Global shortage of semiconductors predicted to last until 2023

It is not just those who work in the tech industry, but equally unhappy customers who are suffering with this latest shortage of semiconductor computer chips. Unfortunately for those who have had to wait longer or pay more as a result, this world wide shortage looks unlikely to end soon. Experts have now predicted the global shortage could last for several years, potentially until the end of 2023 until supply can once again meet up with demand. Glenn O’Donnell, a vice president research director at advisory firm Forrester, has been the one to make the prediction on news channel CNBC. 

Semiconductor chips are not just small – they are extremely small and, thanks to rapid developments in modern technologies, prevalent in nearly every digital, electronic or smart item we own. You can now find minute semiconductor chips in nearly every household electric item such as washing machine or light switch, to handheld mobile devices and television sets. 

In what is now being labelled as ‘Chipageddon’ by industry experts, the worldwide shortage in chips has come as a surprise. While some thought that the ongoing crisis of the coronavirus COVID-19 global pandemic continued and more people around the world went into lockdown restrictions, that less would be required of the semiconductor industry. However, the opposite occurred as more people stayed home and used the opportunity to update their homes and the tech in their lives. With more people working from home too, companies and their employees around the world have had to adapt to working remotely – and their reliance on technology and need to have up to date tech has also increased as a result. 

There is no sign of the demand for semiconductors as letting up. The surge in demand is illustrative of a wider trend to digitalise our lives, including the growing popularity for cloud storage and digital cryptocurrencies. It seems the demand is even set to continue growing as this trend for the ‘smart’ life continues also.