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India to become Siemens' top market by 2027
Industry News- Nov 13,24
Siemens is expanding its existing network of 32 factories in India, with a recent €100 million investment directed towards capital expenditure, supporting growth in its infrastructure, industrial, and mobility segments.
India is poised to become one of Siemens' top three or four markets globally within the next three years, surpassing Germany and France. Currently Siemens' fifth-largest market, India contributes around 3.5-4% of the German engineering giant’s revenue, according to senior executives.
Peter Koerte, Chief Technology and Strategy Officer, Siemens AG, attributes India's rapid growth potential to its expansive infrastructure projects across sectors such as locomotives, cement, and chemicals. Speaking at the Transform-Innovation Day 2024 in Mumbai, Koerte emphasised India's infrastructure momentum, second only to a few markets globally.
Siemens is increasingly shifting focus from manufacturing to technology, spurred by its recent $10.6 billion acquisition of Altair Engineering, aimed at growing its software-based revenue beyond the current 8%. While hardware remains the core—constituting over 80% of Siemens' capabilities—the Altair acquisition is part of an inorganic growth strategy to boost software integration. Siemens is also expanding its workforce in India, particularly in Pune and Bengaluru, where teams now focus on AI and generative AI projects.
Despite Siemens' software ambitions, India’s projected market dominance will largely stem from manufacturing and infrastructure investments. Public capital expenditure is expected to fuel growth, with private sector investments also rising in fields like semiconductors, data centres, and power generation, though segments like automotive may see gradual growth, noted Sunil Mathur, CEO, Siemens India.
Siemens is expanding its existing network of 32 factories in India, with a recent €100 million investment directed towards capital expenditure, supporting growth in its infrastructure, industrial, and mobility segments.
During the Transform-Innovation Day 2024, Siemens unveiled innovations in digital twin technology, secure network planning, scalable application deployment, cloud integration, and predictive maintenance using generative AI, underscoring its technology-focused future in India.
(Business Standard)
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