The production value of Taiwan’s semiconductor industry is expected to grow 8.6% this year to hit another record high of NT$3.49 trillion (US$125 billion). That’s according to the Industrial Technology Research Institute (ITRI) on Monday.
ITRI says the industry’s production value broke the NT$3 trillion (US$109 billion) mark for the first time last year, topping out at NT$3.22 trillion (US$117.2 billion). That was a year-on-year increase of 20.9%. It far outperformed the global semiconductor market, which grew by 6.8%.
ITRI says there are a number of factors contributing to the robust growth in Taiwan’s semiconductor industry. Those include the global trends of digital transformation, working remote, and online classes, as a result of the COVID-19 pandemic. Those trends have boosted demand for laptops and network products.
Business has been booming for Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker. The same is true for two other major chipmakers in Taiwan: United Microelectronics Corporation (UMC) and Vanguard International Semiconductor Corporation (VIS).