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Synaptics eyes robust growth in India's smart devices market through MII
Industry News- Jan 18,24
Michael Hurlston, the President and CEO of Synaptics, shared that a significant opportunity has surfaced as local manufacturers seek semiconductor and software providers to enhance the scale of domestic production in these device categories.
Synaptics, a leading semiconductor design company based in the United States, anticipates substantial business growth through India's Make in India initiative, particularly in the burgeoning sectors of continuous glucose monitors, smart meters, and wearables, where the demand for locally manufactured devices is on the rise.
Michael Hurlston, the President and CEO of Synaptics, shared that a significant opportunity has surfaced as local manufacturers seek semiconductor and software providers to enhance the scale of domestic production in these device categories.
He mentioned, "We observe a significant push in India, particularly through medical distributors, who are currently importing products from Europe or the US. They are now inclined towards a Made-in-India approach for continuous glucose monitoring, and we are actively participating in this initiative."
Hurlston highlighted the demand for locally produced smart meters in India, stating, "India currently imports almost all meters used for measuring power, water, gasoline, and natural gas consumption. There is a notable push for local industries to manufacture smart meters, and we are engaging in this space as the manufacturers lack the semiconductor and software capabilities that we can bring to the table."
In an effort to capture a larger share of the global and Indian markets, Hurlston revealed that Synaptics is strategically reducing costs. He emphasized the significance of cost sensitivity in the Indian market and explained, "With our new low-cost initiative, where we are significantly reducing our size and footprint, we can cater to approximately 80%-85% of the global market while maintaining robust profit margins."
Synaptics, known for its development of touch-sensitive pads for laptops and comprehensive chip design and deployment for companies like Apple and Flex, envisions the Indian market contributing about 5% to the $9.2-billion world connectivity market in the next five years. This marks a substantial increase from the current contribution of less than 1%, driven by new product lines, including wearables.
However, Hurlston acknowledged that India's significance in the semiconductor supply chain is still evolving, and it will take time for the country to become a major player in the global value chains. Geopolitical shifts and challenges persist due to the predominant sourcing of components from China and Taiwan. He remarked, "In the semiconductor supply chain, India is not yet a significant player, and there is currently no capacity for us to shift the supply chain to India."
Source: Mint
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