According to the latest quarterly World Fab Forecast report by SEMI, the global semiconductor capacity is projected to increase by 6.4% in 2024, reaching over 30 million wafers per month (wpm) for the first time. This growth follows a 5.5% rise to 29.6 wpm in 2023. The expansion is attributed to several factors, including capacity increases in leading-edge logic and foundry, the growing demand for applications such as generative AI and high-performance computing (HPC), and the recovery in end-demand for chips.
In 2023, the capacity expansion had slowed due to softening semiconductor market demand and subsequent inventory correction. However, with resurgent market demand and increased government incentives worldwide, there is now an upsurge in fab investments in key chipmaking regions, fueling the projected 6.4% rise in global capacity for 2024. Ajit Manocha, SEMI President and CEO, emphasized that the strategic importance of semiconductor manufacturing to national and economic security is a key catalyst for these trends.
The World Fab Forecast report covering 2022 to 2024 reveals that the global semiconductor industry intends to begin operation of 82 new volume fabs, including 11 projects in 2023 and 42 projects in 2024. These projects span wafer sizes ranging from 300mm to 100mm. With increased government funding and incentives, Mainland China is expected to increase its share of global semiconductor production. Chinese chip manufacturers are forecast to commence operations of 18 projects in 2024, leading to a 13% year-over-year capacity growth to 8.6 million wpm.
In the same vein, Chinese Taiwan is projected to remain the second-largest region in semiconductor capacity, with capacity increasing by 5.6% to 5.4 million wpm in 2023 and posting a 4.2% growth to 5.7 million wpm in 2024. The region is also expected to initiate operations of five new fabs in 2024. Meanwhile, Korea ranks third in chip capacity at 4.9 million wpm in 2023 and is anticipated to reach 5.1 million wpm in 2024, a 5.4% increase as one new fab comes online. Japan is expected to take the fourth spot at 4.7 million wpm in 2024, with a 2% capacity increase due to the commencement of operations of four new fabs.
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