What is the expected growth rate of equipment spending within the semiconductor industry
ently see 2023 remaining strong and being higher than 2022. There are several additional factors that give us confidence in this assessment.
First, end demand for silicon continues to grow, driven by content growth in existing and new applications; second, fab utilization is very high even as newly installed capacity comes online. Based on almost 10 years of analytics, this is the highest quarter for industry utilization on record; and third, customers are starting up new capacity faster than ever. Essentially, all tools are being installed by our Applied Materials service team as soon as they arrive at customer fabs, which we have not seen before. As we think about demand sustainability, we also take into consideration the broad-based composition of wafer fab equipment spending.
In 2022, we expect foundry or logic to make up more than 60% of total WFE investments. This spending will split relatively evenly between the most advanced nodes and ICAPS, production for the IoT, communications, automotive, power electronics and sensors markets. ICAPS demand has grown significantly over the past several years, and we see sustainable investment by these customers. The edge applications are consuming more and more silicon.
One example is automotive, where the global average silicon content is now $600 per unit, almost twice as much as in 2015. And this will continue to grow with the adoption of electric vehicles. Another example is a 5G phone that has 40% more RF content than a 4G handset. The need for extreme power efficiency and battery-powered edge applications is enabled by innovation in materials and structures and is driving an increase in layers and process steps.
Over the longer term, advanced packaging and heterogeneous integration also support sustainable demand for ICAPS nodes, as chip designers can use the optimal node for power, performance and cost for each chiplet in a system. ICAPS customers are more focused on innovation than ever, and we are meeting these needs with new application-specific products. One example is an implant, where over the past five years, we've introduced 10 new systems developed for specific ICAPS applications. While navigating near-term challenges remains our top priority today, we are not losing sight of the bigger picture and long-term opportunities.
It's now consensus within the industry that there's a clear path to a $1 trillion semiconductor market before the end of the decade. That would represent a high single-digit compound annual growth rate from where we are today. In other words, it took the industry more than five decades to reach $0.5 trillion of annual revenues and we will add another $0.5 trillion within the next six to eight years. We feel even better about where Applied Materials sits within the ecosystem.
Because technology complexity is increasing, we expect equipment intensity will remain at today's level or increase further over that period. As a result, WFE will grow in line or faster than the overall semiconductor market. Then within equipment spending, major technology inflections are enabled by materials engineering, shifting more dollars to our available market over time. We described the industry road map that will deliver future improvements in performance, power and cost of semiconductor devices as the PPACt playbook.
While different companies have their own version of the PPACt playbook, the fundamental components of the road map are the same: new architectures, new 3D structures, new materials, new ways to shrink and advanced packaging. Within each of these five pillars, clear technology inflections are emerging that can be quantified in terms of impact, value and timing. At our recent master class, we described the industry's transition from FinFET to gate-all-around, which is a new 3D structure. Applied has the broadest portfolio of solutions to enable next-generation transistor technology.
With the gate-all-around inflection, the total available market for our transistor product portfolio grows by more than 15%. Based on our tool of record positions, we exp
ently see 2023 remaining strong and being higher than 2022. There are several additional factors that give us confidence in this assessment.
First, end demand for silicon continues to grow, driven by content growth in existing and new applications; second, fab utilization is very high even as newly installed capacity comes online. Based on almost 10 years of analytics, this is the highest quarter for industry utilization on record; and third, customers are starting up new capacity faster than ever. Essentially, all tools are being installed by our Applied Materials service team as soon as they arrive at customer fabs, which we have not seen before. As we think about demand sustainability, we also take into consideration the broad-based composition of wafer fab equipment spending.
In 2022, we expect foundry or logic to make up more than 60% of total WFE investments. This spending will split relatively evenly between the most advanced nodes and ICAPS, production for the IoT, communications, automotive, power electronics and sensors markets. ICAPS demand has grown significantly over the past several years, and we see sustainable investment by these customers. The edge applications are consuming more and more silicon.
One example is automotive, where the global average silicon content is now $600 per unit, almost twice as much as in 2015. And this will continue to grow with the adoption of electric vehicles. Another example is a 5G phone that has 40% more RF content than a 4G handset. The need for extreme power efficiency and battery-powered edge applications is enabled by innovation in materials and structures and is driving an increase in layers and process steps.
Over the longer term, advanced packaging and heterogeneous integration also support sustainable demand for ICAPS nodes, as chip designers can use the optimal node for power, performance and cost for each chiplet in a system. ICAPS customers are more focused on innovation than ever, and we are meeting these needs with new application-specific products. One example is an implant, where over the past five years, we've introduced 10 new systems developed for specific ICAPS applications. While navigating near-term challenges remains our top priority today, we are not losing sight of the bigger picture and long-term opportunities.
 It's now consensus within the industry that there's a clear path to a $1 trillion semiconductor market before the end of the decade. That would represent a high single-digit compound annual growth rate from where we are today. In other words, it took the industry more than five decades to reach $0.5 trillion of annual revenues and we will add another $0.5 trillion within the next six to eight years. We feel even better about where Applied Materials sits within the ecosystem.
Because technology complexity is increasing, we expect equipment intensity will remain at today's level or increase further over that period. As a result, WFE will grow in line or faster than the overall semiconductor market. Then within equipment spending, major technology inflections are enabled by materials engineering, shifting more dollars to our available market over time. We described the industry road map that will deliver future improvements in performance, power and cost of semiconductor devices as the PPACt playbook.
While different companies have their own version of the PPACt playbook, the fundamental components of the road map are the same: new architectures, new 3D structures, new materials, new ways to shrink and advanced packaging. Within each of these five pillars, clear technology inflections are emerging that can be quantified in terms of impact, value and timing. At our recent master class, we described the industry's transition from FinFET to gate-all-around, which is a new 3D structure. Applied has the broadest portfolio of solutions to enable next-generation transistor technology.
With the gate-all-around inflection, the total available market for our transistor product portfolio grows by more than 15%. Based on our tool of record positions, we exp