TAIPEI (Taiwan News) — Taiwan’s semiconductor industry output reached NT$5.31 trillion (US$162.3 billion) in 2024, a 22.4% increase, according to statistics from the Industrial Technology Research Institute (ITRI).

ITRI’s Industrial Economics and Knowledge Center explained that Taiwan’s IC manufacturing sector saw its output reach NT$3.41 trillion, reflecting a 28.4% increase, making it the strongest-growing segment of the semiconductor industry, per CNA. TSMC’s strong sales in high-performance computing and smartphone platforms pushed its total revenue to NT$2.89 trillion in 2024, serving as the main growth driver.

Last year, Taiwan’s IC design sector recorded an output of NT$1.27 trillion, up 16%, while the IC packaging sector reached NT$423.3 billion, an increase of 7.7%. The IC testing sector saw an output of NT$200.2 billion, up 5%.

ITRI forecasts that Taiwan’s semiconductor industry output will reach NT$6.18 trillion next year, reflecting 16.2% growth. The IC manufacturing sector is expected to surpass NT$4 trillion, reaching NT$4.08 trillion, a 19.4% increase.

Taiwan’s IC design sector output is projected to reach NT$1.41 trillion, up 11.3%, while the IC packaging sector will see an output of NT$460.8 billion, an 8.9% increase. The IC testing sector is expected to grow 9.6% to NT$219.5 billion.

ITRI noted that Taiwan’s semiconductor industry growth rate last year exceeded the global industry’s 19.1% growth. It expects Taiwan’s semiconductor sector to continue outpacing the global industry’s projected 11.2% growth rate next year.