Electrical equipment sector in India expects 12% growth annually
POWER & RENEWABLE ENERGY

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

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

Related Stories

Gold Stories

Next Story
Real Estate

L&T Wins Mega Order for India’s Largest NVIDIA B300 AI Factory

Larsen & Toubro (L&T), through Vyoma.AI’s AI infrastructure subsidiary LTN Compute, has secured a mega order to develop what the company describes as India’s largest single-cluster AI infrastructure facility. The NVIDIA B300 AI Factory will support US-based AI cloud company Together AI’s platform for large-scale inference, fine-tuning and training workloads.The integrated AI Factory will be hosted at Vyoma.AI’s Chennai data centre campus and will have a capacity of 10,000 NVIDIA B300 GPUs. The platform will combine hyperscale data centre infrastructure, accelerated computing, h..

Next Story
Infrastructure Urban

Autodesk Elevates Nikhil Bagalkotkar to Lead AEC in India, SAARC

Autodesk has elevated Nikhil Bagalkotkar as Head – Architecture, Engineering and Construction (AEC), India and SAARC, with immediate effect.In his new role, Bagalkotkar will lead Autodesk's AEC business strategy across the region and drive adoption of the company's Design and Make platform. He will also focus on promoting digital design and construction technologies to help customers accelerate innovation and deliver more sustainable and resilient infrastructure.Bagalkotkar will be responsible for expanding Autodesk's AEC business, strengthening customer and partner engagement, and accelerat..

Next Story
Real Estate

Listed Developers' Pre-Sales Seen Rising 22.3 Per Cent in FY27

India's leading listed residential developers are expected to sustain strong sales momentum in FY27, with combined pre-sales of 11 major players projected to rise 22.3 per cent year-on-year, according to an analysis by ANAROCK Research & Advisory.Combined pre-sales of the developers are estimated to increase from Rs 1.49 trillion in FY26 to Rs 1.82 lakh crore in FY27. ANAROCK attributed the growth to sustained end-user demand, new project launches and strong execution despite higher property prices, construction costs and global uncertainties.Dr Prashant Thakur, Executive Director and Head..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement