India is going to be the biggest Markets for Clean Technology in the world in the lines of China which has already become the largest investor in Green Industry with over $50 billion in public and private investment.India is investing heavily in solar and wind energy and its only a matter of time before other Green Sectors like Electric Vehicles,Energy Efficiency and Smart Grids receive massive investments as well.Finnish Firms with strengths in Electricity Distribution,Wind Energy,Automation are setting their sights on the Indian market which requires large infusions of Technology and Investment.
Note ABB recently won a $700 million contract to develop a high voltage power grid transmission connecting the eastern part with the western part of India.India is also adding more than 1000 MW of Wind Energy annualy which has led Wind Energy Gear Producer Moventas to set up a sales office in Chennai.Note other Finnish firms are also gearing up to huge opportunities of the fast growing Indian economy.
A large number of Finnish companies are keen to tap India’s clean technologies market, estimated to be in the 100-200 billion euro band. Wind mill gear maker Moventas, parts manufacturer The Switch, wind escalators and elevator manufacturer Kone Corporation, ENSTO and Zurich-based ABB are eager to expand their business ties in India.
A focus area for Finnish firms for supplies and cooperation is the smart grids technology platform, which improves efficiency of the entire chain of electricity network. Smart grids basically means adding intelligence and automation to home, facilities and networks, with more accurate metering. Smart grid’s biggest benefit is giving consumer the possibility of demand-side management and control over the electricity load.
ABB has already bagged the project to provide network management solutions to Karnataka Power Transmission Corporation Ltd. ABB Oy has a large manufacturing facility in Vaasa in Finland.
Encouraged by business orders from India, Moventas is planning to set a subsidiary Moventas India Pvt Ltd. The current wind power installed capacity in India is over 13,000 mega watt, which is projected to double by 2022. Moventas’ Chennai-based subsidiary will have sales and services operations in India .
According to data from Cleantech Finland, Finnish companies have so far invested over one billion euro in India in sectors such as ICT, healthcare, energy, pulp & paper, biotechnology and environment. Cleantech Finland executive director Santtu Hulkkonen said the size of India’s clean technology market is roughly estimated at 100-200 billion euro.