As the global demand for semiconductors surges, India emerges as a potential semiconductor hub, boasting a pool of skilled engineers of Indian origin. With the rise of 5G technology, cryptocurrency mining, and digitization, the semiconductor market is witnessing exponential growth. Recognizing the immense potential, the Indian government launched the “SemiconIndia” program to attract substantial investments and foster the semiconductor industry’s growth within the country.
Global Semiconductors Market and India’s Growth Potential
The Semiconductor Industry Association (SIA) reported revenue of $40.7 billion in May 2023, showcasing the industry’s upward trajectory. The global semiconductor industry, valued at $500-$600 billion until September 2022, complements the $3 trillion global electronics industry. In India, the semiconductor market is projected to reach $80.3 billion by 2028, with a compound annual growth rate (CAGR) of 17.10%, as estimated by the Strategic Investment Research Unit (SIRU). However, setting up a semiconductor fab requires significant capital investment, ranging from $3 to $7 billion.
Government Initiatives and Investment Approvals
In a notable development, the Indian government approved Micron Technology Inc’s proposal to establish a semiconductor unit in India, involving a capital investment of $2.75 billion. The Ministry of Electronics and Information Technology (MeitY) provided 50% financial support for various forms of chip production. Nonetheless, the semiconductor industry also demands a vast pool of creative and technical manpower. India is home to over 200 semiconductor design and embedded software companies, contributing to the requirement of approximately 1.5 million skilled professionals by 2026-2027.
Indian Engineers and the Semiconductor Workforce
Indian engineers hold a prominent position in the global semiconductor design workforce, accounting for about 20% of the total. Over one lakh VLSI Design Engineers work across global semiconductor companies and domestic design service companies. With the growing demand and prominence of the semiconductor industry, engineering graduates see it as an alluring career option. Prithviraj Chauhan, a senior engineer at Samsung Semiconductor India Research, reflects on the captivating nature of the semiconductor industry, stating, “Semiconductor is the future and it is like the ship sailing in this futuristic voyage.”
A Promising Future for the Indian Semiconductor Industry
The Indian semiconductor industry continues to evolve rapidly, requiring an expansion in trained manpower to support its growth. This creates a golden opportunity for those pursuing careers in the electronics, mechanical, chemical, and materials engineering sectors. As the semiconductor market flourishes, India’s skilled workforce has the potential to address the global scarcity of skilled professionals, positioning India as a key player in the semiconductor landscape.
Conclusion
With favorable government policies, investments, and a wealth of skilled engineers, India is on track to solidify its position as a significant player in the global semiconductor industry. As the nation embraces this technological revolution, it not only opens doors for economic growth but also nurtures a promising future for aspiring engineers seeking to make their mark in the dynamic and innovative world of semiconductors.
