The global semiconductor chip shortage has been affecting several industries since the onset of the COVID-19 by constraining supply chains. Besides, Russia’s invasion of Ukraine could worsen the supply chain even further. It is also important to note that the chip shortage has led to a rise in chip prices, resulting in higher revenue figures for chip-makers.
Furthermore, according to the Fortune Business Insights report, the global semiconductor market is estimated to grow at a CAGR of 9.2% between 2021 and 2029, hitting $893.1 billion in the final year. The industry should grow in the long-term thanks to the broader usage of chips in Artificial Intelligence (AI), the Internet of Things (IoT), machine learning technologies, and higher consumption of consumer electronic devices.
