According to a research report published by Siemens Financial Services, India’s untapped electricity efficiency potential is close to 17.9%. The report further states that optimization of industrial motor-driven systems can also help in 60% reduction of electricity consumption at an industrial level. If this potential is truly utilized it can lead to massive cost-savings.
Researchers conducted surveys for top 20 industrial equipment manufacturers during the past year. The research report estimates the possibilities of energy efficiency in the manufacturing sector. The statistics presented in the research report show India to be in the second position, followed by Russia, but ahead of China.
Expert industry analysts suggest there is a constant need for reinvention and innovation in the manufacturing sector of India if it intends to stay ahead in the race. In the recent past the cost of electricity and energy has risen considerably. Thus, with an increased total energy consumption has increased, so has the expenditure. The industrial energy consumption amounts to about one fourth of the total energy used in the overall manufacturing sector.
The chief executive officer of Siemens Financial Services Pvt Ltd, Sunil Kapoor emphatically stated that investments in technologies that bring about electricity efficiency not only helps in bringing down operation costs, carbon emissions, and manufacturing costs, but the addition of new equipment also enables improved capacities, better productivity, enhanced performance, and competitiveness. The sturdy growth of manufacturing sector is leading to electricity becoming a sustainable energy solution, which will support digitalization and automation at bigger levels in the manufacturing processes.