An industrial supply chain shortage was a major concern last year that is expected to persist this year. Furthermore, the emergence of the COVID-19 omicron variant in China is exacerbating global concerns because its manufacturers and shippers face disruptions. So, with the continuing impediments in the supply chain, the semiconductor chip shortage is also likely to drag on throughout the year, further raising the price of chips.
To combat this, chipmakers are investing heavily to build new manufacturing facilities and ramp up production. According to a Deloitte report, the global semiconductor chip industry is expected to reach $600 billion in 2022.
