1、Semiconductor Showdown:Chip Power StruggleNavigating the Global AllianzTrade2Content Page 3-7 Executive SummaryPage 8-20Chip wars:whos ruling the galaxy?Page 21-30The Empires strike each other:Chinas ambitions and US counter measures.Page 31-32 The return of the European Jedi?Allianz Research A new

2、hope:the ongoing recovery in the chip market.The chip marketgenerated almost USD700bn of revenue last year,up by+21%y/y,and isexpected to record a CAGR of roughly+10%over the upcoming year to becomea trillion-dollar market by 2029/2030.The rebound has followed two years ofweak performance(+1%in 2022

3、 and-10%in 2023)inherited from the painfulperiod of post-pandemic chip shortages and the sudden boom in demand forcomputing devices.Future revenues are expected to be mostly driven by thegradual integration of generative AI tools into electronic devices(+8%CAGRover the 2024-28 period for wearables)a

4、nd computing solutions(+12%CAGR),but also a full-scale deployment of the 5G technology into the mobile market(+12%CAGR)and skyrocketing investment into data centers(+15-20%CAGR).Fragmented across the galaxy:the chip supply chain has becomeincreasingly complex and scattered around the globe.The semic

5、onductorsupply chain is divided into different pools of expertise/lead capacity,whereone or two countries tend to dominate.In a nutshell,China controls rawmaterial supply via its large reserves and refining capacities of rare earthelements,while the US is leading the IP and design segments,China and

6、Taiwan have the biggest manufacturing capacities and Southeast Asia hasspecialized into the Assembly,Test&Packaging(ATP)segment.Europe lookslike the underdog in that industry but shows a real expertise in the equipmentmarket,as well as in automotive chips,thanks to strategic partnerships withthe big