Microtek, a renowned player in the power product industry of the Indian market is now aiming for the leadership position in the FMEG industry too.
Microtek has been one of the most trusted brands in the Indian market, debuting its presence into the electric product segment in the year 2019.The current manufacturing and product offering includes high quality wires and cables, circuit protection devices like Miniature Circuit Breakers (MCB), Isolators, Residual Current Circuit Breakers (RCCB), MCB Changeovers, Distribution Boards, Off-load Changeover Switches and Re-wire able Fuse Switch Units. It also offers Spike guards and Multiplug adaptors which enables in connecting multiple electrical and electronic devices. Apart from enabling multiple connections, it also helps in protection against the periodic voltage spikes.
“The use of low-quality products increases the risk of breakdown of the insulation layers or short circuit conditions and other failures. We are offering world class quality electric products that are durable and help to save electricity costs,” said Saurabh Gupta, Deputy Managing Director, Microtek International Private limited.
Microtek is now exploring the potential expansion in its product offering of the electric products portfolio with the addition of the switches and fans. The manufacturing infrastructure of the organization and all other production facilities of the electrical products are located at Parwanoo and Baddi in Himachal Pradesh. The success of its foray into the fast-moving electrical goods market can be gauged by the fact that it grew its turnover for the segment three times in financial year 2020-2021 and has already crossed Rs. 1000 million INR milestone in a very short span of time.
“Presently, as per industry observers, the total worth of India’s electrical equipment market stands in the range of USD 48-50 billion. Domestic electrical equipment market is expected to grow at an annual rate of 12 per cent to reach USD 72 billion by 2025. So, there is an immense potential in the market which we are keen to tap,” added Saurabh Gupta.
India has emerged as an alternative to China in supplying electric products to global markets. The value of the exports from India is expected to grow to USD 13 billion, from the present USD 8.62 billion as per industry estimates.
The local electrical equipment industry has a critical role to play in meeting India’s renewable energy targets as well as the overall carbon reduction targets under the Paris agreement. India has set an ambitious target of having 175 GW renewable energy (RE) capacity by 2022, 450 GW by 2030. In order to meet RE capacity India will require new age equipment and local players will play a pivotal role in achieving the target.
“The industry needs encouragement in the form of incentives so that production is boosted and research and development work is carried out in the sector. If industry and the government are in sync, India can even surpass its energy efficiency and climate change targets,” he concluded.