The global semiconductor market is on a trajectory to more than double in size, potentially reaching a value of $1.6 trillion by 2030, from $775 billion in 2024. The computing and data storage sector will largely fuel this expansion, which represents a 13 percent compound annual growth rate, McKinsey’s Bill Wiseman, Marc de Jong, Philipp Pfingstag, and coauthors note. This single vertical is projected to contribute $460 billion, or 55 percent, of the industry’s total growth, while the next two biggest contributors are expected to be wireless and automotive.
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A stacked bar chart illustrates the projected growth of the global semiconductor market from 2024 to 2030, showing an increase from $775 billion to $1.6 trillion, with a CAGR of 13% over this period. The chart breaks down the contribution of different verticals to this market expansion, with color-coded segments for each. The largest growth contribution is from computing and data storage, adding $460 billion and accounting for 55% of total industry growth. Wireless applications follow with $150 billion (18%), while automotive and wired segments each contribute $70 billion (9% and 8%, respectively). Industrial applications add $40 billion (5 percent), and consumer applications contribute $35 billion (4%). The verticals’ respective CAGRs range from 10–15%, with computing and data storage growing at 15% and wireless at 13%.
Note: This image description was completed with the assistance of Writer, a gen AI tool.
Source: Omdia; McKinsey analysis.
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To read the article, see “Hiding in plain sight: The underestimated size of the semiconductor industry,” January 15, 2026.