The semiconductor industry will magnetize skilled workforce and billions of dollars of investments in the coming years along with the dawn of IoT and 5G
Global research firm Deloitte in its latest survey report for Telecommunication, Technology, and Media forecasted that by the end of 2030, the semiconductor market would reach $55 billion by 2026 and $85 billion by 2030 owing to the massive demand for wearables, smartphones, and automotive components. The report also added that in the last two years, the production slump of chipsets had augmented the imperativeness of this industry and also highlighted the fundamental perils in the value chain.
Research analysts in Deloitte also added that the semiconductor industry will magnetize skilled workforce and billions of dollars of investments in the coming years along with the dawn of IoT and 5G. The research institute predicts that 2023 has the high chance of boosting semiconductor manufacturing in India by beginning new fabs and the expansion of current units. It can counter the ongoing impediments and geopolitics scuffles, most of the procedure will be completely digitized, forming a new talent pool in this ecosystem, and most importantly, moving towards environmental, social, and governance (ESG) goals.
P N Sudarshan, Partner and TMT (Industry Leader, Deloitte India), told the media, "Risks like geopolitical threats, fluctuating demand from original equipment manufacturers (OEMs), natural disasters and economic sanctions also present a unique opportunity for India, positioning it as the next big manufacturing destination. The Production Linked Incentive (PLI) and Design Linked Incentive (DLI) packages are also expected to attract investments and establish India as a centre for semiconductor manufacturing."
According to an exclusive report by PTI, With growing demand, the industry is poised to play an important role in enhancing the global value chain as it will expand to a market size of $85 billion and generate employability for 6,00,000 by 2030. On the other hand, experts added in the survey report that semiconductor companies must carefully monitor the various companies that are operating in the same ecosystem in several locations. It comprises components and raw materials suppliers, providers of top-notch tools and equipment, and the presence of distributors and channel partners.