The IC market is forecast to rise 11% this year following a 26% surge in 2021 and a 13% increase in 2020, according to IC Insights.

If achieved, IC Insights said, it would mark the first time in 25 years that the IC market has enjoyed three consecutive years of double-digit growth. The previous time such an increase occurred was the four-year period from 1992-1995.

Worldwide IC sales are forecast to hit a new record high of US$565.1 billion in 2022, after topping the half-trillion dollar plateau for the first time in 2021 to reach US$509.8 billion, IC Insights indicated.

The IC industry experienced a 15% decline in 2019 and then struggled through profound economic uncertainties in the first half of 2020 due to the global coronavirus pandemic, IC Insights said. The pandemic led to a transformation in how the world went about life, with individuals, businesses, educators, and governments turning increasingly to digital-based operations, providing the catalyst for a strong upturn in IC sales in the second half of 2020 and into 2021.

Robust demand, coupled with rising average selling prices due to widespread supply chain disruptions, led to 26% IC market growth last year. The 26% surge in 2021 was tied with 1979 for the 8th-largest annual increase in IC sales dating back to 1978, IC Insights noted.

By DIGITIMES