Mumbai: The decades-long tussle between China and Taiwan has peaked in the past few days. US Speaker Nancy Pelosi's recent visit to Taiwan has rekindled the crisis. Amid all these developments, another concern is troubling the world.

Already from the auto to the smartphone industry, they are troubled by chip shortages. The crisis could be worse as the small country is home to the world's largest semiconductor factory.

TSMC's dominance in the semiconductor sector

Taiwan's technology is far ahead in the case of semiconductors. In 1987, the Taiwanese government and two other partners of Morris Chang founded the Taiwan Semiconductor Manufacturing Company (TSMC). Today it is the world's largest semiconductor company. In the case of semiconductors, this company has a 92% share in the global market.

This is where the semiconductor revolution began

Taiwan's rise in the semiconductor industry began in 1985. The Taiwanese government entrusted Morris Chang with designing a strategy for the country's expanding chip sector. Following this, the Taiwanese government, Morris Chang, Chang Chun Moi, and Tseng Fan Cheng formed the 'Taiwan Semiconductor Manufacturing Company' in 1987.

It is now the world's largest semiconductor firm. This company's supremacy in the semiconductor industry may be gauged by the fact that it once met 92% of worldwide market demand. At the same time, the second-ranked South Korean business Samsung's ownership was limited to only 8%.

Taiwan is crucial to the world's major corporations

Taiwan's semiconductor sector suffered greatly with the outbreak of the Corona pandemic in the year 2020. Nonetheless, Taiwan's supremacy in the semiconductor sector remains intact.

Taiwanese businesses will account for more than 60% of total worldwide semiconductor sales in 2020, according to statistics from Taipei-based research firm Trendforce. TSMC made the most contributions. TSMC is still the world's largest semiconductor business, with clients including Apple, Qualcomm, Nvidia, Microsoft, Sony, Asus, Yamaha, and Panasonic.