India Semiconductor Market Industry Report 2023: Memory Devices, Microprocessors, Analog IC, Sensors, Discrete Power Devices Competition, Forecasts & Opportunities, 2018-2028F
India Semiconductor Market stood at USD 27,788.29 million in 2022 and is forecast to grow at a CAGR of 24.56% by 2028, owing to the high demand for smaller electronic devices, increasing penetration of the Internet of Things, and the emergence of advanced consumer products.
A substance with specialized electrical properties, known as a semiconductor, can be used as the basis for computers and other electronic devices. Typically, it is a solid chemical element or compound that, in some circumstances, transmits electricity which makes it a perfect medium for controlling electrical current and common electrical appliances.
The emergence of Advanced Consumer Products in the Consumer Electronics Industry
Wearable health monitoring, entertainment devices, and smart home technology are all growing in popularity in the consumer electronics sector. To reduce their high electricity bills, consumers are predicted to turn to energy-efficient smart home goods like smart thermostats, light bulbs, and switches.
Therefore, the transition of electronic goods from fully automated systems towards the emergence of a smart home that interconnects all household devices to create a single controlling unit will result in the high adoption of ICs. Manufacturers are encouraged to introduce better consumer products with improved functionalities due to the growing consumer demand for better electronics.
Smart wearables like smartwatches, fitness trackers, and smart fabrics require ICs, which is an aspect likely to augment the demand of the semiconductor market in India during the forecast period.
Increased Demand for Miniaturized Electronic
Miniaturized electronic equipment is gaining popularity in the semiconductor industry as the demand for high-performance electronics increases. In addition, the rising demand for innovative consumer electronics drives the need for flexible and compact integrated circuits.
In addition, the growth of technologies like RFID, MEMS devices, and other power devices increases the demand for thin wafers. This is because thin wafers reduce package thickness, particularly for smartphones, handheld gadgets, and compact electronic items.
These developing applications that employ extremely thin and ultrathin die tend to generate substantial demand for tiny electronic devices, contributing to the expansion of the semiconductor market.
Increasing Investments in Research and Development
Artificial intelligence and machine learning are two examples of ground-breaking technologies made possible in recent years by the semiconductor industry. Moreover, even more, sophisticated devices with more powerful processing and memory capabilities will be needed to advance the digital revolution.
In addition, semiconductor businesses have become more interested in establishing end-to-end design and manufacturing capabilities for cutting-edge technology as a result of the COVID-19 crisis, disrupting supply chains and rising geopolitical tensions.
The Indian government is working to promote their regional semiconductor sector since they share this interest, which is probably going to have an impact on the India semiconductor market. Therefore, the expansion of the India semiconductor market during the projected period is likely to be fuelled by expanding R&D activities in the semiconductor industry.
High Adoption of Advanced Technology
Due to the growing acceptance of the plan to introduce 5G network technologies and electric vehicles by 2022, India has moved up to the top of the world in terms of new technology adoption. As a result of the adoption of these technologies, semiconductor demand is anticipated to increase over the projection period.
The adoption of 5G technology is predicted to enhance the use of smartphones, smart cities, smart homes, and other personal electronics, which will raise demand for the resulting goods. India now has over 500 million smartphone users, with an expected increase to over 800 million by 2025, according to the Internet and Mobile Association of India.
Additionally, as the use and production of electric vehicles (EVs) increase in India, semiconductor usage for safety, electrification, communication, and the connection is anticipated to grow. As a result, it is anticipated that these factors will help India's semiconductor sector to grow during the forecast period.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India Semiconductor Market.
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