PUBLISHER: Grand View Research | PRODUCT CODE: 1363466
PUBLISHER: Grand View Research | PRODUCT CODE: 1363466
The global graphic processor market size is anticipated to reach USD 357.99 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 27.7% from 2023 to 2030. Graphics processors or graphics processing units (GPUs) are specialized hardware components that execute intricate tasks essential for seamlessly rendering images, graphics, and visual content on computer screens. Graphic processors are instrumental in expediting various operations related to graphics, video playback, gaming, and assorted applications demanding substantial computational prowess.
These units are optimized for parallel processing, enabling them to perform multiple calculations simultaneously. This proficiency in parallel processing endows GPUs with remarkable proficiency in tasks necessitating the manipulation of extensive datasets, encompassing domains such as creating 3D graphics and rendering high-resolution images and videos.
The consistent progression of graphics technology, characterized by continuous innovation that enhances performance, energy efficiency, and feature richness in GPUs, is propelling the growth of the market. The thriving gaming industry significantly contributes to the growth of the market. A growing desire marks the industry's expansion for top-tier graphics quality and immersive experiences. Gamers and developers rely heavily on GPUs to attain visually striking and responsive gameplay. Furthermore, the pervasive adoption of artificial intelligence (AI) and machine learning (ML) has substantially increased demand for GPUs.
Based on component, the hardware segment held the largest market share in 2022 with a considerable CAGR over the forecast period. The hardware component encompasses vital elements: Printed Circuit Boards (PCBs) for GPU interconnections; VRAM modules for swift data storage; cooling solutions; interface outputs; power connectors; and BIOS. Innovations like ray tracing and AI acceleration cores broaden the spectrum, enhancing visuals and computation. The catalyst for hardware evolution is advanced video games with intricate graphics. Growing realism elevates the demand for robust hardware, especially high-performance GPUs that immerse gamers in fluid, immersive environments. This demand spurs hardware innovation.
The outbreak of the COVID-19 pandemic in early 2020 deeply impacted global economies and industries, and the market for graphic processors was no exception. As nations enforced lockdowns, restricted movements, and businesses embraced remote operations, there was a surge in demand for electronic devices, accompanied by disruptions in supply chains. As businesses and individuals adapted to remote work setups and online engagement, the demand for enhanced digital experiences surged, amplifying the significance of graphic processors. The gaming sector bloomed exceptionally during the pandemic. With more people seeking entertainment options at home, the gaming industry witnessed a remarkable upswing. This translated to heightened demand for graphic processors, as gamers sought immersive visuals and seamless gameplay.
The market is characterized by intense competition among prominent participants. These major players invest substantially in Research and Development (R&D) initiatives to propel innovation and maintain a competitive edge. Some prominent players in the market include NVIDIA Corporation, Advanced Micro Devices, Inc. (AMD), Intel Corporation, Qualcomm Incorporated, and Samsung Electronics Co., Ltd., among others. These key players are implementing diverse development strategies to strengthen their market presence and expand their share. These strategies encompass activities such as introducing new product offerings through launches, executing strategic mergers and acquisitions, and exploring innovative approaches to bolster their standing within the market.
In August 2023, Advanced Micro Devices, Inc. (AMD) made a significant announcement concerning unveiling a fresh lineup of RX 7000 series GPUs during the event Gamescom 2023. The central focus of these newly unveiled RX 7000 series GPUs rests upon an advanced architecture, promising substantial strides in both performance and power efficiency. The newly launched GPUs aim to deliver cutting-edge performance and features that cater to modern gaming and content creation demands. Within the RX 7000 series, each graphic card is tailored to different market segments, offering varied performance levels and features, allowing users to choose the GPU that best suits their needs and budget.