New Delhi: Fuji Electric India, the wholly-owned subsidiary of $ 8.3 billion Japanese power and electricity giant Fuji Electric, is considering a foray into the solar inverter and battery business in India. The move is part of a broader strategy to leverage the parent company’s expertise in established business areas and gradually introduce it in India.
“We’ll be opening our own solar inverter shop here soon. The proposal, which is still in the early stages of discussion, includes setting up a facility to manufacture and assemble various components in solar inverters on a megawatt scale, ”said Sriram Ramakrishnan, Managing Director of Fuji Electric India from Chennai, in an exclusive interview with ETEnergyworld .
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The company is currently focused on expanding its three existing product segments – UPS systems (Uninterrupted Power Supply), frequency converters (VFD) to increase energy efficiency and automation products. This expansion is part of a strategy by Fuji Electric (FE) 2.0 that was unveiled last November.
The total size of the solar inverter market in India is currently around 1,750 billion rupees per year and is expected to grow significantly in the new years due to the rapid growth in solar power generation capacity. The country aims to increase the installed base of solar power generation capacity to 100,000 MW by December 2022.
“The FE 2.0 strategy will help increase our sales in India from currently 660 billion rupees annually to 1,500 billion rupees by 2024. We plan to develop new applications in the areas of energy storage, charging of electric vehicles and inverters for solar power plants on a megawatt scale. Power plants with state-of-the-art products, technologies and services with an emphasis on energy efficiency, ”said Ramakrishnan.
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The company announced in November that it would look forward to expanding its power electronics systems business in India, focusing primarily on the manufacturing industry, core heavy industry, buildings, infrastructure and data centers.
Fuji Electric, the 96-year-old multinational conglomerate, employs over 27,416 people worldwide and is a major player in energy and electronics systems, electronic devices, power generation, and food and beverage distribution. A strategy is being worked on to increase sales in markets outside of Japan from the current 25 percent or 2.1 billion US dollars to 35 percent over the next few years.