ASML Holding NV, Europe’s largest semiconductor equipment maker, expects net sales to grow to 13 billion euros ($14.9 billion) by 2020, up from a previous forecast of 11 billion euros.
The company already expected sales to reach the 11-billion euro mark for 2018. ASML’s management day on Thursday said it expects to continue to return "significant amounts of cash" to shareholders through a combination of share buybacks and growing dividends.
The company said the development of 5G connectivity, artificial intelligence, autonomous driving and big data are all driving "healthy" growth in the semiconductor end market.
Based on different market scenarios, the company said it could expect annual revenue in 2025 to reach between 15 billion euros to as much as 24 billion euros.
The company’s next generation extreme ultraviolet lithography systems are already used by major chip makers for the manufacturing of advanced chips, and the long-term market trends will require a lot more semiconductor makers, and ASML is the sole maker of EUV machines.
In October the manufacturer announced five new orders for its newest lithography machines in the third quarter.