The worldwide chip market, which had been to grow by less than 3% for the year, is projected to decline by 0.1%, according to IHS iSuppli.

If this downward trend continues through the rest of the year, it will be the first annual decline for the global semiconductor industry since 2009, the analyst firm said.

"The expected decline in 2012 represents a major event for the global semiconductor market," said Dale Ford, senior director at IHS, in a statement. "Throughout all of 2011, even though electronics markets were very weak, IHS never projected revenue to decline for the entire year. However, the disappointing results in the second quarter and weak third-quarter expectations driven by poor economic conditions are expected to cause the semiconductor market to retreat this year."

News of a sluggish chip market comes just months after analysts at Gartner predicted that the market was poised for a solid rebound.

In March, Gartner said global computer chip revenue was expected this year, a 4% increase over 2011.