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The domestic electrical equipment market is expected to grow at an annual rate of 12% to reach $ 72 billion by 2025, an industry official said.

At present, the total value of India’s electrical equipment market is between $ 48 billion and $ 50 billion, said Anil Saboo, president of the Indian Association of Electrical and Electronic Equipment Manufacturers (IEEMA).

“We’re at $ 48-50 billion and we’re going to grow at a CAGR of 11-12%. So by 2025 it will be around $ 72 billion, ”he told PTI.

The value of India’s exports will reach $ 13 billion, up from $ 8.62 billion currently, he said, adding that the world is now looking for India as an alternative to China.

Saboo said the local electrical equipment industry will play a crucial role in achieving India’s renewable energy targets as well as the overall carbon emission reduction targets under the Paris Agreement.

Ambitious target

India has set itself an ambitious goal of having 175 GW of renewable energy (RE) capacity by 2022, 450 GW by 2030.

Increasing the capacity of renewable energy will require equipment of a new age and local players will seek to meet the requirement locally, he said.

“We call on the government to encourage the electrical equipment manufacturing sector to meet energy efficiency and climate change goals by providing the necessary incentives for exports as well as funds for research and development in the sector.” , said the president of the IEEMA.

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