The Future of Emerging Markets Breaking the Barriers for Growth
The growth of the Indian process sector – India is currently renewing her image with the world to promote itself as a base for investment. Industry stalwarts give their viewpoint on different global practices and how they see the Indian market play a role in the growth of their companies.
Technology and development go hand-in-hand and play a crucial role in the growth of any country. In today’s world, it is the competitive edge that defines growth, be it a country, state or an industry. For quite a few years now, India has acknowledged the importance of Research and Development (R&D). The government has shown its keenness in encouraging R&D through the increase in R&D expenditure.
R&D in India
According to Managing Director, Burckhardt Compression India, Narasimha Rao, the engineering R&D market is estimated to grow at a CAGR of 14 per cent by 2020. “R&D is not uniform across sectors. While some sectors such as IT, automobile, electronics segments are at the forefront, there are some segments which have to go the extra mile,” continues Rao. Among process industries, currently there is a lot of innovation in the specialty chemicals segment. “Indian Oil which has one of the finest R&D centers in Asia has developed its own processes in the refining segment. Even world leaders in specialty chemicals are setting up their R&D and innovation centers in India,” informs Rao.
Furthermore, India being an emerging economy with a higher amount of disposable income, the need arises for advanced low cost goods. This is turn, will require manufactures to increase the efficiency and productivity of their processes to bring about cost-effective high-quality goods.
Innovations are Key to Savings
Another aspect to this is that R&D leads to innovations that then leads to energy savings such as optimizing plant operations and increasing efficiency of processes. Speaking on how this can particularly help process plants, Regional Representative India, Freudenberg Group, Dr Jörg Matthias Großmann notes, “The power consumption of industrial plants is often enormous. Energy efficiency solutions can help to increase both their efficiency and cost-effectiveness.”
“To begin with, an innovative measurement and evaluation process identifies energy-saving potentials within the system. During a subsequent optimization process, accurately matched, smooth-running specialty lubricants are used in place of conventional oils. These advanced lubricants reduce friction between individual components, resulting in proven reduced energy consumption and increased performance.”
Adding to this, Managing Director, Auma India, Arvind K Goel advises that research is key to finding ways to be sustainable and increase growth. He avers, “It also becomes important owing to special requirements for application in Indian industries as well as for import substitution. The industry is already aware of the need for more emphasis on R&D for a company to sustain and grow its business in the long term. It is seen that companies investing in R&D consistently tend to grow faster and gain market share.”