Like many electronic products, the chip sector has been heavily affected in the last year... but it's not just the pandemic that has caused issues.

Ben Wood, an analyst at UK market research firm CCS Insight, outlined to CGTN Europe the reasons behind the shortage.

"The chipset shortage we're seeing at the moment is a direct result of the extraordinary global events that have taken place that have upended the entire supply chain for electronic devices," he explained.

"And whether that's pandemic-related issues, geopolitical issues, or even freak things – like one of Samsung's factories in Austin, Texas, being shut down because of snowstorms – it's a bit of a perfect storm when it comes to semiconductor supply, which is why governments around the world are looking to see how they can secure supply for the future," Wood added.

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Wood believes the U.S. and China will both be key in re-boosting the market.

"There's a lot of expertise around the world, there's a lot of intellectual property that lies in the U.S.," Wood said.

"And obviously, the efforts with the Chinese government trying to promote companies that can drive solutions to address these shortages are coming through," he added. "But as it was stated, that could take as long as a decade to get to the really advanced process technologies."

China's Semiconductor Industry Association (CSIA), a state-backed organization of businesses within the chips industry, has recently set up a working group with U.S. technology firms to create an avenue for communication of issues such as export controls and supply chain security, with the hope that this will help boost the market again.

And despite some "structural issues" within the industry, Wood believes these types of collaborations will help to put an end to the electronic chip shortage.