The demand for semiconductor chips has exploded with the rise of technology consumption in the last couple of years. Semiconductor chips are used in every electronic device from smartphones, laptops, game consoles, to smart IoT appliances that we use everyday. The automotive industry also heavily relies on semiconductor chips, especially with increased production of electric cars and autonomous self-driving vehicles.
Semiconductor chips are like the nuts and bolts of our digital world: we use them every day but don’t often give them much thought. Chips are essential in powering modern day technology, which is why the global chip shortage can have a huge impact on our daily lives.
We have been in a severe global chip shortage since 2020. In fact, chip suppliers are finally catching up and increasing production to pre-pandemic levels, but the demand for chips has only increased since then. The fact that companies are still ramping up IoT production underlines that the silicon shortage will continue to be an issue in the coming years.
So what’s causing this chip shortage? And how can we navigate this global problem?
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