The semiconductor industry's worldwide revenues fell by 1.9% in 2015 to $333.7 billion in 2015 from $340.3 billion, according to preliminary estimates by information technology research and advisory company Gartner Inc.

In January 2015, Gartner had projected semiconductor revenues to reach $358 billion, a growth of 5.4% over 2014.

The decline was despite a 0.2% growth recorded by the top 25 industry players, who accounted for 73.2% of the total revenues, up from 71.7% last year.

While Intel's revenues declined 1.2%, Samsung is estimated to have grown 11.8% and that of SK Hynix 3.1%.

Qualcomm and Micron Technology are also reported to have seen their revenues drop, while that of Texas Instruments remained flat.

"Weakened demand for key electronic equipment, the continuing impact of the strong dollar in some regions and elevated inventory are to blame for the decline in the market in 2015," said Sergis Mushell, research director at Gartner.

"In contrast to 2014, which saw revenue growth in all key device categories, 2015 saw mixed performance with optoelectronics, nonoptical sensors, analog and ASIC all reporting revenue growth while the rest of the market saw declines," he added. 

The strong march of the US dollar against many currencies during the year also contributed to the decline in 2015 revenues, because buyers either delayed purchases or opted for cheaper substitute products, Mushell said.

The Indian Electronic System Design and Manufacturing (ESDM) market was estimated at $76 billion in 2013, according to  the India Electronics & Semiconductor Association.