The semiconductor manufacturing equipment market is projected to reach USD 149.8 billion by 2028 from USD 91.2 billion in 2023, at a CAGR of 10.4% from 2023 to 2028. Need for semiconductor parts in electric and hybrid vehicles and wide adoption of 5G technology are some of the major factors driving the market growth globally.
The prominent players in the semiconductor manufacturing equipment market are Tokyo Electron Limited (Japan); Lam Research Corporation (US); ASML (Netherlands); Applied Materials, Inc. (US); KLA Corporation (US); SCREEN Holdings Co., Ltd. (Japan); Teradyne, Inc. (US); Advantest Corporation (Japan); Hitachi, Ltd. (Japan); Plasma-Therm (US). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint.
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Lithography is likely to capture largest share of the front-end semiconductor equipment market during the forecast period
Using EUV lithography equipment is beneficial for manufacturers, as these equipment expose critical layers of wafers in just one step, resulting in reduced manufacturing costs of semiconductor devices. Also, various countries are supporting companies operating in the photolithography equipment market through funding. For instance, the Defense Advanced Research Projects Agency (DARPA) of the US is funding research for the development of advanced IC architecture and design tools. Major players such as ASML, KLA Corporation, Intel Corporation, and Taiwan Semiconductor Manufacturing Company Limited have been making efforts to enhance the EUV lithography technology to further reduce the wafer size to around 5 nm. Thus, the lithography segment of front-end equipment is likely to capture the largest share of the semiconductor manufacturing equipment in the future.
In 2022, Asia Pacific held the largest share of the semiconductor manufacturing equipment market for memory
In 2022, Asia Pacific held the largest share of the semiconductor manufacturing equipment market for memory. The region is home to several manufacturers of low-cost devices. Countries such as China, Japan, South Korea, and India are researching new types of memory devices with high speed and scalability. For instance, in 2021, scientists from the Indian Institute of Technology in Bombay (IIT-Bombay) developed a groundbreaking semiconductor memory technology that can be utilized for commercial manufacturing at the 180 nm node in India. This innovative technology, based on ultra-thin silicon dioxide (a few atoms thick), enables secure memory and encryption hardware. It replaces the conventional gate oxide-based one-time programmable (OTP) technology with a novel OTP memory-based approach, making it the first of its kind in India.
The semiconductor manufacturing equipment market for 3D IC manufacturing is expected to grow at the highest CAGR during the forecast period
The semiconductor manufacturing equipment market for 3D IC manufacturing is expected to grow at the highest CAGR during the forecast period. The demand for 3D ICs is increasing as companies are trying to increase functional integration through multi-chip modules, silicon-in-package, and package-on-package schemes. 3D ICs contain multiple dies stacked, aligned, and bonded in a single package, using through-silicon vias (TSVs) and hybrid bonding techniques for inter-die communication. With the increased demand for improved functionality and miniaturization of portable devices such as cell phones, digital cameras, and laptop computers, manufacturers and IDMs are expected to opt for 3D ICs, thus bolstering the growth of this segment.
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Asia Pacific accounted for the largest share of the semiconductor manufacturing equipment market in 2022
Asia Pacific accounted for the largest share of the semiconductor manufacturing equipment market in 2022; a similar trend is likely to continue during the forecast period. The market in Asia Pacific is driven by continuous developments in the semiconductor industry, expansion of the semiconductor manufacturing equipment companies operating in the region, and financial support for the semiconductor industry by regional governments. For instance, in 2022, China announced a massive USD 143 billion investment plan aimed at bolstering its semiconductor sector amidst growing sanctions from the US that have impacted Chinese chipmakers. The investment will be made over a five-year period, with a significant portion dedicated to advancing manufacturing capabilities. The funding will be utilized for purchasing domestic semiconductor equipment for chip foundries, commonly referred to as fabs, with competent companies eligible for a subsidy of up to 20% of the equipment cost.
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