Market Size of Semiconductor Device For Industrial Applications Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 87.59 Billion |
| Market Size (2029) | USD 135.24 Billion |
| CAGR (2024 - 2029) | 9.08 % |
| Fastest Growing Market | North America |
| Largest Market | Asia |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Semiconductor Device For Industrial Applications Market Analysis
The Semiconductor Device For Industrial Applications Market size is estimated at USD 87.59 billion in 2024, and is expected to reach USD 135.24 billion by 2029, growing at a CAGR of 9.08% during the forecast period (2024-2029).
- Semiconductor devices are increasingly adopted in industrial applications owing to the rapid growth in industrial automation. Industry 4.0 is transforming the way companies manufacture their products. Industry 4.0 refers to intelligent and connected production systems designed to sense, predict, or interact with the physical world, making real-time decisions that support production. It can increase productivity, energy efficiency, and sustainability in manufacturing.
- One of the most critical components of Industry 4.0 is the Industrial Internet of Things, which indicates the extension and use of the IoT in industrial sectors and applications. Semiconductors' underlying core capabilities for IIoT include sensing, connectivity, and computing. For instance, in IIoT, sensors are widely used in different industries to monitor equipment, assets, systems, and overall performance.
- Another critical enabler of Industry 4.0 and a common area of application of semiconductors is industrial robots, which are mechanical machines programmed to automatically perform production-related tasks in industrial environments.
- For their functioning, industrial robots require sophisticated sensors that obtain essential information. Sensors can use semiconductor processing units to gather external information like images, infrared light, sound, internal temperature, moisture, movement, and position data. Currently, many industrial robots are equipped with 3D vision systems, usually comprised of multiple cameras or one or more laser displacement sensors.
- The semiconductor industry's supply and demand were both significantly impacted by COVID-19. The shutdown of manufacturing sites and government-induced lockdowns severely affected the production and supply chain of the entire globe. The growing awareness of Industry 4.0 and the frequent adoption of intelligent factories accelerated market growth in the following years.
