The global semiconductor industry will be worth over $130bn by 2030. Credit: IM Imagery/shutterstock

The British semiconductor industry is receiving a £35m boost towards research and innovation from the UK government. 

The money is part of a €1.3bn EU Chips Joint Undertaking scheme to fund collaborative semiconductor research. 

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British businesses and academics will be able to access this funding until 2027 and it is intended to consolidate the UK’s position as a leader in semiconductor manufacturing. 

The UK government stated that an additional £30m is due to be invested in academic research between 2025 and 2027. 

The UK’s technology minister Saqib Bhatti announced the funding during a semiconductor conference in London. 

“Our membership of the Chips Joint Undertaking will boost Britain’s strengths in semiconductor science and research to secure our position in the global chip supply chain,” Bhatti said.

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“This underscores our unwavering commitment to pushing the boundaries of technology and cements our important role in shaping the future of semiconductor technologies around the world,” he added.

Global semiconductor demand has skyrocketed following wide adoption of AI technology. 

In its 2023 executive briefing on AI, research and analysis company GlobalData reported that all semiconductor AI chips are experiencing solid demand. 

As AI workloads mature and the technology is deployed by more businesses, GlobalData expects semiconductor manufacturers to shift to creating special purpose logic chips to maintain the high computational power needed for AI. 

While the semiconductor industry is nascent due to emerging AI technologies, GlobalData forecasts that it will exceed a market worth of $130bn worldwide by 2030.