In a groundbreaking move, the European Union has given the green light to “The EU Chips Act,” a momentous legislation that will see a staggering €43 billion invested in the construction of semiconductor fabs in Europe. With an ambitious goal in mind, the act seeks to double the EU’s global market share from 10% to an impressive 20% by the year 2030. This bold investment is projected to propel the semiconductor market to break the monumental $1 trillion barrier.
The significance of this act extends far beyond financial gains. By fostering the growth of semiconductor manufacturing in Europe, it will undoubtedly lead to the creation of numerous job opportunities across the continent, while simultaneously igniting a surge in research and innovation. Most importantly, this strategic move aims to reduce the EU’s dependence on external sources, such as China and other countries, for crucial electronic components.
Notably, “The EU Chips Act” aligns with the vision of Intel, as the tech giant also intends to establish fabs within Europe. Furthermore, individual governments within the EU have already expressed their commitment to investing in semiconductor manufacturing. Only yesterday, Germany confirmed a monumental €20 billion investment program in the industry, with plans for new fabs on the horizon in countries like Poland, Ireland, and others.
This momentous step follows the European Union’s strategic outline for leadership in semiconductor manufacturing, a strategy crafted just one year ago. It also echoes the United States’ move with the CHIPS Act, where $52 billion was allocated to support the development of the semiconductor industry.
With the seal of approval from the Council of the European Union, “The EU Chips Act” is now awaiting the signatures of the heads of the Council and the European Parliament before it is officially published and set into motion. This significant legislation will undoubtedly revolutionize the semiconductor landscape in Europe, strengthening its foothold in the global market and bolstering its position as a key player in the semiconductor industry for years to come.