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1、 20232023 KPMG Global Semiconductor Industry OutlookNavigating short-term volatility in the semiconductor industryMakers of vital tech are ready to overcome todays obstacles Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prioritiesNext stepsThis is the 18th annual KPMG Glo

2、bal Semiconductor Industry Outlook with key findings from a survey of 151 senior executives from global semiconductor companies conducted in the fourth quarter of 2022 by KPMG and the Global Semiconductor Alliance(GSA).The publication is designed for semiconductor CEOs,COOs,CFOs,controllers,finance

3、leaders,and strategic and corporate development personnel.This report is equally relevant for executives of companies whose products are heavily reliant on semiconductor components,including products for telecommunications,telecommunication infrastructure,cloud services,platform providers,Internet o

4、f Things(IoT)applications,and automotive electronic applications.ContentsForeword .2Key findings .3Financial expectations .4Operational expectations .9Growth products .14Strategic and industry issues .17Next steps .23Research methodology .24About KPMG and the GSA .25About the authors .26 2023 KPMG L

5、LP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook1In the fourth quarter of 2022,

6、KPMG LLP and the Global Semiconductor Alliance(GSA)surveyed 151 semiconductor executives about the financial,strategic,and operational trends,issues,and agenda items across the industry and ecosystem.The research shows that despite headwinds,global semiconductor executives maintain an overall positi

7、ve outlook for the industry in 2023 and beyond.Forward-looking perspectives on a range of topics demonstrate this optimistic view.Eighty-one percent of respondents expect their companys revenue to grow year over year.Eighty percent expect to soon see an end to the chip shortage that has been burdeni

8、ng OEM and other manufacturers and frustrating end customers in search of all sorts of everyday items that were in short or limited supply.Andusing government funds in certain geographiescompanies plan to invest in chip production,research,innovation,and talent to meet demand from expanding end mark

9、ets,Forewordsuch as automotive,wireless communications,and cloud computing.Taken together,we see the criticality of semiconductor technologies to the worlds economy,infrastructure,products,and services continuing to be dominant.Macro economic factors,supply/demand imbalance,talent,and political risk

10、s are major forces of pressure on todays global semiconductor market.However,industry executives see growth potential in their own companies and know that long term,the industry is viable and growing,even if a normal cyclical correction is underway.Strategic plans,actions,and investments through 202

11、3 will allow chipmakers to power through these uncertainties with resilience.Lincoln Clark Leader,Global Semiconductor Practice KPMG LLP No one doubts that the world runs on small but powerful semiconductors inside all things digital and connected.Despite supply chain,talent,and political-economic c

12、hallenges,the 2023 KPMG Global Semiconductor Outlook shows the industry future is looking bright.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company l

13、imited by guarantee.All rights reserved.Global semiconductor industry outlook2Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prioritiesNext stepsKey findingsGrowth productsFinancial expectations expect their companys revenue to increase in 2023.Expectations for annual oper

14、ating profitability of the industry going up or down are evenly split.The majority plan to increase spending on Capex,workforce and R&D.expect industry revenue to increase in 2023.81%#1#264%Automotive is the most important application driving semiconductor companies revenue streams.Sensors/MEMS are

15、the most important growth product for the industry.Wireless ranks as the second most-critical end market,followed by cloud,IoT,and AI.Strategic and industry issuesOperational expectations#146%52%67%24%think the chip supply shortage will ease by mid-2023.believe there is already an inventory excess a

16、nd the chip supply shortage is over.say talent risk is the top strategic priority over the next three years.A global talent shortage is the top issue in the semiconductor ecosystem.Nationalization of semiconductor technology is a top geopolitical concern.will increase geographical diversity of the s

17、upply chain in the next 12 months.Source:KPMG Global Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company l

18、imited by guarantee.All rights reserved.Global semiconductor industry outlook3Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prioritiesNext stepsAlmost two-thirds of semiconductor leaders are predicting industry revenue will increase,not contract.Thats a positive indicator

19、 for the upcoming year given the current economics and the fact the industry is almost at the point of having excess inventory.Mark Gibson,Global Sector Head of Technology,Media&Telecommunications,KPMG International Key takeaways 81%expect their companys revenue to increase in 2023,and 64%expect ind

20、ustry revenue to increase.Expectations for annual operating profitability of the industry going up or down are evenly split.The majority plan to increase spending on Capex,workforce and R&D.Financial expectations 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG gl

21、obal organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook4Leaders remain optimistic about revenue growth,though slower rates expectedSemiconductor executives views

22、on their own companys growth are somewhat more bullish than anticipated,given that the industry is in the midst of a normal correction cycle and many economists around the world are predicting a recession.More than 8 in 10 respondents(81 percent)expect their companys revenue to increase over the com

23、ing year.Almost one-quarter(23 percent)expect growth of more than 20 percent.Although generally optimistic,expectations are lower than those expressed in last years survey,when nearly all respondents(95 percent)1 predicted their companys revenue to increase.New factors in play in the semiconductor e

24、cosystemfears of a downturn,increased geopolitical focus,risks to the supply chain,and rising global inflationare understandably hampering leaders outlook,though,as a general trend,most remain positive.Stressors in the ecosystem are having a more significant impact on this years industrywide outlook

25、,with cost pressures the key underlying factor driving down sentiment.Facing increased prices for capital,materials,and labor,industry growth and profitability projections are somewhat uncertain.Company growth expectations outpace those for the broad industry,as reflected in this research and other

26、industry forecasts.In last years survey,97 percent forecasted industry revenue would grow in 2022.2 This year,64 percent of respondents forecast the industrys revenue will grow in 2023.Nearly half(45 percent)predict industry growth of 10 percent or less.The forecast from the World Semiconductor Trad

27、e Statistics is also in the single digits,predicting growth of 4.1 percent in 2023.3Further,there is an even split among those who think industry operating profitability will increase(44 percent)versus decrease(43 percent).This research indicates revenue growth is not all being passed through to the

28、 bottom line,largely because inflation in supply chains is being absorbed by chipmakers and not all being passed on to customers.Financial expectations4 Increase 4 Decrease 4 No changeWhat is your outlook for your companys revenue growth over the next year compared to the current year?(select one)6%

29、81%13%What is your outlook for the annual revenue growth of the global semiconductor industry over the next year?(select one)5%64%31%What is your estimate for the change in the annual operating profitability of the global semiconductor industry over the next year?(select one)13%44%43%Source:KPMG Glo

30、bal Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global se

31、miconductor industry outlook54 Not at all concerned 4 Very concernedIndirect impacts of the Russia-Ukraine War lower growth projections Geopolitical issues also seem to have a notable influence on industry revenue projections.Forty-one percent of semiconductor executives are concerned the Russia-Ukr

32、aine war will materially impact industry revenue growth in 2023,a substantial increase from prior KPMG research conducted in May 2022,when a smaller minority(25 percent)expressed that view.4The indirect impact of the war is manifested in several different ways,with some parties blaming it for the hi

33、gh cost of energy,which is a factor that has driven up inflation and interest rates and slowed demand.The 2023 outlook published by KPMG Economics predicts a shallow recession in 2023.521%26%32%9%12%How concerned are you that the Russia-Ukraine war will materially impact revenue growth for the semic

34、onductor industry in 2023?(select one)Financial expectationsSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.41%2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limite

35、d,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook6Spending to increase as inflationary pressure builds When it comes to spending plans for 2023,rising global inflation and interest rates are the big story.Sixty-two percent of semiconductor lea

36、ders expect their companys capital spending(CapEx)on equipment and software to increase from last year.Only 15 percent plan to make CapEx reductions.Three-quarters also say their R&D spending will go up.While companies need to invest to meet future demand,they will be hesitant to borrow at the same

37、levels as they would in a lower-interest-rate environment.6,7More than 7 in 10 respondents(71 percent)also expect their companys global workforce to expand.Contributing to this view are the strategic commitments being made around the world to increase chip output,including in the U.S.,the E.U.,and C

38、hina.To boost capacity,each country is likely to create manufacturing-related jobs to build new foundries and higher-paying specialized jobs to staff new facilities.8Further,while workforce expansion would drive up the cost of doing business in any economic environment,it could reach new levels when

39、 we factor in current wage inflation and the competitive talent marketplace.9 It is also notable that,while major players in the broader technology sector made headline-grabbing cuts and layoffs in 2022,10 the semiconductor industry has been slower so far in enacting headcount cuts.4 Increase 4 Decr

40、ease 4 No changeWhat is your outlook for semiconductor-related capital spending by your company(both equipment and software)over the next year compared with your companys current year spending?(select one)23%62%15%During the next year,do you expect your companys global workforce to increase or decre

41、ase?(select one)15%71%15%What is your expectation for the change in R&D spending by your company for the next year over the current year?(select one)17%75%8%Financial expectationsSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and

42、 a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook7Near-term challenges across the global semiconductor industry and ecosystem h

43、ave arisen in the past year,impacting leader confidence.The 2023 Semiconductor Confidence Index score of 56 represents a steep decline from the all-time high of 74 in 2022 and the lowest level in half a decade.Every individual input of the 2023 Semiconductor Confidence Index is down from the previou

44、s year.Demand has been negatively impacted by the macro economic environment,including increasing inflation and interest rates,and semiconductor companies are slowing down 2023 investments.Nevertheless,the long-term viability of this essential industry remains strong,with respondents expressing an o

45、verall positive outlook despite near-term obstacles.2023 Semiconductor Industry Confidence IndexFinancial expectations*An index value above 50 indicates a more positive(rather than negative)outlook about the industry and its prospects.Source:KPMG Global Semiconductor Industry Outlook Survey 2023,n=1

46、51 KPMG Global Semiconductor Industry Outlook Survey 2022,n=152Industry Confidence Index2023562022742023(n=151)2022(n=152)72Revenue Growth8758Capital Spending7854Workforce Growth6859R&D Spending Change6939Profitability Change66 2023 KPMG LLP,a Delaware limited liability partnership and a member firm

47、 of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook8Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prioritiesNext st

48、epsKey takeaways 52%think the chip supply shortage will ease by mid-2023.24%believe there is already an inventory excess and the chip supply shortage is over.46%will increase geographical diversity of the supply chain in the next 12 months.Operational expectationsSoftening demand in todays tight glo

49、bal economic climate is rebalancing product in the semiconductor industry.According to our research,many people in the know are saying the chip supply shortage is already over.”Chris Gentle,Partner,Global Semiconductor Practice,KPMG LLP 2023 KPMG LLP,a Delaware limited liability partnership and a me

50、mber firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook9As international conflicts give rise to more nationalization of technology and res

51、trictive trade policies in key regions,the resilience of semiconductor supply chains is under threat.To improve agility and resiliency,nearly half of semiconductor executives will increase geographic diversity of their supply chain.It is the leading change planned for the next 12 months(46 percent)a

52、s well as 13 to 36 months into the future(48 percent).Supply chain diversification tops the operational agendaOtherDo not anticipate further changesBuild out more inventoryIncrease internal supplychain capabilitiesBuild a more customer-centricsupply chainReprioritize end marketsIncrease manufacturin

53、g capacityInvest in digitizing my supply chain(predictive analytics,automation,etc.)New/revised continuity plansBuild a more sustainablesupply chainIncrease geographicaldiversity of supply chain46%36%34%31%30%26%25%24%11%9%2%OtherBuild out more inventoryDo not anticipate further changesReprioritize

54、end marketsNew/revised continuity plansIncrease internal supplychain capabilitiesBuild a more customer-centricsupply chainInvest in digitizing my supply chain(predictive analytics,automation,etc.)Increase manufacturing capacityBuild a more sustainablesupply chainIncrease geographicaldiversity of sup

55、ply chain48%47%39%36%26%25%25%23%9%8%1%Within the next 12 months?What changes do you expect to make to improve supply chain agility and resiliency in your company?(select all that apply)Operational expectationsIn the next 1336 months?Source:KPMG Global Semiconductor Industry Outlook Survey,n=151.202

56、3 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook10At a regional level,U

57、.S.companies are particularly focused on supply chain diversification due to trade restrictions with China,making it difficult to source components or assemblies from Asia.11 The influence of the CHIPS and Science ActU.S.federal statute signed into law in August 2022is also playing a key role.The ac

58、t provides roughly$280 billion in new funding to strengthen domestic semiconductor manufacturing,design,and research.12In the APAC region,making the supply chain more flexible and adaptable to geopolitical changes and other disruptions is the highest priority.With the U.S.government expanding trade

59、restrictions on technology products,Chinese semiconductor companies are scrambling to figure out where to buy the equipment to continue making advanced node products or whether to expand to where restrictions are less debilitating.Further,these trade restrictions are impacting Chinas ability to impo

60、rt advanced chips for their own manufacturing and end products.In addition,Asian chip players in Taiwan,Japan,South Korea,Singapore,and Malaysia are much more dependent on China-based imports for components than U.S.chip manufacturers,and the gap looks set to further widen as the CHIPS and Science A

61、ct bolsters domestic manufacturing in the U.S.More than half(55 percent)of respondents also selected the long-term impacts of the Russia-Ukraine war as a significant geopolitical issue for their businesses.Semiconductor companies have been dealing with the operational impacts of the Russia-Ukraine w

62、ar for approximately one year,putting contingencies in place to source neon and palladium and other raw chip materials outside of Ukraine.(And,many companies had already divested away from the region after the Crimea invasion by the Russian military in 2014.)Yet,nearly one in three respondents(29 pe

63、rcent)are still concerned or very concerned about the war materially impacting the semiconductor supply chain.Among those who expressed concern,the leading action planned will be adjusting prices,selected by 54 percent of respondents.Finally,supply chain sustainability is also an operational focus a

64、rea for global chipmakers.Thirty-six percent of respondents will make changes to build a more flexible and resilient supply chain in the coming year.That percentages jumps to 47 percent when looking over a two-to three-year time span.How concerned are you that the Russia-Ukraine war will materially

65、impact the semiconductor supply chain in 2023?(select one)10%19%29%30%11%VeryconcernedNot at allconcernedOperational expectationsWhat are you doing to address your organizations concerns?(select all that apply)More vertical integrationReducing outputOtherAdjusting pricesAlternative sources of raw ma

66、terials(e.g.,neon,palladium,etc.)Moving to long-term contracts13%24%38%37%26%54%Source:KPMG Global Semiconductor Industry Outlook Survey,among those who are concerned the Russia-Ukraine war will materially impact the semiconductor industry,n=68.Source:KPMG Global Semiconductor Industry Outlook Surve

67、y,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook11Early 2023

68、Mid 2023End 2023Early 2024Mid 2024End 2024OtherCurrent supply/demand is in balance for most products15%26%26%13%4%20%52%4%9%3%Our research indicates that the supply-demand imbalance in the industry has lessened and stabilization of the global chip shortage is fast approaching or already here.In fact

69、,the industry could be shifting from a constrained environment,where it was difficult to get product,to one of abundance driven by excess inventory and weakened demand,as recently seen in memory.More than two-thirds of respondents(52 percent)think that by mid-2023,the supply shortage with have eased

70、.Fifteen percent think supply and demand is already in balance for most products,while only 20 percent think the shortage will last into 2024 or later.End of the semiconductor shortage is in sightWhen do you anticipate the semiconductor supply shortage will ease?Operational expectationsSource:KPMG G

71、lobal Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global

72、semiconductor industry outlook12Since the semiconductor industry is cyclical,the survey also asked respondents when they think the next excess supply of semiconductor inventory will occur.On this question,predictions vary significantly.One quarter(24 percent)believe there is already an excess while

73、another 31 percent think the excess will occur in 2023.Another 35 percent feel the surplus will happen between 2024 and 2026,while 9 percent believe demand will keep increasing and there will not be an inventory excess in the next four years.Similarly,semiconductor executives rank excess semiconduct

74、or capacity as a far more important industry issue than semiconductor production constraints(25 percent versus 14 percent).See the Strategic and industry issues chart on page 18 for more.We believe these findings reflect multiple factors:the need for new chips softening after an extended period of h

75、igh demand,inflation driving production costs up,and new foundries being created outside of Asia adding capacity.The inconsistencies also reflect the fact that this research presents a broad industry view,but expectations for supply deficits or excesses will most likely vary by product line,sector,a

76、nd application.Pockets of the ecosystem have a huge oversupply,like memory,while other sectors,if they are feeding a still growing end market like automotive,are still climbing out of supply deficit.13There is already an excess supply of semiconductor inventory2023202420262025Demand will keep increa

77、sing:There will not be an excess of inventory in the next four years24%31%15%3%17%9%When will the next excess supply of semiconductor inventory occur?Operational expectationsSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.35%2023 KPMG LLP,a Delaware limited liability partnership and a

78、 member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook13Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prio

79、ritiesNext stepsGrowth productsKey takeaways Automotive is the No.1 most important application driving semiconductor companies revenue streams.Wireless ranks as the second most critical end market,followed by IoT,cloud,and AI.Sensors/MEMS are the most important growth product for the industry.As car

80、makers accelerate electric vehicle production,the automotive market is now the number one revenue growth driver for semiconductor companies,and its not even close.”Irene Signorino,Managing Director,Strategy,KPMG LLP 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG

81、 global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook14Rate each of the following in terms of growth opportunity for the semiconductor industry over the next

82、 year.(average rating on a scale of 1-5)Source:KPMG Global Semiconductor Industry Outlook Survey,averages on a 1-5 rating scale where 1=extremely low growth opportunity and 5=extremely high growth opportunity,n=151.Source:KPMG Global Semiconductor Industry Outlook Survey,averages on a 1-5 rating sca

83、le where 1=not at all important and 5=very important,n=151.Sensors/MEMS3.6Analog/RF/Mixed signal3.5Microprocessors(GPU/MCU/MPU)3.4Optoelectronics3.3Other logic3.0Discretes2.9Memory(Flash/DRAM)2.7According to the 2023 outlook,semiconductor industry growth is becoming increasingly tied to the electrif

84、ication and increased autonomous features of new vehicles.For the first time in KPMGs research,the automotive sector is considered the most important revenue growth driver for semiconductor companies.It ranks highest in importance among other applications by a very comfortable margin.In addition,sen

85、sors/MEMSkey components of“computers on wheels”are considered the most important growth product for the industry in 2023.Contributing to this sentiment is the growing availability of electric vehicles,which are considered cleaner and safer than gas-powered cars,coupled with recent regulations pushin

86、g long-term EV production in places like Europe and California.14 KPMG research on these trendswhich are creating strong demand for chips to go inside the latest vehiclespredicts automotive semiconductor revenue will reach$200 billion annually by the mid-2030s,and surpass$250 billion by 2040.15With

87、automotive taking the pole position,wireless communicationslong seen as the chipmakers most critical end marketslipped into second place.Meanwhile,cloud computing rose to third(from fifth)and is now tied with Internet of Things as a top three revenue stream,followed by AI.In its first year on the su

88、rvey,metaverse was ranked last(out of 10)in importance for driving semiconductor company revenue over the next year.It will be interesting to see how this view changes in the coming years as metaverse technology matures and adoption increases.Automotive takes the pole position as the most important

89、revenue growth driverGrowth productsHow important are each of the following applications in driving your companys revenue stream over the next fiscal year?(average rating on a scale of 1-5)Automotive3.9Wireless communications(including 5G technology and infrastructure,smartphones,and other mobile de

90、vices)3.6Cloud computing/data centers3.5Internet of Things3.5Artificial intelligence3.4Consumer electronics3.2Industrial equipment3.2Wireline communications2.8Personal computing2.7Metaverse2.4 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of

91、 independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook15The research also shows that structuring and aligning organizations around end markets is becoming ever more crucial to semic

92、onductor strategies.Continuing a trend found in last years research,more companies(57 percent agree or strongly agree)are becoming oriented by end markets as opposed to products.To help ensure they have a supply of chips needed for key components in the event of the next semiconductor shortage,manuf

93、acturers from high-growth sectors,including automotive,16 are building more direct relationships with chip companies,that might involve committing to higher volume over longer periods of time and a more hands-on approach to chip development.In turn,chip companies are reorganizing themselves around t

94、hese new partnerships,helping them better manage their costs and risks.To what degree do you agree with the following statement?Our organizational structure has moved towards being more oriented by end markets(for example:automotive,communications,etc.).(select one)To what degree do you agree with t

95、he following statement?Our organizational structure has moved towards being more organized by product BUs(such as sensors and MEMS)that sell into multiple end markets.(select one)25%32%20%14%9%Strongly AgreeSignificant changes inorganizational structureStrongly DisagreeNo change inorganizational str

96、ucture57%16%20%24%26%15%Strongly AgreeSignificant changes inorganizational structureStrongly DisagreeNo change inorganizational structureGrowth productsSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG

97、global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook16Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prioritiesNext stepsStrategic

98、 and industry issuesKey takeaways A global talent shortage is the No.1 issue in the semiconductor ecosystem.67%say talent risk is the top strategic priority over the next three years.Nationalization of semiconductor technology is a top geopolitical concern.Strategic investments among major global po

99、wers to boost domestic manufacturing of semiconductor technology are having ripple effects through the ecosystem.In particular,they are exacerbating the struggle for talent as chipmakers expand their workforces and shuffle their supply bases to boost capacity within their own borders.”Lincoln Clark,

100、Leader,KPMG Global Semiconductor Practice 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semicond

101、uctor industry outlook17Talent repeats as the biggest industry issue and strategic priority 46%7%6%41%41%28%25%17%17%15%15%14%13%What do you see as the biggest issues facing the semiconductor industry over the next three years?(select up to three)Territorialism/The nationalization of semiconductor t

102、echnology and intellectual property Supply chain disruptionGlobal inflation and government responsesTalent risk(not enough skilled workers,struggle for talent)Excess semiconductor production capacityHigh foundry costIncreasing R&D costsGlobal ramifications of the Russia-Ukraine war Government subsid

103、ies to localize investment in semiconductorsSemiconductor production capacity constraintsCyber securityASP erosionOtherStrategic and industry issuesSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.From chip technologists,engineers,and designers to back-office staff and project managers

104、,to factory workers in plants and foundries,people resources are crucial assets to keep the global semiconductor ecosystem running.Where they will come from is a major source of concern in 2023 and beyond.According to our research,talent is the hottest topic in the semiconductor C-suite.Talent riski

105、ncluding lack of skilled workers and attraction and retention strugglesranks as the top issue for the industry in the next three years.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG Internation

106、al Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook1867%2%53%32%26%21%21%15%10%9%9%7%In addition to growth,what are the top three strategic priorities for your organization over the next three years?(select up to three)Digital transform

107、ation(including implementation of AI,blockchain,5G,etc.)Price renegotiation due to inflationMaking the supply chain more flexible and adaptable to geopolitical changes and other disruptionsTalent supply/development/retentionParticipating in government subsidy fundingTransformative merger and acquisi

108、tion activityMitigating cyber security riskFormalizing ESG(environmental,social,governance)reporting Divestiture of noncore business unitsImplementing a carbon footprint reduction planInclusion and diversity,including women in leadership rolesOtherCorroborating this key finding,talent supply,develop

109、ment,and retention is also the No.1 strategic priority for chipmakers.Two-thirds of respondents(67 percent)name it as the top strategic priority over the next three years.While lower than the 77 percent mark in last years survey,it still clearly outpaces supply chain flexibility(53 percent)and digit

110、al transformation(32 percent)this year.The primary challenge is that there is simply not enough talent with the specialized skills needed to design chips and the software that goes with them.According to a recent study,the U.S.alone faces a shortage of design workers and is on track for a shortage o

111、f 23,000 designers by 2030.17 While this is a U.S.-centric data point,it lends credence to our global survey result that says 71 percent expect to add headcount in the next year.This is lower than last year(87 percent),but still a healthy expectation in the current economic climate.Driving demand fo

112、r talent are political actions by numerous global governments to make domestic semiconductor manufacturing a strategic imperative.For example,the enacted CHIPS and Science Act in the U.S.and the proposed European Chips Act contain government funding and support for talent development.18 These incent

113、ives will make it more attractive to make,build,and staff new fabs needed to match increased domestic capacity goals.Strategic and industry issuesSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global

114、 organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook19Another factor adding to high levels of talent risk is tech giants,platform companies and now some automotive

115、 companies developing their own chips and silicon capabilities.With big tech asking for the same specialized talent that traditional chip manufacturers need,there simply is not enough to go around.About half of respondents(51 percent)think the primary impact of these newer players entering the semic

116、onductor industry is increased competition for talent.Adding to the talent strain is that many tech-adjacent industries,such as automotive,are starting their own semiconductor divisions that must be staffed.As the tech giants and platform companies continue to develop their own chips and silicon cap

117、abilities,what do you expect the primary impact will be to the industry over the next 3 years?(select one)Supply chains will be disruptedNew competitors will emergeIncreased competition for talentIncreased foundry capacity constraints51%21%16%13%Strategic and industry issuesSource:KPMG Global Semico

118、nductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconducto

119、r industry outlook20Strategic and industry issuesHow concerned are you about the impact of the following geopolitical matters on the global semiconductor industry and ecosystem over the next two years?(average rating on a scale of 1-5)The nationalization of semiconductor technology and intellectual

120、property3.9The prominence of Taiwan in the supply chain3.9Tariffs and renegotiated trade deals3.7Long-term impacts of Russias invasion of Ukraine,including inflationary pressure3.5Government subsidies to localize investment in semiconductors3.5Global tax reform3.1Climate change legislation2.9Countri

121、es moving toward“tech sovereignty”is one of the most significant challenges in the global semiconductor industry in 2023.This political trend is spreading across the semiconductor space,with major global powers enacting legislation to bring chip manufacturing back home instead of relying on foreign

122、supply chains.Recent incentives for various countries to onshore production of semiconductor-based productsincluding the CHIPS and Science Act in the U.S.,the Made in China 2025 initiative,and the proposed European Chips Acthave widespread implications on global supply chains,talent acquisition and

123、access to government subsidies.Among geopolitical matters,semiconductor executives rank the nationalization of semiconductor technology and intellectual property as a top concern,tied with the prominence of Taiwan in the supply chain.The same concern also ranks second among all industry issues over

124、the next three years,tied with global inflation and government responses and behind only talent risk.See chart on page 18 for more.Other top geopolitical concerns include tariffs and trade deals,long-term impacts of the Russia-Ukraine war,and government subsidies to localize investment in semiconduc

125、tors.Nationalization of semiconductor technology is a top geopolitical concernSource:KPMG Global Semiconductor Industry Outlook Survey,averages on a 1-5 rating scale where 1=not concerned at all and 5=very concerned,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of th

126、e KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook21Though still important,other noteworthy strategic areas rank lower on the semiconductor C-suite

127、agenda over the next three years,compared to talent supply.For example,only 10 percent of respondents rank formalizing ESG reporting a“top 3”strategic priority,despite looming mandatory reporting requirements.This is likely because the industry is not starting from scratch.Many large public companie

128、s have long been publishing sustainability reports whichbased on the latest SEC proposalsencompass many elements of what is now likely to be required.Their focus now is putting compliance around ESG reporting.With reporting mechanisms in place and talent already aligned to the effort,ESG reporting s

129、hould be a less intensive undertaking than the industrys top-ranked priorities.Cybersecurity risk is also a middle-of-the-pack strategic priority,selected by 15 percent of respondents in their top three ranking.Semiconductor leaders also ranked cybersecurity as one of the lower issues facing the sem

130、iconductor industry over the next three years.These track with findings in the latest KPMG Technology Industry CEO Outlook.19 Cybersecurity was tied for the fifth biggest threat to technology company growth over the next three years,after being named the clear top threat in the previous survey.Lastl

131、y,smaller percentages of respondents rank transformative merger and acquisition(M&A)activity(21 percent)and divestiture of non-core business units(9 percent)among their top 3 strategic priorities.Most companies that do plan to engage in acquisitions and divestitures in the next three years say they

132、will be primarily pursuing small scale deals(48 percent).Economic constraintsnamely the high cost of borrowing capitalare a key factor driving down transaction activity in the semiconductor ecosystem.Regulatory roadblocks in the U.S.are creating resistance.And Chinese trade policies are limiting dea

133、lmaking in one of the semiconductor industrys largest markets.What type of M&A and/or divestiture activity do you predict your company will undertake over the next 3 years?(select all that apply)48%32%16%25%Small scale,“tuck-in”M&ADivestiture of non-core assetsNo plans for M&A or divestiture activit

134、y over the next 3 yearsTransformative M&AStrategic and industry issuesSource:KPMG Global Semiconductor Industry Outlook Survey,n=151.Industry to build on efforts related to ESG,cyber and M&A 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of i

135、ndependent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook22Key findingsImpact of COVID-19Financial expectationsGrowth productsIssues&prioritiesNext stepsEntering 2023,chip companies will

136、 confront challenges related to high inflation,pockets of excess inventory,supply chain disruption,talent risk,and political reforms.Yet this is a strong,resilient industry with products that are critical to our high-tech world.There is plenty of growth opportunity to be had.We offer strategic and t

137、actical advice across key industry themes for semiconductor executives to deliver today,counter disruption,and seize emerging opportunities.Next stepsMake the most of the downturn Fine-tune your commercial strategy,hold on to key talent with recognition and rewards and use M&A to prune the portfolio

138、 while investing in assets that deliver new sources of growth.This will strengthen your companys position when the market recovers.Navigate supply chain uncertainty Turn supply chain challenges into a competitive advantage by enhancing planning,agility,and visibility.A mature planning capability hel

139、ps you stay a step ahead of risks and opportunities.A responsive supply chain helps you deal with unexpected threats efficiently and profitably.And forward-looking visibility,enabled by digitization,helps you enhance collaboration across your end-to-end supply chain ecosystem.Tap into nontraditional

140、 talent In a job hunters market,past strategies to attract,retain,and develop workers have become less effective.Shifting your approach to incorporate nontraditional talent can help you fill open positions and increase retention of sought-after talent once hired.A good starting point to a future-for

141、ward talent strategy is assessing the strategic skills that need to be added to the workforce as the nature of work evolves using advanced data analytics.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated wi

142、th KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook23GeographyCompany size$1B or more$100M-$999MLess than$100M30%51%19%Respondent titleOther C-level(CFO,CIO,CMO,etc.)Vice PresidentOtherPresident/CEO/ChairmanDirector/E

143、xecutive Director28%17%21%19%16%The insights in this report are drawn from a web-based survey of 151 senior executives from global semiconductor companies,conducted in the fourth quarter of 2022 by KPMG and the GSA.In this report,percentages may not sum to 100 percent due to rounding,unless otherwis

144、e noted.Respondent demographics are as follows.Research methodologyCompany typeVenture-funded startupPrivatePublic60%29%11%Industry segmentFab semiconductor company(IDM)Industry supplier or vendorFabless semiconductor company31%26%20%16%7%Rest of worldEMEAASPACU.S.38%26%26%9%1 U.S.1 ASPAC1 EMEA (Eur

145、ope/Middle East/Africa)1 Rest of the world1 Less than$100M 1$100M$999M1$1B or more1 Public 1 Private 1 Venture-funded startup1 Director/Executive Director1 President/CEO/Chairman1 Other1 Vice President1 Other C-level (CFO,CIO,CMO,etc.)1 Fabless semiconductor company1 Industry supplier or vendor1 Fab

146、 semiconductor company(IDM)1 Service,systems,software,or solutions provider 1 Other Source:KPMG Global Semiconductor Industry Outlook Survey,n=151.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG

147、 International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook24KPMG Global Semiconductor practiceTechnology touches virtually every aspect of our daily lives,especially now that much of the business world has entered the work-from-any

148、where paradigm.The semiconductor industry is leading the way in this digitized and connected world,and the KPMG Global Semiconductor practice is here to help semiconductor companies navigate it.KPMG firms across the globe work with semiconductor clients of all sizes to look beyond todays pressing bu

149、siness challenges and anticipate the strategic choices that can best position them for both short-and long-term success.For more information,please visit KPMG and the GSANotes1 KPMG Annual Semiconductor Industry Report 2022,n=1522 KPMG Annual Semiconductor Industry Report 2022,n=1523 WSTS Semiconduc

150、tor Market Forecast Fall 2022(WSTS,November 29,2022)4 KPMG Semiconductor Industry Pulse Report(KPMG,May 2022)n=285 A Wonderful World?2023 Outlook(KPMG Economics,December 2022)6 Global Inflation Tracker(Financial Times)7 Central banks summary of current interest rates(Global-R)8 The Rise Of Silicon N

151、ationalismAnd Why It Matters(F,April 19,2022)9 Wages Growth by Country(TradingE)10 Tech Layoffs In 2022:The U.S.Companies That Have Cut Jobs(C,December 9,2022)11 China Buys Fewer Chip-Making Machines as US Restrictions Start(B,November 22,2022)12 FACT SHEET:CHIPS and Science Act Will Lower Costs,Cre

152、ate Jobs,Strengthen Supply Chains,and Counter China(Whitehouse.gov,August 9,2022)13 From dearth to glut:why theres an oversupply of some computer chips(Marketplace.org,November 10,2022)14 Electric-vehicle charging gets a$7.5 billion boost(KPMG LLP,2022)15 Growth in automotive semiconductors outpace

153、expectations(KPMG LLP,2022)16 Chip makers have a message for car makers:Your turn to pay(Reuters,August 3,2022)17 The growing challenge of semiconductor leadership(SIA/BCG,2022)18 The European Chips Act:A Strategy to Expand Semiconductor Production Resiliency(Center for Strategic and International S

154、tudies,March 7,2022)19 2023 Technology Industry CEO Outlook(KPMG LLP,2022)Global Semiconductor AllianceGSA is Where Leaders Meet to establish an efficient,profitable,and sustainable high-tech global ecosystem encompassing semiconductors,software,solutions,systems,and services.A leading industry orga

155、nization that represents more than 30 countries and 300 corporate members,including 100 public companies,GSA provides a unique,neutral platform for collaboration,where global executives interface and innovate with peers,partners,and customers to accelerate industry growth and maximize return on inve

156、sted and intellectual capital.Members of the GSA represent 70 percent of the over$550 billion semiconductor industry,and membership continues to grow.Learn more at www.gsaglobal.org 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independen

157、t member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global semiconductor industry outlook25Lincoln Clark is the leader of the KPMG Global Semiconductor practice and a member of the KPMG Technology,Media&Telecommunications pract

158、ice.He has more than 35 years of experience providing auditing and accounting services,including as lead partner for a significant number of Fortune 500 companies.Lincoln has extensive experience working with semiconductor companies on initial public offerings,debt financings,acquisitions,and equity

159、 Mark Gibson is the global sector head of Technology,Media&Telecommunications for KPMG International.During his more than 30 years in public accounting and advisory,he has served clients in the technology,consumer products,and retail industries as both an Audit and Advisory partner.Prior to his curr

160、ent role,Mark was the Seattle office managing partner.He serves as the account executive for several large clients in the Seattle and Silicon Valley markets and as global lead partner for a leading technology company,where he works with KPMG professionals from Audit,Tax,and Advisory in more than 15

161、Irene Signorino is a managing director and Technology,Media&Telecommunications Strategy Semiconductor Lead in the U.S.She has 25 years of experience working with semiconductor,electronic materials,and advisory companies in a wide variety of functions,including strategic operations and business manag

162、ement.Irene has led projects to support the cost-effective expansion of a critical fab,led teams in the creation of new product lines,and led multiple multi-billion dollar transformational integration and separation About the authorsContributorsChris Gentle,Partner,Global Semiconductor practice,KPMG

163、 LLP,Jessica Mueller,VP,Research,Global Semiconductor Alliance,jmuellergsaglobal.org 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by gu

164、arantee.All rights reserved.Global semiconductor industry outlook26The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavor to provide accurate and timely information,there can be no guarantee

165、 that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.2023 KPMG LLP,a Delaware limited liability p

166、artnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global or all of the services described herein may not be permissible for KPMG audit clients and their affiliates and related entities.