The semiconductor crisis could last until 2024, experts say. This is a critical warning sign for the world economy.
According to a Goldman Sachs study last year, 170 industries are affected. Thus, the prolongation of the crisis will increase this number and will generate complicated situations in the fields of activity that depend critically on the deliveries of semiconductors.
We see that the deliveries of cars, IT equipment, bank cards, appliances are affected, both globally and in Romania. Delays reach the level of months. In this context, the semiconductor crisis will lead to a decrease of 5.7 million units of light vehicle production in 2022, according to analysts at S&P Global Platts Analytics.
The semiconductor crisis lasts until 2024
According to the Smart Payment Association (SPA), the financial field will be severely affected. Card makers are finding it increasingly difficult to produce the faces needed to make payment instruments.
Moreover, there are areas of activity in which the semiconductor crisis generates critical effects. For example, the medical equipment industry, which “consumes” 1% of global semiconductor production, with waiting times already exceeding one year. Another area that has been severely affected by supply chain syncopes is the card industry. Every year, over three billion chips are used to issue, renew and replace payment cards.
Our country has the chance to become an important regional chip producer, just like the big European economies or maybe even over them, if the plans of the Bucharest authorities materialize. Our politicians are already in advanced talks with officials in Brussels, and things seem to be going well.
Global industries have been facing an acute semiconductor crisis for months as a result of the closure of several centers in China as a result of pandemic restrictions and disruption of international supply chains due to explosive demand. As I said, the lack of chips is expected to last at least until 2024, according to Intel CEO Pat Gelsinger.