GlobalFoundries, which makes computer chips at its fab in Saratoga County, New York, dropped to third in a ranking of the world's semiconductor market, a new report said.

United Microelectronics Corp., which manufactures integrated circuits wafers for fabless semiconductor companies, reclaimed the industry's number two spot with nearly 10 percent of the market share and $4.6 billion in revenue.

GlobalFoundries holds 9.4 percent of the market share with $4.4 billion in revenue in 2014. The companyovertook United Microelectronics in sales in 2012 after only three years in the chip making business and is working to expand its presence at the Luther Forest Technology Campus in Malta.