Semiconductor Packaging Market Size, Share, Growth Analysis, By Material(Organic Substrate, Plastic, and Metal & Ceramic), By Technology(Small outline package (SOP), Grid array (GA), Quad flat no-leads (QFN), and Others), By Application(Transportation & Automotive, Défense & Military, Consumer Electronics, Healthcare and Others), By Region - Industry Forecast 2024-2031

Semiconductor Packaging Market  size was valued at USD 26.9 billion in 2022 and is poised to grow from USD 28.6 billion in 2023 to USD 53.7 billion by 2031, growing at a CAGR of 6.52% during the forecast period (2024-2031). 

The demand for semiconductor devices is increasing in a variety of applications, such as consumer electronics, automotive, industrial, and healthcare. This is due to the rising adoption of new technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). These technologies require semiconductor devices with high processing power and memory capacity, which is driving the growth of the semiconductor packaging market. 

By preserving overall performance and bringing down the cost of the package, semiconductor packaging technology increases the value of semiconductor products. For high-standard performance chips used in virtual products, semiconductor packaging is becoming more widely adopted. In addition, companies are creating semiconductor chips using graphene and tin oxide, which is anticipated to spur market product innovation.  

One of the key elements fuelling the expansion of the semiconductor packaging market is the expansion of the semiconductor industry globally. Due to increasing demand from a variety of end-user industries and the use of packaging to enhance the performance, reliability, and cost-effectiveness of electronics systems, the market is growing at an accelerated rate due to continuous improvements in terms of integration, energy efficiency, and product characteristics.

US Semiconductor Packaging Market is poised to grow at sustainable CAGR for the next forecast year.