Frugal Engineering Concept Catches On in India’s High-Performing Manufacturing Sector
January 5, 2016 | Frost & SullivanEstimated reading time: 3 minutes
Encouraged by the strong contribution from the industrial and manufacturing sector, India will shift from a services-based economy to an industry-driven one by 2025. The manufacturing sector could account for a whopping $1,149 billion by 2022 in terms of gross value-added to gross domestic product (GDP). Frugal innovation will be the key value proposition in the manufacturing space. Already, business models surrounding this concept have yielded low-cost alternatives for simple goods like tablets and complex ones such as satellites.
According to the new analysis from Frost & Sullivan on New Mega Trends in India, India will be among the global leaders in at least 10 big markets of the future. For one, it will be the fifth largest exporter and top manufacturer of chemicals worldwide. It will also emerge as the biggest consumer market for luxury goods and technology services such as direct-to-home TV and mobile apps.
Another area in which India will make great progress is connectivity, with around four billion devices expected to be connected in 2025. The nation’s digital economy will see explosive growth due to the proliferation of devices and the Internet economy will hit $266 billion in 2020, accounting for nearly seven percent of the country’s GDP.
“With the Internet boom, online retail will emerge as one of the fastest-growing industries in India, holding a market potential of $35.08 billion by 2025,” said Frost & Sullivan’s Visionary Innovation Group Team Leader, Archana Devi Vidyasekar. “This will compel many retailers to move from a bricks only model to a bricks and clicks model that amalgamates online channels with brick and mortar stores.”
By the end of this decade, India will also see the development of smart cities as the country has an ambitious plan to upgrade its urban infrastructure. India will need an estimated investment of $216 billion for basic urban infrastructure till 2020, out of which $1.2 billion will be devoted to smart city development. India’s promising growth story could however put pressure on its physical resources such as ground water, which is depleting at a rate of 25 percent. As per current forecasts, the nation could face water stress with a supply gap of 100 trillion litres by 2025.
Page 1 of 2
Suggested Items
Top 10 Global Foundries at 4.3% QoQ Drop in 1Q24 Revenue as SMIC Climbed to 3rd Spot
06/12/2024 | TrendForceAs indicated by the survey of global market intelligence firm TrendForce, 1Q24 marked the entry of a traditional off-season for the consumer end, where the sporadic appearance of urgent orders within the supply chain were mostly replenishment of inventory among individual clients, and exhibited sluggishness in momentum on the whole.
Global Semiconductor Sales Increase 15.8% YoY in April
06/07/2024 | SIAThe Semiconductor Industry Association (SIA) announced global semiconductor industry sales were $46.4 billion during the month of April 2024, an increase of 15.8% compared to the April 2023 total of $40.1 billion and 1.1% more than the March 2024 total of $45.9 billion.
Taiwanese PCB Industry Emerges from Slump, Sees Quarterly Growth with Q1 Output at NT$181.4 Billion
06/05/2024 | TPCAIn 2023, both the global and Taiwanese circuit board markets experienced an unprecedented downturn. Although the first quarter of 2024 did not show significant positive growth, it exceeded expectations.
Worldwide AI Chips Revenue to Grow 33% in 2024
05/29/2024 | Gartner, Inc.Revenue from AI semiconductors globally is expected to total $71 billion in 2024, an increase of 33% from 2023, according to the latest forecast from Gartner, Inc.
NAND Flash Industry Revenue Grew 28.1% in 1Q24, Growth Expected to Continue into Q2
05/29/2024 | TrendForceTrendForce reports that adoption of enterprise SSDs by AI servers began in February, which subsequently led to large orders. Additionally, PC and smartphone customers have been increasing their inventory levels to manage rising prices.