A report by the European Court of Auditors indicates that the European Chips Act is falling short of its 2030 target of capturing a 20% share of the global semiconductor market. Progress is slow, hampered by fragmented funding and insufficient investment levels. ECA member Annemie Turtelboom emphasized the significance of semiconductors in modern technology, noting the ambition to quadruple production capacity is far from being met. Current EU projections estimate a modest increase to 11.7% by 2030, while rising competition from other regions threatens to overshadow the EU's efforts.
This is a fast-moving field, with intense geopolitical competition, and we are currently far off the pace needed to meet our ambitions. The 20 percent target was essentially aspirational - meeting it would require us to approximately quadruple our production capacity by 2030, but we are nowhere close to that with our current rate of progress.
With large chunks of Chips Act largesse being earmarked for some of the biggest global players in the industry, such as chip giant Intel, there is greater risk that the money will be lost in the event of a failure.
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