Infrastructure relies on many things, one of the mainstays being energy. Energy supply is a crucial component supporting infrastructure and encouraging economic growth. At Energy Technology & Control we specialise in the development and manufacture of innovative electronic burner controls for industrial applications, a backbone of infrastructure. We fully appreciate that the development of a well-performing energy provision is vital for the sustained growth of any economy, in this blog we are concentrating on the specifics of the Indian energy market.
India’s diversified energy market
India benefits from a power sector that is one of the most diversified in the world. Sources of energy generation include the more traditional fuels such as coal, lignite, natural gas, oil, hydro and nuclear power and renewable sources such as wind, solar, and agricultural and domestic waste.
Electricity demand throughout India has increased rapidly in recent years and is expected to continue to rise in the years to come as industry rebuilds following the Covid-19 lockdown. To meet the increasing demand all potential generators of energy need to be harnessed.
India ranked fourth on the 2021 Lowy Institute Asia Power Index, which measures resources and influence to assess the relative power of the 25 states in Asia. The country performs best in the future resources measure, where it finishes third, behind only the United States and China.
Prior to the Covid-19 pandemic, the Lowry Institute ranked India fourth in wind power, fifth in solar power and fifth in renewable power installed capacity and sixth in the list of countries to make significant investments in clean energy at US$ 90 billion.
The country’s power sector is experiencing a significant shift, one that has entirely redefined the industry outlook. Continued economic growth has driven electricity demand in India, pushing the Government of India to focus on attaining ‘Power for all’, this thinking has accelerated capacity addition in the country. The market and supply sides – fuel, logistics, finances, and manpower – are also getting more competitive as demand is sustained, with a fight to offer the best value for money.
Investing in energy
The Government of India has identified the power sector as a key sector of focus to promote sustained industrial growth and consequently it is adding capacity to its Buxar thermal power plant in Bihar, setting up a solar power project in Madhya Pradesh, and has invited a domestic tender to build India’s first green hydrogen fueling station in Leh, Ladakh, among many other initiatives.
As one of the only G20 nations that are on track to achieve the targets set under the Paris Agreement – a global undertaking to limit the rise in global temperature by 2100 to below 2°C – it is impressive to see the level of focus and inward investment.
The UK Government itself announced in September 2021 an investment of US$ 1.2 billion into India – through public and private investments in green projects and renewable energy – to support the country’s target of 450 GW of renewable energy by 2030.
Our team at Energy Technology & Control have been lucky enough to support businesses in India and our electronic burner controls are in operation in the Manali Petrochemicals in Chennai. Manali Petrochemicals develop innovative products for numerous industries, including automotive, food, fragrance, and pharmaceutical. As an ambitious country, India’s energy provision is a vital cog needed to achieve sustained economic growth. To speak to a member of our team about how Energy Technology & Control products can help your company succeed on the global stage, click here.