Honeywell India Set to Achieve $1 Billion in Revenue by 2025
Significant Market Growth on the Horizon
A Vision for Expansion
“India provides an opportunity to grow at double digits over the next several years for companies like us. It’s one of our fastest-growing markets globally,” stated Ashish Modi, President of Honeywell India. “We plan to be a $1-billion company in 2025,” he added.
A Rich History in India
Honeywell has been operating in India for over 90 years, starting with the licensing of technology for the country’s first refinery in Digboi, Assam, during the 1930s. Since then, the company has played a pivotal role in several national initiatives, including contributing to the ambitious 100 smart cities project.
Supporting Megatrends
Modi articulated that Honeywell’s operations in India now align with three major megatrends: automation, aviation, and the energy transition. The company offers a diverse range of products and services across aerospace, industrial and building automation, and energy systems.
Human Capital and Innovation
Currently, Honeywell employs nearly 13,000 people in India. Modi highlighted that more than 60% of the company’s global software development occurs in India, which significantly contributes to the ‘Make in India’ initiative.
Recent Developments and Innovations
Significant innovations continue to emerge from Honeywell. Modi recently announced a new product, the airport ground lighting system, although details remain under wraps.
A Commitment to India’s Future
Honeywell’s longstanding presence in India underscores its commitment to the country’s development. By focusing on innovation and collaboration, the company aims to leverage its expertise to contribute to India’s evolving market landscape.
Conclusion: A Bright Future Ahead
As Honeywell continues to grow and adapt to emerging technologies and market demands, its trajectory in India reflects optimism and potential. The company is well-positioned to meet its target and continue playing a significant role in India’s economic story.
Frequently Asked Questions
1. What is Honeywell’s revenue target for India by 2025?
Honeywell aims to achieve $1 billion in revenue in India by 2025, up from the current $900 million.
2. What factors are driving Honeywell’s growth in India?
The convergence of 5G, cloud technology, and artificial intelligence is expected to drive significant growth for Honeywell in India.
3. How long has Honeywell been operating in India?
The company has been operating in India for over 90 years, beginning with technology licensing for the first refinery in the 1930s.
4. What major initiatives has Honeywell contributed to in India?
Honeywell has been involved in several key national initiatives, including the 100 smart cities project.
5. What percentage of Honeywell’s global software development occurs in India?
More than 60% of Honeywell’s global software development is conducted in India, contributing to the ‘Make in India’ initiative.