Posted on 19 September 2021
According to an industry executive, the domestic electrical equipment market is predicted to rise at a 12-percent annual rate to USD 72 billion by 2025. According to Anil Saboo, President of the Indian Electrical & Electronics Manufacturers' Association (IEEMA), the overall value of India's electrical equipment market is currently in the range of USD 48-50 billion. He predicted that India's exports would increase to USD 13 billion from USD 8.62 billion currently, and that the world would now look to India as a viable alternative to China. Mr. Saboo stated that the local electrical equipment business will be critical in fulfilling India's renewable energy goals as well as the Paris Agreement's overall carbon reduction targets. India has set a lofty goal of 175 GW of renewable energy capacity by 2022, and 450 GW by 2030. Increasing RE capacity will necessitate newer equipment, and local players are looking to meet the demand locally, he said. He also stated that the industry is optimistic that it would be able to attract USD 18 billion in annual investment in order to fulfil the aim of 450 GW of renewable energy by 2030.
According to an industry executive, the domestic electrical equipment market is predicted to rise at a 12-percent annual rate to USD 72 billion by 2025.
Follow Us On Google Newsstand: Click Here