Energy storage, energy efficiency, and RE-integrated grid systems to rule the sector

The Indian power market has significantly transformed due to the government’s efforts to increase electricity accessibility and promote renewable energy sources. However, establishing and upgrading power generation, transmission, and distribution networks requires substantial investment, and the private sector’s lack of support limits the Indian power industry’s progress.
Nonetheless, implementing advanced power products and technology creates new opportunities for growth and financial gains in the country’s electrical industry. This story offers a comprehensive overview of these developments.
Financial benefits for the electrical sector
The 2023 budget primarily focuses on achieving net-zero emissions and clean energy. The solar power sector is receiving priority allocations to reduce carbon intensity, which is expected to significantly increase the renewable industry in India, according to Nitheen Natraja, Director of Sales & Marketing at Chint. The green growth initiative will lead to a cleaner economy and large-scale job creation, and achieving net zero by 2070 is a critical priority.
Rajesh Uttamchandani, Director at Syska Global, highlights the budget’s allocation of ₹35,000 Crores to the electrical and power sectors, which will strengthen the country’s energy infrastructure and encourage the use of clean energy sources. He notes that the budget includes funding for grid-connected renewable energy projects, which is positive news for sustainable growth in these industries. This budget announcement provides a reason to continue rapidly expanding energy production, manufacturing the required equipment, and developing energy storage capacity. Achieving the net-zero goal by 2070 will require closer collaboration between the government and industry.
Sharmila Kumbhat, Director at Klite, discusses the predicted 6 percent CAGR growth in India’s energy consumption, with an investment of 1,5322 crores in power and the largest allocation for integrated power development projects to provide the round-the-clock power supply. The local electrical market will benefit as a result.

Adding electrical efficiency through innovation 
Innovations in sustainable subsystem design in the switchgear industry are being driven by new technologies, advancements in component materials, and more sophisticated digitalisation techniques. CHINT offers a range of products and solutions that can address the growing demand of the power industry while prioritising low carbon emissions, according to Nataraja.
Syska invests heavily in research and development to remain at the forefront of technological advancements and offer innovative products that meet changing customer needs. Uttamchandani highlights Syska’s commitment to using technology and innovation to improve the efficiency of their products and solutions. Their energy-efficient lighting solutions utilise LED technology to reduce energy consumption and lower electricity bills. They have introduced a range of smart home appliances that can be controlled through voice or a mobile app, utilising cutting-edge IoT and AI technology.
Kumbhat is optimistic about the changing attitude towards self-sufficiency in the switchgear industry, as import restrictions and necessity have led to increased investment in research and development to produce locally at a competitive rate. This is a significant shift from the past, where liberal imports of lighting products and electronic items and the competitive nature and low cost of imports hampered local growth, development, and innovation.

Demand for low-carbon localised products and solutions 
Currently, CHINT is fully equipped to meet the needs of the Indian market and provide comprehensive products and solutions for the electrical and automation industries. “At CHINT, we focus on developing products and applications that meet the requirements of smart energy, whether for a smart city, data center, or high-end industrial applications. We’re always ahead of the curve when adapting to the latest market trends and demands,” Nataraja stresses. CHINT is among the few companies that manufacture certified low-carbon products to support the government’s Go Green initiative.
Syska offers various consumer and industrial electrical products, including LED lights, home appliances, personal grooming devices, and more. Our products and solutions have a significant and growing domestic market in India, targeting every Indian household. Through our extensive distribution network and our commitment to delivering high-quality, innovative products at competitive prices, we’ve diversified our customer base in both urban and rural areas. Additionally, manufacturers strive to understand the needs and desires of consumers and bring products to the market that benefit them.
Meanwhile, K-Lite anticipates a significant boost in the domestic market following COVID-19, emerging government infrastructure investments, as well as the growth of industrial investments. The demand for smart lighting poles in the smart city concept has a vast market due to government initiatives.

Go-green plan for the Indian electrical sector
One of the major trends in the energy industry is the increasing use of IoT devices by energy companies. With the cost of these devices decreasing, it has become more efficient for energy companies to implement technologies such as smart electrical hardware, which includes products like predictive monitoring systems, smart meters, and cloud data storage.
CHINT is a leader in green development and carbon emission reduction in the electricity and energy sector. They have advanced their practices in the areas of “green energy,” “smart grid,” “load reduction,” and “new energy storage” to promote sustainable transformation on a global scale.
As the global energy sector shifts towards more sustainable and renewable energy sources, there will likely be an increased demand for efficient equipment and technology related to clean energy production and usage in India. This year’s equipment and technology expected in India include energy storage systems like lithium-ion batteries and smart grid technology, such as advanced metering infrastructure.
With the ongoing development of smart automation and LED lighting technology, there is enormous potential for creating sustainable smart cities in India. Uttamchandani stresses the importance of creating safe and environmentally friendly cities with the support of the government’s National Smart Cities Mission.
Renewable power is at the heart of the positive trend in the global energy strategy. Despite rising costs, clean technologies such as wind and solar PV remain the cheapest option for new power generation, accounting for over 80 percent of total power sector investment. Electrification of mobility is also a key contributor to rising clean end-use spending by consumers, with EV sales more than doubling in 2021.
India’s growing population, industrialisation, and rising standard of living drive the power demand. The Ministry of Power (MoP) and other regulatory agencies have launched new initiatives and policies to promote competition in the value chain and provide dependable and efficient power to meet this demand.