India will be among the top five global markets for Siemens AG in the coming years, as the German conglomerate company is preparing to tap a $1.5 trillion opportunity in India’s manufacturing sector.
“India is among top 10 global markets now and can be among top 5 in coming years. India continues to be a high priority market for Siemens and with 7% plus growth rate, there are huge opportunities,” said Roland Busch, Chief Technology Officer and Member of the Managing Board of Siemens AG.
Siemens AG, through its listed subsidiary Siemens India, operates 22 factories in India, offering automation, technology, energy, healthcare, mobility, consumer products financing and software services. “If you look at the micro level, $1.5 trillion kind of opportunity exists in manufacturing. I am already beginning to see things moving. Automobiles, pharma, cement steel, roads, construction activities are happening. If cement firms are looking to expand, they see demand coming,” said Sunil Mathur, MD and CEO, Siemens Limited.
In India, Siemens announced the expansion of its Industry 4.0 offerings with the unveiling of four MindSphere Application Centres across the country. The centres will be located in Pune, Noida and Gurgaon (two). “Siemens is the first company worldwide to set up 20 of these centres for digital customer applications in 17 countries. Each of the centres spans multiple locations in different countries and specialises in a particular industry in which Siemens is active,” the company said in a statement.
The firm is banking big on Prime Minister Narendra Modi’s Digital India mission.
R&D spend
Globally, Siemens plans to increase its R&D spend by €450 million in fiscal 2018 to €5.6 billion. In 2017, revenue from digital technologies, rose to €5.2 billion, of which €4 billion was attributable to software and €1.2 billion to digital services. The firm is executing more than 100 digital projects to drive value among 150 customers across all company segments.
