The global demand for semiconductors is growing rapidly, as the deployment of renewable energy projects and the rollout of electric vehicles using the technology increases. The global semiconductor market size was valued at almost $611.4 billion in 2023 and is expected to grow to $2.06 trillion by 2032, at a CAGR of 14.9 percent from 2024 to 2032. At present, the Asia Pacific semiconductor industry holds a market share of just over 50 percent, with most manufacturing activities taking place in Taiwan, and dominated by the Taiwan Semiconductor Manufacturing Company (TSMC). The East Asian country also produces around 90 percent of the world's super-advanced semiconductors. The next biggest microchip producers are South Korea, China, and the United States.