Strong DRAM HBM Drives WFE Manufacturers’ 2024 Revenue Growth of 9% YoY
- WFE revenue grew 9% YoY in 2024 driven by HBM and increased shipments to China. In 2025, advanced logic is expected to drive revenue growth.
- The top five WFE manufacturers’ revenues surpassed $100 billion in 2024 driven by strong memory and advanced logic.
- Revenue from China grew 33% YoY in 2024, the second consecutive year of revenue growth for the market.
- Continued momentum in HBM and key technology inflections in advanced logic/foundry, including FinFET-to-GAAFET transition and ramping of gate-all-around, will drive WFE revenue growth in 2025.
Strong DRAM (Dynamic Random Access Memory) HBM (High Bandwidth Memory) and pick-up in momentum in leading-edge advanced logic/foundry in the latter half of 2024 drove WFE (Wafer Fab Equipment) manufacturers’ net revenue increase of 9% YoY in 2024, according to Counterpoint Research's latest Wafer Fab Equipment Tracker. Net revenue of the top five players increased 8% YoY, with strong growth coming from both systems and service segments.
Tokyo Electron, Lam Research and KLA Tencor’s revenues grew in double digits in 2024 – 17% YoY, 13% YoY and 12% YoY respectively. Applied Materials and ASML’s revenues increased 4% YoY and 3% YoY respectively. Meanwhile, the top five WFE makers’ systems and service revenues increased 6% YoY and 12% YoY respectively.
Further, increased shipments to China in anticipation of export control regulations led to customers stockpiling tools necessary for their expansion. We expect WFE revenue to grow 10% YoY in 2025 and in a high double-digit in 2026.
Access full report here.
If you are not a client, reach out to us at info@counterpointresearch.com
Author
Team Counterpoint
Counterpoint Research is a global industry and market research firm providing market data, intelligence, thought leadership and consulting across the technology ecosystem. We advise a diverse range of global clients spanning the supply chain – from chipmakers, component suppliers, manufacturers and software and application developers to service providers, channel players and investors. Our veteran team of analysts serve these clients through our offices located across the key innovation hubs, manufacturing clusters and commercial centers globally. Our analysts consistently engage with C-suite through to strategy, market intelligence, supply chain, R&D, product management, marketing, sales and others across the organization. Counterpoint’s key coverage areas: AI, Automotive, Cloud, Connectivity, Consumer Electronics, Displays, eSIM, IoT, Location Platforms, Macroeconomics, Manufacturing, Networks & Infra, Semiconductors, Smartphones and Wearables.
Related Research
Mar 21, 2025
Mar 20, 2025
Mar 20, 2025