According to a recent report by Counterpoint Research and the India Electronics and Semiconductor Association (IESA), India’s semiconductor market is poised to reach a significant milestone, touching a value of $64 billion by 2026. The study highlights the country’s growing demand for semiconductors and underscores the potential for India to emerge as a significant player in the global semiconductor industry.
The Counterpoint-IESA report indicates that India’s semiconductor market is set for rapid expansion in the coming years, driven by increasing domestic consumption, government initiatives to promote electronics manufacturing, and the growing adoption of digital technologies across sectors.
The projected market value of $64 billion by 2026 signifies a significant growth trajectory for the Indian semiconductor industry. India heavily relies on semiconductor imports, making it a prime market for global semiconductor players. However, with the government’s push for domestic manufacturing and self-sufficiency, the country is determined to reduce dependence on imports and bolster its semiconductor ecosystem.
The report highlights the opportunities that lie ahead for both domestic and international semiconductor companies in India. It underscores the need for increased investment in manufacturing facilities, research and development, and technological innovation to cater to the rising demand for semiconductors.
“The projected growth of India’s semiconductor market presents a significant opportunity for both global and domestic players,” stated a representative from Counterpoint. “With the right investment and strategic partnerships, India has the potential to become a major hub for semiconductor manufacturing and innovation.”
The Indian government has been actively promoting initiatives such as the Production-Linked Incentive (PLI) scheme, aimed at attracting semiconductor companies to establish manufacturing units in the country. These efforts, coupled with the growing domestic demand for electronics, are expected to drive the expansion of the semiconductor market.
The projected growth of India’s semiconductor industry holds promising implications for the overall economy, job creation, and technological advancement. The report suggests it will also fuel the development of ancillary industries such as automotive, telecommunications, healthcare, and consumer electronics.
As India progresses towards its vision of becoming a self-reliant semiconductor market, collaboration between industry stakeholders, academia, and the government will be crucial. Establishing a robust semiconductor ecosystem and strategic investments will pave the way for India to emerge as a critical player in the global semiconductor industry.
The projected value of $64 billion by 2026 reflects the immense potential and opportunities for India’s semiconductor market. It serves as a call to action for domestic and international players to invest in this burgeoning sector and contribute to the country’s technological and economic growth.
