The semiconductor and related device manufacturing industry in the US showed consistent growth between 2013 and 2023, achieving a value of $84.71 billion in 2023. Year-on-year variation ranged from a high of 10.13% in 2016 to a low of -2.27% in 2017. This indicates periods of intermittent increases and contractions.
More recently, between 2022 and 2023, the industry experienced a 0.48% growth, continuing a trend of modest increases observed since 2018. Considering the last five years, the compound annual growth rate (CAGR) was 0.51%, reflecting steady albeit slow growth.
Looking ahead, forecasts suggest the industry will grow to $86.63 billion by 2028, with a forecasted 5-year CAGR of 0.35% and an average annual growth rate of 1.78%, indicating continued but moderate industry expansion.
Future trends to watch for:
- Innovation in semiconductor technologies such as advanced AI chips, quantum computing, and 5G networks.
- Increased investment in domestic semiconductor manufacturing driven by supply chain security concerns.
- Potential regulatory impacts and international trade policies affecting global semiconductor supply and demand.
- Sustainable manufacturing practices and circular economy principles gaining importance in the industry.
