Semiconductor Manufacturing Equipment Market Report 2023: Significant Growth in the Electronics Industry

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 major players in the semiconductor manufacturing equipment Companies include 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).

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Opportunity: Shortage of semiconductors leading to development of new manufacturing facilities

Semiconductors are critical components that power all kinds of electronics. Their production involves a complex network of firms that design the chips, companies that manufacture them as well as those that supply the required technologies, materials, and machinery. As the worldwide semiconductor crisis continues to disrupt supply chains and create widespread uncertainty in the automotive and consumer electronics sectors, some manufacturers have announced their expansion plans.

Challenge: Lack of skilled workforce worldwide

The semiconductor manufacturing challenges persist after the completion of semiconductor facilities. One such challenge is the lack of a skilled workforce. The production of semiconductor chips necessitates specialized expertise; it requires professionals with the knowledge and skills to transform raw materials into finished goods utilizing specialized equipment, such as CNC machines. The global talent gap in the semiconductor industry is a widespread concern, as major semiconductor hubs are facing shortages of qualified personnel in varying degrees. According to the Workforce Development Survey, among 95% of the overall graduates, hiring engineering professionals for critical fields in the semiconductor industry proved to be highly challenging.