Economy

‘Electrical equipment market may grow 12% annually’

Press Trust of India New Delhi | Updated on September 19, 2021

To reach $72 b by 2025: IEEMA President

Domestic electrical equipment market is expected to grow at an annual rate of 12 per cent to reach $72 billion by 2025, an industry executive said.

At present, total worth of India’s electrical equipment market stands in the range of $48-50 billion, Anil Saboo, the President of the Indian Electrical & Electronics Manufacturers’ Association (IEEMA) said.

“We are at $48-50 billion and shall grow at a CAGR of 11 to 12 per cent. So, by 2025 it shall be around $72 billion,” he told PTI.

Value of the exports from India will grow to $13 billion, from $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.

Ambitious target

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.

“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.

Published on September 19, 2021

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