Business News | India Poised to Supply Enough Engineering Talent for the Semiconductor Industry: Report
Get latest articles and stories on Business at LatestLY. India's engineering talent is poised to play a crucial role in the global semiconductor industry, especially as the sector faces a significant workforce shortage, according to a report by Motilal Oswal.
New Delhi [India], October 16 (ANI): India's engineering talent is poised to play a crucial role in the global semiconductor industry, especially as the sector faces a significant workforce shortage, according to a report by Motilal Oswal.
The report stated that as per the Semiconductor Equipment and Materials International (SEMI), the global semiconductor industry will need to fill around 1 million positions by 2030.
As per report, "India, which produces 800k fresh engineers annually and has expertise in software development and design, can play a significant role in addressing the talent shortage globally".
The report also noted that the global semiconductor market is expected to reach USD 1 trn by 2030. The demand for semiconductors is driven by three waves, the first wave IoT (Internet of Things) is led by cloud, IoT, and the transition toward industry 4.0, the second prevailing wave is led by AI, the third wave Quantum is led by 6G/7G, quantum, and the Industry 5.0 adoption.
For India's semiconductor market, the report stated that it has shown remarkable growth, posting a compound annual growth rate (CAGR) of 12.6 per cent from FY17 to FY23, reaching a market size of USD 33 billion.
As per the report data, this growth is expected to accelerate, with projections indicating a market size of USD 80.3 billion by FY28, reflecting a CAGR of 19.6 per cent during the FY23-FY28 period.
While semiconductor manufacturing is capital-intensive, it remains a highly profitable industry globally. Recognizing this potential, the Indian government has taken various initiatives to boost domestic semiconductor manufacturing. Learning from the experience of global leaders, India aims to build a strong semiconductor ecosystem.
Currently, India is rich in design capacity, with 20 per cent of the world's design houses located in the country. These design houses are involved in cutting-edge work, such as designing AI-enabled chips used in a wide range of applications. Further investments are being made in establishing fabrication (fab) and outsourced semiconductor assembly and test (OSAT) facilities in the country.
India's growing capabilities and workforce potential place it in a strong position to contribute to the global semiconductor industry and meet future demands. (ANI)
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