New Delhi,  Global semiconductor revenue is projected to total $676 billion in 2022, an increase of 13.6 per cent from 2021, a Gartner report said on Tuesday.

Semiconductor revenue for smartphones is forecast to increase 15.2 per cent in 2022, as 5G smartphone unit production is expected to grow by 45.3 per cent in 2022, reaching 808 million units and representing 55 per cent of all smartphones produced.

The semiconductor average selling price (ASP) hike from the chip shortage continues to be a key driver for growth in the global semiconductor market in 2022, said the report.

"But overall semiconductor component supply constraints are expected to gradually ease through 2022 and prices will stabilize with the improving inventory situation," said Alan Priestley, research vice president at Gartner.

Automotive applications will continue to experience component supply constraints - particularly in microcontrollers (MCUs), power management integrated circuits (PMICs) and voltage regulators - extending into 2023.

Slowing growth in PCs, smartphones and server end markets is expected to gradually slow down the growth of semiconductor revenue as semiconductor supply and demand gradually comes into balance during 2022, the report noted.

The chip shortage will continue to be a concern for the supply chain of electronics equipment in 2022 and will have different effects in major electronic equipment markets depending on different semiconductor device types.

Most semiconductor shortages eased in PCs and smartphones as production moved into the off season combined with increased semiconductor supply into the market.

However, some semiconductor device types will continue to be in shortage in the automotive supply chain through late 2022.

"Although unit production of automotive vehicles will grow below expectation at 12.5 per cent in 2022, semiconductor device ASPs are expected to remain high due to continued tight supply driving the automotive semiconductor market to double-digit growth (19 per cent) in 2022," said Priestley.

The memory market will remain the largest semiconductor device market and is projected to account for 31.4 per cent of the overall semiconductor market in 2022.