Adding that the world now looks to India as an alternative to China, Saboo said that the value of the exports from India will grow from USD 8.62 billion at present to USD 13 billion
The Indian Electrical & Electronics Manufacturers’ Association (IEEMA) expects the domestic electrical equipment market to grow at an annual rate of 12 percent to reach USD 72 billion by 2025.
At present, the total worth of India’s electrical equipment market stands in the range of USD 48-50 billion, IEEMA President Anil Saboo said.
“We are at USD 48-50 billion and shall grow at a CAGR of 11 to 12%. So, by 2025 it shall be around USD 72 billion,” he told news agency PTI.
Adding that the world now looks to India as an alternative to China, Saboo said that the value of the exports from India will grow from USD 8.62 billion at present to USD 13 billion.
Saboo said the local electrical equipment industry will play a crucial role in meeting India’s renewable energy targets as well as the overall carbon reduction targets under the Paris agreement.
India has set an ambitious target of having 175 GW renewable energy (RE) capacity by 2022, 450 GW by 2030.
Increasing renewable energy capacity will require new age equipment and local players look towards fulfilling the requirement locally, he said.
“With increased manufacturing of equipment, our industry can play a vital role in meeting these targets.”
“We request the government to give encouragement to electrical equipment manufacturers sector to achieve energy efficiency and climate change targets by providing necessary incentives for exports as well funds for research and development in the sector,” the IEEMA President said.
He further said the industry is bullish that it will be able to garner USD 18 billion investment per year to meet the target of 450 GW of renewable energy by 2030.