The global economy has been taking steps to boost semiconductor production to tackle an ongoing chip shortage through multibillion-dollar public and private investments. The semiconductor industry reported record-high sales last year. The Semiconductor Industry Association (SIA) announced that global semiconductor sales amounted to $555.90 billion in 2021, up 26.2% year-over-year.
The automotive industry, data centers, smartphones, and various industrial applications are contributing to the growing demand for semiconductors. Fifth Generation (5G) technology and a shift to electric and hybrid vehicles are expected to spur the semiconductor industry's growth in 2022. Global semiconductor sales are expected to achieve 8.8% growth in 2022 due to increased production capacity to meet the growing demand.
