SAN JOSE, Calif. -- Market research firm Gartner Inc. has lowered its forecast for the Asia-Pacific chip market.

In terms of consumption, the Asia-Pacific chip market is projected to hit $115.2 billion in 2009, down 22.7 percent from 2008, according to Gartner (Stamford, Conn.) In December, Gartner projected that the Asia-Pacific chip market would fall only 2.2 percent in 2009.

The revised forecast is due to the financial crisis and lack of consumer confidence in the region, according to Gartner. Last month, Gartner cut its IC forecast--again. Worldwide semiconductor revenue is forecast to reach $194.5 billion in 2009, a 24.1 percent decline from 2008 revenue.

In the near term, look for a rebound. The Asia-Pacific chip market is projected to grow by 9.6 percent in 2010.

Overall, the picture is mixed. China/Hong Kong remains the largest overall chip market in Asia, but the region is expected to show an annual growth of only 1.1 percent from 2008 to 2013, according to Gartner.

India is growing the fastest at 5.9 percent for that period. Malaysia, Singapore, South Korea and Taiwan are expected to contract by 1.7 percent, 11.1 percent, 5.6 percent and 8.9 percent, respectively, according to the firm.