Gartner has made a downward revision to its semiconductor market growth expectations for 2008, citing worsening macro-economic conditions in North America and continued oversupply conditions in both NAND and DRAM. The market research firm is now projecting growth of only 3.4 percent in 2008, compared with its previous forecast of 6.2 percent at the end of 2007. 

Gartner has also made changes to its forecasts through 2012, noting a push-out in the expected semiconductor recovery to 2009 with 9.4 percent growth rate. However, Gartner is projecting only a 5 percent CAGR (2007-2012), with less than 1 percent growth expected in 2011, which Gartner calls a downturn year for the industry.