ELCINA and Security Products Group of India Announce Merger

0
977
Handshake flat icon. Doctor and patient. Medical shake hand. Vector illustration isolated on a background. Concept healthcare. Premium quality.

The two associations are coming together to benefit from each other’s synergies and the key role of electronics technology in the Security industry

ELCINA and SPGI have merged to work together for the progress of the Electronic Systems Design and Manufacturing industry with SPGI functioning as a focussed group for the Security Sector, within ELCINA. The decision was taken during the Annual General Meeting of SPGI held on 1 st September 2021, at India Habitat Center, New Delhi.

“ELCINA welcomes SPGI members and we believe that as a leading electronics
industry association we will bring great value to SPGI as well as synergies with ELCINA members. In our pursuit of promotion of electronics manufacturing and expanding markets, we look forward to supporting the growth of the security sector and bringing its benefits to SPGI – ELCINAmembers and the domestic electronics industry at large,” noted ELCINA President Paresh Vasani.

The two associations are coming together to benefit from each other’s synergies and the key role of electronics technology in the Security industry. Security Products Market is growing rapidly, estimated at 22 per cent per annum and this growth will sustain upto 2025 and beyond. Globally the Electronic Security Market was valued at USD 40.93 billion in 2020 and is expected to reach USD 68.57 billion by 2026, at a CAGR of 8.98% over the forecast period from 2021 to 2026.

India CCTV market, which comprises the lion’s share in security industry, is estimated at about Rs 10,000 Cr and expected to register a CAGR of 22.35 per cent over the forecast period from 2021 – 2026.

“We must target a 20-25 per cent share of the global market by 2025 and aspire for a US$ 10 Bn security products industry by aggressively pursuing export opportunities. We are delighted at the opportunity to work with SPGI members and the Security industry members which has synergy with manufacturers and designers of electronic components and products. The strategic importance of homeland security is growing due to the changing geopolitical scenario which challenging our internal security fabric. State of the art Security Equipment consists largely of electronic components and assemblies which designed using the latest electronics technology,” said ELCINA Secretary General Rajoo Goel.

SPGI consists of longstanding players who have contributed to the development of the industry over the last 3-4 decades. Some of its key members including Reliance Electronics, Hanwha International, Bosch as well as MSME’s such as iota international, Securico, Vighnaharta among several others were present for the Industry Meet.

“As the industry continues to evolve, it is imperative to take the next steps in the right direction, to advance the interests of all stakeholders at bigger platforms and under a strong banner. I firmly believe synergies with ELCINA will strengthen our mission to drive greater impact towards securing policy support and build on SPGI’s long term vision of elevating India’s Security Industry,” noted SPGI Chairman, Sanjeev Sehgal, MD of Samriddhi Automations (Sparsh CCTV).

LEAVE A REPLY

Please enter your comment!
Please enter your name here