According to a report, the Indian chip component market would reach $300 billion in four years.

According to a new analysis released on Tuesday, India’s semiconductor component market would likely generate $300 billion in total revenues by 2026 as ‘Make in India’ and production-linked incentive (PLI) schemes encourage local sourcing of semiconductor components.

Currently, the IT, industrial, and mobile and wearables categories together account for around 80% of the country’s semiconductor revenues in 2021.

According to the analysis by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research, future regulatory changes and the development of a semiconductor ecosystem will lessen dependency on imports.

“There won’t be anything left untouched by electronics and the pervasive “chip” by the end of this decade. The semiconductor chip will be widely used in every industry, including healthcare, renewable energy, food safety, and environmental protection “said Krishna Moorthy, IESA’s CEO and President.

Under its PLI programmer, the Indian government recently proposed a separate expenditure of Rs 76,000 crore (about $10 billion) towards the growth of an electronics ecosystem for semiconductor and display manufacturing.

Maharashtra has won a staggering Rs 2.06 lakh crore investment from Vedanta Group-Foxconn cooperation in the rising semiconductors chips and display fabrications sector in Pune, besting at least five other states in the process.

“As smartphones gradually replace feature phones, the share of powerful logic processors, memory, integrated controllers, sensors, and other components has increased. Due to the increasing popularity of wearables like smartwatches and TWS, the value of the semiconductor content in smartphones will continue to climb “Research Director at Counterpoint Research Tarun Pathak gave an explanation.

Neil Shah, vice president at Counterpoint, predicts that various industries will contribute to the upcoming significant rise in semiconductor components.

The introduction of 5G and the rollout of fiber networks, however, will be a major stimulus for increasing the use of semiconductor components, according to Shah.

In addition to the high-tech, semiconductor-intensive 5G and FTTH network infrastructure equipment, which will account for more than 14% of all semiconductor consumption in 2026, “highly capable AI-driven 5G endpoints, from smartphones, tablets, PCs, connected cars, industrial robotics, to private networks,” he mentioned, will also contribute to this consumption.

India’s end equipment market had revenues of $119 billion in 2021. From 2021 to 2026, a CAGR of 19% is anticipated for growth.

From component sourcing to design manufacture, India’s electronic system design and manufacturing (ESDM) industry would have a significant impact on the overall growth of the nation, according to the research.

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