TAIPEI (Taiwan News) — The value of Taiwan’s semiconductor production will reach NT$4.5 trillion (US$161.4 billion) next year and NT$5 trillion in 2025, the Industrial Technology Research Institute (ITRI) said Thursday (Nov. 4).

The year-on-year rise amounts to 25.9%, a level higher than the global average, the Liberty Times reported. At a forum on Thursday, the ITRI named the semiconductor sector and its supply chain in Taiwan as the most prominent beneficiaries of the COVID-19 pandemic.

International demand for products of the integrated circuit sector is so high that factories are operating at full capacity, the ITRI said. The global market for semiconductors is likely to surge by 25.1% in 2021 and by a further 10.1% next year.

This year is the third in a row that the country’s computer chip production value has grown by at least 10%, according to the ITRI.