India will become the third largest revenue generator in the next 3-4 years after US and China as the country focuses on building massive transport, power and renewable energy infrastructure, said electrification and automation solutions provider ABB Group’s President and CEO Morten Weirod. The Switzerland-based company is looking to expand its footprint in India by collaborating on newer revenue streams such as data centres, green hydrogen, and renewable grid integration.
India being the fifth largest revenue contributor to ABB caters to Asia Pacific while contributing to 10-11% of the company’s global export market. “The US and China are the top markets, and India will become the third soon. We have seen strong growth in India in automation, which is way more than GDP growth. In India, it is most important to be a leader in the domestic market. If you can make it here, you can make it anywhere and we see India as an export hub to support other geographies,” Weirod told Business Today. He said that ABB focuses on vocal for local and 90% of its product offerings in India are designed and manufactured locally.
On the company’s India operations, Weirod said he met with different industry players, including Reliance, Tata, and Hindalco, who are looking at expansion while remaining competitive and looking to decarbonise operations. “We are helping them in electrification and automation and decarbonise by transitioning from fossil-based power. Automation will make them more productive and increase energy efficiency. The companies are looking at renewable and nuclear energy through small modular reactors,” he said.
ABB caters to diverse businesses through its 23 market segments. The high-growth segments, such as data centres, railways, and electronics, are growing at 20%; moderate growth segments like water, power T&D, renewable, automobiles, and buildings and infra are witnessing 10-12% growth; while low-growth segments, such as base industries, are growing at less than 10%.