India will become the third largest source of revenue after the US and China in the next 3-4 years as the country focuses on building massive transport, energy and renewable energy infrastructure, said ABB Group president and CEO Morten Weirod, an electrification and automation solutions provider. The Switzerland-based company is looking to expand its presence in India by collaborating on newer revenue streams such as data centers, green hydrogen and renewable grid integration.
ABB's fifth largest revenue contributor, India supplies Asia Pacific while contributing 10-11% of the company's global export market. “The US and China are the top markets and India will soon become the third. In India, we have seen strong growth in automation, which is much higher than GDP growth. In India, the most important thing is to be the leader in the domestic market. If you can do it here, you can do it anywhere and we see India as an export hub to support other geographies,” Weirod said. Business today. He said ABB's focus is on singing for the local and 90% of its product offerings in India are designed and manufactured locally.
On the company's operations in India, Weirod said he has met with various industry players, including Reliance, Tata and Hindalco, who are looking at expansion while remaining competitive and looking to decarbonise operations. “We help them electrify and automate and decarbonize by transitioning from fossil energy. Automation will make them more productive and increase energy efficiency. Companies are looking at renewables and nuclear power through small modular reactors,” he said.
ABB caters to various businesses through its 23 market segments. High-growth segments such as data centers, rail and electronics are growing at 20%; moderate growth segments such as water, energy T&D, renewables, automotive and building and infrared witness 10-12% growth; while low-growth segments such as basic industries are growing at less than 10%.
