(Bloomberg) -- ASML Holding NV may conduct acquisitions to meet soaring demand for advanced chips worldwide, its chief executive officer said, defying the broader sector downturn.

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The Dutch chip production gear maker continues to see strong demand for the foreseeable future, as countries race to build domestic chip plants. ASML last week said it sees sales of more than doubling to as much as €40 billion ($41 billion) by 2025 and more than tripling to as much as €60 billion by 2030.

That scale of growth necessitates a bigger supplier base, CEO Peter Wennink said Tuesday.

“We will acquire what we think is needed to support the road map,” he said, speaking at a news conference in Seoul a day ahead of a groundbreaking ceremony of ASML’s new facilities in South Korea.

ASML is investing 240 billion won ($181 million) to build maintenance and training centers in South Korea by 2024, according to a statement. ASML’s investments in South Korea are “just beginning,” Wennink said. Some of its biggest customers -- South Korea’s Samsung Electronics Co. and SK Hynix Inc., as well as Taiwan Semiconductor Manufacturing Co. -- are in East Asia, which is also home to fellow lithography machine makers Nikon Corp. and Canon Inc.

ASML long played a low-profile role supplying equipment for making semiconductors, but its strategic importance has surged as the US and China clash over technology leadership. The Dutch company holds a monopoly on the type of machine commonly used to make the most powerful chips.

ASML has been selling slightly less advanced chipmaking machines to Chinese customers. While the Biden administration’s most recent chip curbs do not directly affect the Dutch maker, they could mean an indirect hit to sales of as much as 5%, Wennink said.

“Despite the fact that we are looking at a recessionary environment in 2023, the demand for our products is still higher than what we can make,” he said. There has been no reduction to the backlog in its shipments to the end of next year, he said.

The company is raising output to 90 of its extreme ultraviolet lithography machines and 600 deep-ultraviolet machines by 2025 to 2026. Such machines burn patterns into materials deposited on wafers of silicon that make up the circuits that give chips their function.

Five companies dominate the global market for the equipment needed to produce semiconductors. The others, supplying other parts and machinery for the task, are Japan’s Tokyo Electron Ltd., and three American companies, Applied Materials Inc., Lam Research Corp. and KLA Corp.

--With assistance from Debby Wu and Vlad Savov.

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