Bank of America Raises US Semiconductor Growth Forecast to 18% Through 2030
Bank of America has raised its growth forecast for the U.S. semiconductor industry, projecting a compound annual growth rate (CAGR) of 18% between 2026 and 2030—up from a previous estimate of 14%. The revision is driven by stronger demand expectations in memory chips, server components, data centers, and recovery in the automotive and industrial sectors. BofA now forecasts the semiconductor industry's total addressable market to reach $3.2 trillion by 2030, up from its earlier projection of $2.7 trillion. The bank also raised its forecast for wafer fabrication equipment spending, predicting $156 billion in 2026 and $210 billion in 2027—up significantly from previous estimates. This reflects increased investment in memory manufacturing, particularly DRAM production. BofA expects the overall wafer equipment market to reach $360 billion by 2030 at a CAGR of around 23%.
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