A new report said on Tuesday that the cumulative value of India's semiconductor component industry is expected to exceed $300 billion by 2026, as "Make in India" and production-linked incentive (PLI) initiatives enhance local sourcing of semi-components in the coming years.
Mobile and wearables, IT, and industrial categories now account for over 80% of the country's semiconductor revenues in 2021.
According to research by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research, further regulatory changes and the development of a semiconductor ecosystem would lessen dependency on imports in the future.
"Before the end of this decade, there will be nothing that will not be touched by electronics and the ubiquitous 'chip'. "Be it fighting carbon emissions, renewable energy, food safety, or healthcare, the semiconductor chip will be all-pervasive," said Krishna Moorthy, CEO and President, IESA.
The Indian government has promised a $10 billion investment under its PLI programme for the creation of a semiconductor and display manufacturing electronics ecosystem.
Meanwhile, Maharashtra has defeated at least five other states to get a massive Rs 2.06 lakh-crore investment from the Vedanta Group-Foxconn alliance in Pune's rising semiconductor chip and display fabrication industry.
In terms of revenue, India's end equipment market was worth $119 billion in 2021. From 2021 to 2026, it is predicted to increase at a 19% CAGR.
According to the research, the electronic system design and manufacturing (ESDM) industry in India would play a significant role in the country's overall growth, from component sourcing through design manufacture.
Read More at https://www.wionews.com/india-news/indias-semiconductor-component-market-to-reach-300-billion-by-2026-507457
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