The global semiconductor chip shortage has been affecting most industries since 2020 by constraining supply chains. As a result, many companies decided to build new facilities in 2021 to meet the unprecedentedly high demand for chips. However, chip shortage is likely to continue in 2022, resulting in potentially higher sales for chip-makers.
The global semiconductor industry is poised to reach $803.15 billion by 2028, growing at a CAGR of 8.6% during the forecast period, Fortune Business Insights reports. The rising employment of chips in Artificial Intelligence (AI), the Internet of Things (IoT), machine learning technologies, and higher consumption of consumer electronic devices will act as major long-term growth catalysts for the industry.
