Core Insights - The WAT (Wafer Acceptance Testing) is a critical process in semiconductor manufacturing, ensuring the stability and normalcy of various production steps through electrical testing on specific patterns after wafer fabrication [1][2][4] - The global WAT testing equipment market is projected to grow from $400 million in 2020 to $720 million by 2025, with a compound annual growth rate (CAGR) of 12.5% [1][7] - China's semiconductor packaging and testing technology is among the world's top tier, with the WAT testing equipment market expected to expand from 620 million yuan in 2020 to 1.22 billion yuan by 2025, achieving a CAGR of 14.5% [1][7] Industry Overview - WAT testing is essential for monitoring the semiconductor manufacturing process, with its origins dating back to 1978, pioneered by TSMC [2][5] - The semiconductor industry is increasingly recognized as a key indicator of a country's technological strength, with significant investments and support from various nations to dominate this sector [5][7] Market Status - The WAT testing equipment market is experiencing growth, although a slight decline is expected in 2024 due to insufficient new capacity in wafer fabs [1][7] - The Chinese semiconductor equipment market is projected to account for 36.6% of global sales by the third quarter of 2025, with a sales figure of $36.18 billion [7] Competitive Landscape - The Chinese WAT testing equipment market is characterized by an oligopolistic structure, with Keysight and QualiTau dominating the market, where Keysight held a 73.4% market share in 2024 [1][8] - Domestic companies like Guangliwei and Lianxun Instrument are making significant strides in WAT testing equipment production, breaking the monopoly of foreign firms [1][8] Development Trends - The demand for WAT testing equipment is positively correlated with the expansion of wafer manufacturing capacity, which is expected to grow at a CAGR of 4.3% from 2024 to 2030 [1][9] - Future advancements in WAT testing equipment will focus on more complex testing array designs and enhanced parallel testing capabilities to reduce testing time and costs [1][9]