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Taiwan Semiconductor Industry Expects Over 15% Growth in Shipment Value for 2024: MIC
October 03, 2023

After experiencing subdued demand in the consumer market throughout 2022, Taiwan's IC design and packaging/testing sectors, also known as OSAT (Outsource Semiconductor Assembly and Testing), demonstrated lackluster performance in the latter half of 2022. The memory industry, in particular, faced a severe downturn. However, buoyed by robust growth in the wafer foundry sector, the Taiwanese industry's shipment value still surpassed NT$4 trillion (US$125.8 billion; US$1= NT$31.8), outperforming the global average, according to MIC (Market Intelligence & Consulting Institute).

Taiwan Semiconductor Industry Shipment Value by Sector, 2015-2024


Note: US$1=NT$31.5
Source: MIC, October 2023

As the semiconductor industry enters a phase of inventory adjustment in 2023, IC design and memory sectors, primarily focused on consumer end-applications, are grappling with a situation of declining demand and oversupply. This ripple effect extends to the wafer foundry and OSAT industries. Nevertheless, MIC anticipates that the industry will enjoy a 15.7% growth in 2024 compared to 2023, with the memory and IDM (Integrated Device Manufacturing) industry sector experiencing the highest growth rate of 20%, followed by the foundry's 15%.

Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in the Asia Pacific region.

To know more about this topic, please visit: 2022 Recap and 2023 Development of the Worldwide Semiconductor Foundry IndustryDevelopment of the China IC Packaging and Testing Industry and Key PlayersDevelopment Highlights of Taiwan's Semiconductor Industry, 2Q 2023 (pre-order)Taiwan IC Packaging and Testing Industry, 2Q 2023Taiwan Fabless IC Industry, 2Q 2023Taiwan Semiconductor Manufacturing Industry, 2Q 2023

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