According to Gartner, global semiconductor sales growth is expected to slow in 2022 and fall by 2.5% next year, hit by weaker sales of mobile phones and PCs.

Gartner noted that rising inflation and rising energy and fuel costs are putting pressure on consumers' disposable income, affecting spending on electronics such as PCs and smartphones.

Gartner expects worldwide semiconductor revenue to grow 7.4% to $639.2 billion in 2022, down from the previous growth rate of 13.6% and last year's growth rate of 26.3%. In addition, Gartner said global semiconductor revenue will shrink to $623.1 billion next year.

"It's likely to be much worse than that, but it could bottom out next year and then start to recover in 2024," said Richard Gordon, vice president at Gartner.