Modi government offering 50% financial assistance for comp to establish Semiconductor Manufacturing.
Modi government offering 50% financial assistance for comp to establish Semiconductor Manufacturing
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Minister of State for Electronics and IT Rajeev Chandrasekhar said the government is working on a policy roadmap to build and design electronic systems and semiconductors in India. Speaking at the India Ideas Summit, organised by United States India Business Council, Chandrasekhar said the new policy and roadmap will be announced this month.
Govt to soon announce policy for semiconductor manufacturing, says MoS IT
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The Global Semiconductor Manufacturing Equipment Market finds that the increasing semiconductor industry is expediting market growth. Primarily driven by growing usage of semiconductor in a variety of applications, such as automobiles and smart devices, the total Global Semiconductor Manufacturing Equipment Market is estimated to reach $153.1 Billion by the year 2028, as per the report from vantage market Research. The Global Semiconductor Manufacturing Equipment Market revenue stood at a value $94.9 Billion in the year 2021 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.3%. Asia Pacific is projected to dominate the worldwide Semiconductor Manufacturing Equipment market. Furthermore, the growing government initiatives are also anticipated to augment the growth of the Global Semiconductor Manufacturing Equipment Market. The increasing semiconductor industry is anticipated to augment the growth of the Semiconductor Manufacturing Equipment Market within the estimated period. The global semiconductor industry was valued at $553 billion in 2021, up from $440 billion in 2020, an increase of over 25%.
Further, as per Semiconductor Industry Association (SIA), 2021, the computing and communication are about equal in size and comprise the major end uses of semiconductors, representing over 60% of global market value and the industrial and automotive uses comprised 12% and 11.4% respectively of the global market value. The increasing usage of semiconductor in a variety of applications, such as automobiles and smart devices is anticipated to augment the growth of the Semiconductor Manufacturing Equipment Market in the years to come. A normal vehicle, for example, has approximately USD 330 in semiconductor value, but a hybrid electric vehicle with a fully integrated sensor platform encloses between USD 1000 and 3500 in semiconductor value. As a result, the demand for semiconductor manufacturing equipment is anticipated to grow due to risi
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India is one of the fastest-growing economies in the world, with a large and expanding consumer market. The increasing adoption of digital technologies, smartphones, and other electronic devices has led to a surge in demand for #semiconductors within the country. This domestic demand provides a strong foundation for semiconductor manufacturing and related industries to thrive.
The government has launched several initiatives to promote semiconductor manufacturing and attract investments in the sector. The 'Make in India' campaign, introduced to boost domestic manufacturing across various industries, has a specific focus on electronics and semiconductors. Additionally, the government's National Policy on Electronics aims to make India a global hub for electronics manufacturing, including semiconductors.
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