Semiconductor demand is set to take off thanks to the growing application of chips across a wide range of verticals, including automotive, industrial, technology, healthcare, and other sectors. According to a third-party estimate, the global semiconductor market's revenue could hit $803 billion by 2028 compared to an estimated $452 billion this year, clocking a compound annual growth rate of 8.6%. For comparison, the global semiconductor market was touted to grow at just 2.9% a year between 2015 and 2020.
The improving prospects of the semiconductor market bode well for the likes of Analog Devices (NASDAQ: ADI) , Synaptics (NASDAQ: SYNA) , and Broadcom (NASDAQ: AVGO) -- three stocks that have tripled in price the past five years.
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