Siemens AG expects India to become the third or fourth largest market for the company in the next three years overtaking France and Germany, the growth driven by its infrastructure vertical, said Peter Koerte, Member of the Managing Board, Chief Technology Officer and Chief Strategy Officer, Siemens AG.

Listing the pecking order for markets by revenue, Koerte placed India fifth, after the US, China, Germany and France.

Koerte and senior management officials of Siemens India spoke on the sidelines of Transform-Innovation Day 2024 event in Mumbai on Tuesday.

“However, in terms of growth, India is currently the biggest player,” he said, stating that the growth is likely to push the country ahead of the European countries by 2027.

Infra to drive growth

Koerte estimated the infrastructure sector to play significant role in this growth. Siemens has multiple offerings in India, grouped under infrastructure, industrial and mobility segments.

“We believe that in particular, in the building of new buildings, transportation,roads and the associated industries with that, these are the ones that are going to thrive,” Koerte said. Infrastructure is the largest revenue earner for the company.

“This is an exciting time for India, as it stands at the cusp of a profound industrial transformation for sustainable growth,” he added. In India, the company employs about 13 per cent of its global workforce.

Last year, Siemens Mobility won a €3-billion order from the Indian Railways, the single-largest order in India and globally in the locomotives segment and this has become an important revenue driver for the company with more such prospects in the future.

Public capex

“The moment we start delivering on those locomotives and start delivering on the other trains that will be tendered, then that could well become a much larger vertical,” said Siemens India Managing Director & CEO, Sunil Mathur.

Mathur said he expected public capex to continue and certain segments such as data centres, railways, power to show strong growth. The company is involved in metro projects in India, including Mumbai, Bengaluru, and Kolkata.

On the theme of innovation and harnessing data for generative AI, Koerte said Siemens was working to bring simplicity to complex processes.

“Customers in India expect simple, tailor-made solutions to address their real problems — efficiency, flexibility, quality, operational performance and sustainability,” Mathur added.

The company showcased solutions such as Industrial Metaverse, digital twin, Generative AI in manufacturing and for data centres during the event.

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