SYNOPSIS
A recent report highlights India's engineering talent as a crucial asset in addressing the global semiconductor workforce shortage. With the semiconductor market projected to reach USD 1 trillion by 2030, India is set to play a significant role in this growth. The country's semiconductor market alone is expected to expand to USD 80.3 billion by FY28. India may act as a key player in the evolving landscape of the semiconductor sector.
The latest report emphasizes the vital contribution that India's engineering talent could make to the global semiconductor industry, particularly in light of the ongoing shortage of skilled labor. According to the Semiconductor Equipment and Materials International (SEMI), approximately 1 million jobs will need to be filled in the semiconductor sector by 2030.According to a report by news agency, India's growing capabilities and workforce potential place it in a strong position to satisfy future global semiconductor demands.
India generates 8 Lakhs new engineers each year and possesses considerable expertise in software development and design, India can significantly contribute to alleviating the global talent shortage.
Semiconductor Industry
The global semiconductor market is expected to reach USD 1 trillion by 2030. This surge in demand for semiconductors is fueled by three major technological trends: the Internet of Things (IoT), Artificial Intelligence (AI), and emerging technologies such as 6G, 7G, and Industry 5.0.
India's semiconductor market has shown impressive growth, achieving a compound annual growth rate (CAGR) of 12.6 percent from FY17 to FY23, and reaching USD 33 billion. The report anticipates that this growth will persist, with the market projected to reach USD 80.3 billion by FY28, reflecting a CAGR of 19.6 percent during the FY23-FY28 period.
Although semiconductor manufacturing requires substantial investment, it continues to be a profitable industry worldwide. The Indian government has implemented several initiatives to enhance domestic semiconductor manufacturing, with the goal of establishing a strong semiconductor ecosystem within the country.
Current Outlook
Currently, India is home to 20 percent of the world's semiconductor design houses, which are involved in innovative projects like designing AI-enabled chips. Significant investments are being directed towards setting up fabrication facilities, as well as outsourced semiconductor assembly and testing facilities in the country.
Conclusion
In conclusion, India stands at the forefront of a transformative era in the global semiconductor industry. With its vast pool of engineering talent and strategic initiatives aimed at enhancing domestic manufacturing capabilities, the country is well-positioned to meet the rising demand for semiconductors. As the market continues to expand, India's contributions will be vital in addressing the global workforce shortage and establishing a robust semiconductor ecosystem. The ongoing investments and developments will not only bolster India's position in the industry but also drive innovation and economic growth in the years to come.
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