- 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.
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