This paper presents a brief overview of semiconductor manufacturing followed by the results of a panel session held at the Fourth International Conference on Modeling and Analysis of Semiconductor Manufacturing (MASM) in Miami, December 10, 2008 on the role of modelling and analysis in semiconductor manufacturing in a shrinking world. Three participants are from Asia, two from Europe, and two from the USA in addition to the two panel organisers (Fowler and Mönch). At least one panellist from each continent is from industry and one from academia. The statements of the panellists from industry relate to modelling and analysis problems found in their own companies. Those of the academic panellists describe the role that modelling and analysis has played and is expected to play in their semiconductor manufacturing research. Their views on the challenges and successes of modelling and analysis in a globalised world are also included. Finally, we identify some future research challenges for semiconductor manufacturing.