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

Next Story
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?