The world's largest contract chipmaker Taiwan Semiconductor Manufacturing Co Ltd (TSMC) plans to invest $100 billion in the next three years to expand its manufacturing capacity and keep up with demand, the company said Thursday.

"TSMC is working closely with our customers to address their needs in a sustainable manner," the company said in a statement to Reuters, anticipating faster growth thanks to long-term trends like the introduction of next-generation telecommunications and high-performance computing. The coronavirus pandemic, meanwhile is revving up demand for electronic devices as the world relies increasingly on digitalization.

TSMC makes processor chips for major brands like Apple Inc. and Qualcomm Inc. Surging demand pushed its revenue 18 percent higher in January-February from a year earlier, it reported earlier.  

Intel, South Korea's Samsung Electronics and other chip makers also have been boosting investments to meet rising demand and joust for market share in advanced semiconductors. Most semiconductors used in smartphones, medical equipment, computers and other products are made in China's mainland and Taiwan region, and South Korea. 

Last week, Intel announced plans to pour $20 billion into expanding production, building two new factories in Arizona. The company is building up its foundry business but lags behind TSMC in developing a next-generation chip-making process.

TSMC operates a semiconductor wafer fabrication facility in Camas, Washington, and design centers in San Jose, California, and Austin, Texas. It has announced plans to invest $3.5 billion in a second U.S. manufacturing site, in north Phoenix, Arizona, as concern grows over heavy American reliance on sources in Asia for high-tech components.