The legislative support in the form of the CHIPS and Science Act is expected to strengthen manufacturing capabilities and supply chains.
Moreover, aggressive interest rate hikes by the central banks worldwide to control inflation threaten further pullback in demand.ĭespite various headwinds and uncertainties, the extensive and increasing use of semiconductor chips in electronics, critical infrastructure, electric vehicles, and other industries remains immutable in our rapidly digitizing modern economy.Īccording to a report by Fortune Business Insights, the global semiconductor market is expected to grow from $573.44 billion in 2022 to $1.38 trillion in 2029, registering a 12.2% CAGR. The global chip shortage, which had impacted various downstream businesses since the beginning of the year, made way for a demand crisis with manufacturers having to deal with excess inventory.
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