Smart-tech solutions are the need of the hour and this industry does not want to be left behind
The country’s electrical and electronics manufacturing industry is trying to shift towards sustainable, green products to keep pace with what the planet needs and consumers want.
In order to chart the way ahead, over 1,000 exhibitors from across the world showcased possibilities in the new and renewable energy space at the recent ELECRAMA 2023, a biennial electronics congregation organised by the Indian Electrical & Electronic Manufacturers’ Association (IEEMA) in Greater Noida. Exhibited were opportunities in establishing smart grids, equipment for smart cities, defence, railways and working in new energy areas such as hydrogen, storage, and electric vehicles. Technologies involving Internet of Things and artificial intelligence would be incorporated in the new designs.
The theme of the congregation was “Reimagine Energy — For Sustainable Future.” Sustainability, smart consumption and energy conservation was the thematic thread that ran through much of the deliberations. India’s role was also in focus. The country has already pumped $70 billion into renewable energy in the last seven years and is poised to up its investment in this sector
Optimistic about the future
Rohit Pathak, the President of IEEMA, was very optimistic about India’s future. “In the next 25 years, 50 per cent of global energy consumption will happen through renewable sources. And, given India’s preparedness and continuing efforts towards creating a future roadmap for energy transformation, the country can establish itself as a major hub for global power requirements,” he said.
The five-day congregation saw an exchange of ideas between participants from across the world. In fact, the think sessions were a significant part of the meet which saw national and international experts deliberate upon innovations and business models which could be adopted in their respective countries.
IEEMA, which forms the backbone of the energy and allied sectors, is a $50-billion-plus segment. The electrical industry is at an inflection point registering a double-digit growth, and is projected to double in size within five years and grow by eight times within 25 years. Exports from this business segment account for about 20-25 per cent at nearly $10 billion and are projected to grow significantly as it transforms to become an international hub.
According to experts, due to the focus on new and renewable energy, electrolysers, fuel cells, energy generation and its evacuation will play a big role. There are likely to be small captive green hydrogen plants in the future calling for new units and their management with AI-powered smart grids. India, it is felt, could play a key role in supplying equipment across the globe.