ABB Group's Expansion Plans in India and Focus on Renewable Energy
Key Ideas
- India is set to become the third-largest revenue generator for ABB Group, after the US and China, focusing on building massive infrastructure and expanding into newer revenue streams like green hydrogen.
- The company emphasizes localization, with 90% of its product offerings in India being designed and manufactured locally, supporting the 'vocal for local' initiative.
- ABB provides electrification and automation solutions to industry players in India, aiding in decarbonization efforts through transitioning to renewable energy sources like small modular reactors.
- Different market segments in India, including high-growth sectors like data centres and railways, are witnessing substantial growth, while the focus remains on enhancing energy efficiency and productivity through automation.
ABB Group's President and CEO Morten Weirod has revealed plans for India to become the third-largest revenue contributor to the company in the next 3-4 years, following the US and China. Emphasizing the importance of India's domestic market, ABB aims to expand its footprint by collaborating on new revenue streams including data centres, green hydrogen, and renewable grid integration. Weirod highlighted the significant growth in automation in India, surpassing GDP growth rates. ABB's commitment to localization is evident, with 90% of its product offerings being designed and manufactured locally in India. The company is actively involved in supporting industry players like Reliance, Tata, and Hindalco in their expansion and decarbonization efforts, focusing on electrification and automation solutions to transition from fossil-based power sources. The market segments in India vary in growth rates, with high-growth sectors like data centres and railways expanding at 20%, while moderate growth segments such as water, power transmission and distribution, and renewable energy are witnessing 10-12% growth. ABB's support for decarbonization includes assisting companies in adopting renewable and nuclear energy, particularly through the use of small modular reactors. The company's focus on enhancing energy efficiency and productivity through automation is evident across diverse market segments in India.
Topics
India
Renewable Energy
Infrastructure
Decarbonisation
Manufacturing
Global Markets
Data Centres
Automation
Renewable Grid Integration
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