It is anticipated that the industry will maintain strong growth to meet rising demand for semiconductor materials in emerging technologies like AI, autonomous driving, the Internet of Things, and 5G. Taiwan’s semiconductor market is estimated to reach USD 66.06 billion by 2031, growing at a CAGR of 5.8% during the forecast period, according to market research and consulting firm InsightAce Analytic.

Taiwan has emerged as one of the most competitive industry competitors for both advanced and mature process technologies. Tech giant TSMC’s (Taiwan Semiconductor Manufacturing Co) chips are used in consumer electronics like digital video compact disc players, digital televisions, game consoles, and digital cameras as well as in personal computers and peripherals, information applications, wired and wireless communications systems, and automotive and industrial equipment.

"Taiwan’s semiconductor industry is expected to grow faster due to the growth of emerging applications such as AIoT, 5G, and high-performance computing, as well as the advantage of the most advanced technology in the field and continuous full production capacity,” InsightAce Analytic said in a media release. Prominent players in the Taiwan semiconductors market include TSMC, ASE Technology, AU Optronics, MediaTek, LITE-ON Technology and United Microelectronics.

It is anticipated that the semiconductor industry will maintain its strong growth during the forecast period in order to meet the rising demand for semiconductor materials in emerging technologies like artificial intelligence (AI), autonomous driving, the Internet of Things, and 5G, as well as competition among major players and consistent spending on R&D, InsightAce Analytic says.

Furthermore, semiconductor applications and demand are expanding across nearly all industry verticals due to industrial automation, ongoing improvements in consumer electronics, and the usage of sensors in vehicles.