Canon India, a branch of the Japanese leader in imaging and optical products, is taking advantage of India's expanding semiconductor industry. Toshiaki Nomura, the President and CEO of Canon India, emphasized the significant opportunity for the firm's semiconductor lithography machinery, crucial for producing chips. Although Canon did not specify particular companies, it is engaged in discussions with businesses setting up semiconductor plants in India. Nomura highlighted that the Indian market presents significant opportunities as chip makers are progressively considering the country for their manufacturing requirements.
India, referred to by Canon as "one of the key markets worldwide," has experienced the company expanding at double-digit rates. This growth is expected to be sustained by other factors for instance mature economy, a high growth rate in the pace of urbanization, and a high population density of young people. Canon is diversifying its business from imaging and printing and from seeing industries such as semiconductors, flat panels, and display to diagnostic imaging including CT, MRI, X-rays, Ultrasound, and health care information technology.
Canon India is gaining favorable responses for its "NorthStar" initiative, which offers a complete platform for studio owners to improve production efficiency. Multiple projects within this initiative have already been finished, with numerous others underway.
Canon plans to expand its markets both, B2B and B2C, primarily focusing on the secondary and tertiary locations. Focusing on IT, Pharma, and BFSI, Canon aims to continue experiencing the double-digit growth of market presence and maintain its position in India’s market. Canon India reported a revenue of Rs 3,148.13 crore for FY 2022-23, achieving a net profit of Rs 140.35 crore.
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