Electrical equipment market may grow at 12% annually to reach $72 billion by 2025
“We are at USD 48-50 billion and shall grow at a CAGR of 11 to 12 per cent. So, by 2025 it shall be around USD 72 billion,” he told PTI.
Value of the exports from India will grow to USD 13 billion, from USD 8.62 billion at present, he said, adding the world now looks for India as an alternative to China.
Saboo said 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 RE 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 RE by 2030.
IEEMA is the first ISO-certified industry association with more than 800 member organisations encompassing the entire value chain in power generation, transmission and distribution equipment and electronic goods.