Rigaku Corporation (268A): Structural growth in X-ray metrology, ongoing market share gains; reiterate Buy

Research evidence excerpt

Rigaku Corporation (268A): Structural growth in X-ray metrology, ongoing market share gains; reiterate Buy

Exhibit 5: The process control market achieved the second-highest growth rate after lithography equipment during 2020-25

WFE by process (US$mn)

Process (US$mn) 2020 2021 2022 2023 2024 2025 5-yr CAGR

Other 12,908 19,643 20,933 21,779 22,909 23,109 12.4%

Total 61,279 87,816 95,686 97,882 105,310 116,895 13.8%

Source: Gartner, BofA Global Research

BofA GLOBAL RESEARCH

Expanding applications for X-ray metrology

One of the most promising growth opportunities for X-ray metrology is the CD (Critical

Dimension) metrology market. While KLA was an early entrant in X-ray CD metrology,

Rigaku has also developed new products targeting this market and has already secured

adoption among semiconductor memory manufacturers and semiconductor equipment

companies. We expect the CD metrology market to become a key growth driver for

Rigaku.

Advantages of X-ray inspection and metrology

Semiconductor inspection and metrology primarily rely on three technologies: optical, X-

ray, and e-beam. Compared with optical technologies, X-ray systems offer (1) higher

resolution for inspecting and measuring increasingly fine structures, and (2) the ability to

perform 3D measurements. Compared with e-beam technologies, X-ray systems offer

the advantage of non-destructive measurement.

These advantages have led to broader adoption of X-ray metrology for applications such

as ultra-thin film measurements required by semiconductor scaling and deep-hole profile

measurements required by stacked structures, including 3D NAND and HBM.

Exhibit 6: Key characteristics of measurement technologies

X-ray offers advantages in advanced nanoscale metrology and 3D measurement

〇=good, △=moderate