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Vadodara power equipment makers see strong growth amid renewable energy boom
Industry News- Nov 21,24
Vadodara has been a key player in power equipment manufacturing for five decades, home to around 200 medium and large manufacturers, including major names like ABB, Siemens, and Schneider Electric.
As Gujarat strengthens its commitment to sustainable development and renewable energy, the state’s power equipment manufacturing industry is experiencing significant growth. The solar power sector, in particular, is thriving, spurred by rising investments and an increase in installations.
The state's push for green energy has led to a surge in demand for power equipment, reflected in the growing sales and exports from Vadodara, which serves as the hub for solar power equipment manufacturing. The industry, which employs nearly 30,000 people, has rebounded strongly after a slowdown caused by reduced demand from Gujarat Urja Vikas Nigam Ltd, the sector's largest customer.
“Sustainable energy is the future, and Gujarat’s solar sector is attracting substantial investments. As a result, the demand for power equipment has grown significantly in the past few years,” said Vipul Ray, Managing Director, Elmex Controls Pvt Ltd, a Vadodara-based company that manufactures products like digital panel meters, current transformers, and connectors. Ray notes that nearly 20% of his company’s business now comes from the solar energy sector.
Vadodara’s power equipment manufacturers are also benefiting from increased private sector demand. Sameer Khera, Managing Director, SEE Linkages Pvt Ltd, a company with 50 years of experience in the industry, stated, “The renewable energy sector, especially solar power generation, is seeing growing investment, and ancillary units and downstream manufacturers are riding this wave.” Khera also highlighted a 25-30% rise in demand for his company’s products in the last four years.
Vadodara has been a key player in power equipment manufacturing for five decades, home to around 200 medium and large manufacturers, including major names like ABB, Siemens, and Schneider Electric. The city supplies over 20% of the country's power equipment.
At the Global Renewable Energy Investors Meet and Expo (RE-Invest) in September, Gujarat Chief Minister Bhupendra Patel launched Mission 100GW, a target to install 100GW of renewable energy capacity by 2030. As of April 2024, Gujarat’s installed solar power capacity was 13.8GW, and the state aims to become a hub for manufacturing solar panels and wind turbines. The Gujarat Hybrid Renewable Energy Park, set to be the world’s largest solar/wind hybrid park, will further boost demand for power equipment in the state.
“Five years ago, the turnover of Vadodara’s power equipment industry was between Rs 150 billion and Rs 200 billion. Today, it exceeds Rs 350 billion. Large companies are expanding their manufacturing capacity here,” said Rajesh Shah, President, Gujarat Electrical Equipment Manufacturing Association (GEEMA).
This growth has been complemented by a surge in exports, which have doubled to over Rs 50 billion. Amit Patel, Director, Danke Electricals, a Vadodara-based electrical equipment manufacturer, emphasised that the renewable energy boom, especially in solar parks and residential solar rooftops, has fuelled a major industry revival.
Gujarat ranks first in India for solar rooftop installations. Under the Surya Gujarat scheme, the state installed 1,37,914 solar rooftop systems with a combined capacity of 550.19 MW in the past year, helping residential consumers reduce their electricity bills.
Vadodara industry highlights:
• Vadodara accounts for over 20% of India's power equipment manufacturing.
• Annual turnover exceeds Rs 350 billion.
• Home to over 200 manufacturers, 600 firms selling finished electrical goods, and 6,000 ancillary units.
• Exports of electrical goods have surpassed Rs 50 billion.
Industry insights:
• “The turnover of Vadodara’s power equipment industry has more than doubled in five years,” says Rajesh Shah.
• “With growing investment in solar power, the sector has seen a remarkable turnaround,” adds Khera.
(TOI)
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