Hardware maker Intel says that the chip shortage the world has been facing is set to carry on into 2024.

Speaking to CNBC, the firm's CEO Pat Gelsinger said that we could be facing lower-than-needed supply for another few years due to key manufacturing tools not being available.

“That’s part of the reason that we believe the overall semiconductor shortage will now drift into 2024, from our earlier estimates in 2023, just because the shortages have now hit equipment and some of those factory ramps will be more challenged,” Gelsinger said.

Gelsinger took over as CEO in February of last year and has been working to increase chip production in the West, reducing the reliance on manufacturing in Asia.

“We’ve really invested in those equipment relationships, but that will be tempering the build-out of capacity for us and everybody else, but we believe we’re positioned better than the rest of the industry,” Gelsinger said.

The chip shortage became apparent in 2021, following the COVID-19 coronavirus pandemic's impact on manufacturing. It's also to do with increased demand, as more chips are needed for more products.