The probe card market reached US$2,520mn in 2024, accounting for around 17% of the total testing equipment & consumables. We estimate the market will achieve a 25% CAGR, 2024-30e, with revenue reaching US$9,798mn in 2030e, up from US$2,520mn in 2024. This growth will be driven primarily by longer testing times, higher pin counts, the emergence of new applications such as CPO, and increased wafer output, partly supported by strong Al-related demand. By segment, we expect MEMS probe cards to lead with a 25.3% CAGR, 2O24-3Oe, followed by VPCs at 25.2% and cantilever probe card (CPC) at 15%. This reflects the widespread adoption of MEMS and VPC solutions in high end logic ICs and Al related applications such as accelerators and GPUs. The probe card market has historically been led by overseas vendors, including FormFactor and Technoprobe. Source: Company data, Yole, Morgan Stanley Research. e = Morgan Stanley Research estimates.