India Semiconductor Market: Current Analysis and Forecast (2024-2032)

Report Description

India Semiconductor Market Size & Forecast

The India Semiconductor market was valued at USD 34.5 billion in 2023 and is expected to grow at a strong CAGR of around 23.1% during the forecast period (2024-2032) owing to rising demand for electronic items.

India Semiconductor Market Analysis

The semiconductor market in India is expected to grow in the future due to increasing usage of electronics products, government support, and demand for technology independence. The “Make in India” and “Digital India” initiatives by the government are paving the way for investment in manufacturing, research & development, and design capabilities. The country intends to capture the local and export markets in semiconductor production with the hope of making the country a hub in the global market. Thus, against the background of globalization and the search for opportunities to diversify supply chains, India appears to be an attractive destination for semiconductor investments due to its geopolitical location, as well as the availability of skilled labor forces and the improvement of infrastructure, which promotes the development of the tech industry and innovation.

Recent Developments in the Market

In 2022, the India Semiconductor Mission (ISM) was launched to build a vibrant semiconductor and display ecosystem to enable India’s emergence as a global hub for electronics manufacturing and design.

In September 2024, the US Department of State revealed its collaboration with India’s Semiconductor Mission (ISM) under the Union Electronics and IT Ministry to explore opportunities for expanding the global semiconductor ecosystem.

India Semiconductor Market Trends

This section discusses the key market trends that are influencing the various segments of the pet perfume market, as identified by our team of research experts.

The Sensors Segment Transforming Industry

The sensors segment of India’s semiconductor market is well-situated to achieve a stupendous growth rate due to the developments in technological elements and the high demand across many domains in the emerging economy. The largest contributing factor is the steady increase in the usage of IoT to measure all activities in homes, health facilities, and manufacturing among others by using sensors. Users continue and diversify to the automobile segment where the transition to electrical and self-driving cars will create increasing demand for complex sensors. This environment of support has the impact of investment and innovation putting India in a strategic place in the world of semiconductors. In addition, the increasing focus of the healthcare segment on telemedicine and health monitoring devices creates another significant demand, and thus the sensors segment as one of the perspectives of the semiconductor market’s development in India is relatively young and actively growing.

West India is Expected to Grow with Significant CAGR During Forecast Period

West India has significantly contributed to the expansion of the Indian semiconductor market owing to factors such as the strength of the industrial corridor, availability of manpower, skills, and government support. Maharashtra and Gujarat are among the states experiencing a rise in semiconductor manufacturing and design investments, as various companies from across the globe are setting up research design and development centers as well as production facilities. IT and electronics industries are well-developed in the region, which opens up opportunities for cooperation and joint development of such spheres as automotive electronics, consumer electronics, and IoT devices. Furthermore, policies such as “Make in India” and investments in infrastructure are making West India an even more important player in the critical supply chain that will continue to grow in the future years.

In September 2024, the Indian government approved the establishment of a new semiconductor manufacturing unit by Kaynes Semicon Pvt Ltd in Sanand, Gujarat.

In September 2024, Maharashtra Chief Minister Eknath Shinde inaugurated the state’s first semiconductor manufacturing OSAT (Outsourced Semiconductor Assembly and Test plants) plant in Navi Mumbai which will reduce the country’s reliance on imported semiconductor chips.

India Semiconductor Industry Overview

The India Semiconductor market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Bharat Electronics Limited (BEL); NXP Semiconductors; Renesas Electronics Corporation; Saankhya Labs; Semi-Conductor Laboratory (SCL); Mitsubishi Electric India Pvt. Ltd.; Infineon Technologies AG; Broadcom, Inc.; Chiplogic Technologies; CG Power & Industrial Solutions Ltd.

India Semiconductor Market News

In September 2024, Tata Group and Analog Devices allied to boost semiconductor manufacturing in India to explore potential cooperative manufacturing opportunities.

In August 2024, Gujarat-based semiconductor company Suchi Semicon announced the inauguration of the state’s first Outsourced Semiconductor Assembly and Test (OSAT) facility in Surat this November, marking a critical advancement for India’s semiconductor ecosystem. The plant is expected to create about 1,200 jobs, focusing on advanced semiconductor assembly and testing.

India Semiconductor Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The India Semiconductor market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the India Semiconductor Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India semiconductor market were the three major steps undertaken to create and analyze the adoption of India semiconductor in major states. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India semiconductor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the India semiconductor market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India semiconductor market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India semiconductor market. Further, we conducted factor analysis using dependent and independent variables such as the component, application, and regions of the India Semiconductor market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in India semiconductor market sector across the country

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India Semiconductor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the India Semiconductor market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the India Semiconductor market regarding products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India semiconductor market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, application, and regions in the India semiconductor market.

The main objective of the India Semiconductor Market Study

The current & future market trends of the India Semiconductor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a state level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India Semiconductor market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of component, application, and regions.
• Define and analyze the regulatory framework for the India semiconductor
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the India semiconductor market for the major region.
• Major Regions in India studied in the report include North India, South India, East India, and West India.
• Company profile of the India Semiconductor market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive state-level analysis of the industry

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