Electrical equipment sector in India expects 12% growth annually

The electrical equipment market is anticipated to grow at an annual rate of 12% to reach $72 billion by 2025. Indian Electrical and Electronics Manufacturers’ Association (IEEMA) president Anil Saboo said that at present, the total value of India’s electrical equipment market stands in the range of $48-50 billion. The market is at $48-50 billion, and shall increase at a compound annual growth rate (CAGR) of 11-12%. So, by 2025 it shall be nearly USD 72 billion, he told the media. At present, the value of the exports from India will increase to $13 billion, from $8.62 billion, he said, adding the world now sees India as an option to China. The local electrical equipment industry will play a significant role in meeting India’s renewable energy targets and the overall carbon reduction objectives under the Paris agreement, Mr. Saboo said. India has set a target of having 175 GW renewable energy capacity by 2022, 450 GW by 2030. He said that the increasing renewable energy capacity would require new age equipment, and local players see towards meeting the requirement locally. The industry can perform an important role in satisfying these targets, with the grown equipment manufacturing, he added. The IEEMA President said that the industry requests the government to promote the electrical equipment manufacturers sector to reach energy efficiency and climate change targets by presenting vital incentives for exports as well as funds for research and development in the sector. He said that the industry is bullish, and it will earn an $18 billion investment per year to reach the 450 GW of renewable energy target by 2030. Image Source