A global credit rating agency said that global semiconductor sales are projected to grow by 14 percent this year, thanks to growth in the memory sector.

According to a tech industry report by Standard and Poor's (S&P) Global Ratings on Sunday, global chip sales are expected to rebound this year after posting a ten percent contraction last year due to continued uncertainties.

In particular, global sales in the memory sector, which are estimated to have recorded a nearly 30 percent drop in 2023, are forecast to jump around 40 percent this year.

Consumption of electronics, which peaked in 2021 during the COVID-19 pandemic and posted negative growth in the following two years, is expected to turn around this year.

Shipments of personal computers and smartphones, which decreased by 13 percent and four percent each last year, are projected to increase by four percent and three percent, respectively, this year.

Continued demand for chips for artificial intelligence was also cited as a positive factor for the semiconductor industry.