductor industry's growth momentum in 2021 has continued into 2022, albeit at a slower rate, according to Taiwan's government-backed IT research institute MIC (Market Intelligence & Consulting Institute). MIC estimated global semiconductor market value will reach USD 605.6 billion in 2022, up 8.9% year-on-year. "Some market unfavorable factors that affect the consumer market demand and pull-in demand are likely to have their toll on the global semiconductor market performance. Hence, global semiconductor market value is anticipated to reach USD 608.6 billion in 2023, up merely 0.5% year-on-year," said Cynthia Yang, senior industry analyst at MIC's 35th MIC Forum. Over the years, Taiwan has played a prominent role in the global semiconductor market by being a major chip supplier of global value chains. Hence, shipment value of the Taiwanese semiconductor industry is estimated to top around NTD 4.30 trillion (USD127.8 billion) in 2022 and grow at 15.8% year-on-year, much higher than the global average. Due to the slowdown in global consumer electronic market demand, the industry is forecast to reach NTD 4.37 trillion (USD140 billion) in 2023, up 1.7% year-on-year.

Taiwan Semiconductor Shipment Value, 2015-2023


Note: USD 1=NTD 31.3
Source: MIC, October 2022

Established in 1987, MIC (Market Intelligence & Consulting Institute) is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.

To know more about this topic, please visit:  Development of the Taiwanese Semiconductor Industry in 1Q 2021, Taiwan Semiconductor Industry 2021 Recap and Forecast for 2022Global Semiconductor Industry Trends and Foundry Capacity DeploymentDevelopment of the Global Semiconductor Foundry Industry, 2021-2022 (pre-order)

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