Sky-rocketing inflation, lingering supply chain disruptions, and the Russia-Ukraine war have marred the chip industry’s growth this year. However, continued digitization and automation in this sector, coupled with rising consumer demand for electronic equipment, should support the global semiconductor industry’s growth. The market is expected to grow at a 6.2% CAGR from 2022 to 2031 and hit $1.03 trillion.
Moreover, the $280 billion CHIPS and Science Act of 2022 should boost scientific research and chip production in the United States. The law aims to secure a definitive supply chain for American manufacturers, reduce prices and promote national security.
