The Chinese semiconductor market is forecasted to grow rapidly, at an annual expansion rate of 15% during the next 10 years as investments in the sector reach $26 billion by 2010, according to the Ministry of Commerce, Industry, and Energy.

The ministry released these forecasts based on a Chinese report on the country’s semiconductor market, according to the Korea Herald.

According to the report, China’s domestic market in 1996 was $2.6 billion, but it reached $12 billion in 2000 and will most likely grow 15% annually to hit $24.1 billion in 2005 and $48.2 billion in 2010.

Additionally, China’s share of the world’s semiconductor market was a mere 0.99% in 2000, but the figure will grow to 2 to 5% ($7.2 to $9.6 billion) by 2005 and 5% ($24 billion) by 2010, the ministry said.