India’s semiconductor component market to reach $300 bn by 2026

India’s semiconductor component market is likel to reach $300 billion in cumulative revenues by 2026, as ‘Make in India’ and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, a new report said on Tuesday. Mobile and wearables, IT and industrial segments currently contribute around 80 per cent of the semiconductor revenues in the country in 2021.Further policy reforms and building of a semiconductor ecosystem will reduce reliance on imports going forward, according to the report by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research “Before the end of this decade, there will be nothing that will not be touched by electronics and the ubiquitous ‘chip’. Be it fighting carbon emissions, renewable energy, food safety, or healthcare, the semiconductor chip will be all-pervasive,” said Krishna Moorthy, CEO and President, IESA.