SAN JOSE -- The worldwide semiconductor market this year is projected to top $300 billion for the first time, and growth will accelerate over the next two years.

Sales of semiconductor chips, including memory devices, are expected to reach $302 billion in 2011, up 1.3% over 2010, the World Semiconductor Trade Statistics said. The market will grow 2.6% to $310 billion in 2012 and 5.8% to $328 billion in 2013.

After a banner 2010, the industry has weathered the slowdown of world economies from financial turmoil due to European debts concerns, clear declines of industrial and consumer confidence, as well as the supply chain disruptions by the earthquake disaster in Japan and flooding in Thailand. An oversupply in PC and notebook DRAM has resulted in a sharp decline in memory revenue, though the overall market is offset by healthy growth in microcontroller ICs, sensors and discrete semiconductor segments.