US Giant Honeywell And Several Multinationals Set Sights On India For Smart And Sustainable Urban Expansion

Honeywell, a US conglomerate, plans to expand its presence in India to cater to the growing urban population. The company aims to focus on areas such as sustainable building and Smart City projects.

A study conducted by McKinsey predicts that the global urban population will increase from 55 percent to 68 percent by 2050. This means an additional 2.5 billion people will be living in cities.

"Rising urban population means higher need for building sustainable housing, raising e-governance and citizen administration," said Manish Sharma, Vice President and Chief Product Officer, Connected Buildings at Honeywell.

Sharma also mentioned that while many smart cities may not be physically visible, governments are utilising systems and automation to effectively manage waste, traffic, and video surveillance, as per MoneyControl report.

Countries such as India are actively working towards the development of smart cities and improving governance through digital means. They aim to enhance the services provided to their citizens.

India's Smart Cities Mission was initiated on 25 June, 2015, with the objective of creating smart solutions that would ensure essential infrastructure, a sustainable environment, and a high quality of life for its citizens.

To date, more than 6,000 projects, valued at over Rs 1.1 lakh crore, have been successfully completed. The remaining projects are scheduled to be finished by June, 2024.

India's commitment to combat climate change and achieve carbon neutrality presents ample opportunities for providers of sustainable solutions.

Multinational companies such as Honeywell, Schneider Electric, Soracom, Siemens, and Cisco have been collaborating closely with Indian government agencies to offer solutions that align with Prime Minister Narendra Modi's climate and smart cities objectives.

According to Sharma from Honeywell, for developing sustainable and smart buildings, one of the main challenges is the significant investment required.

In a country like India, the high capital outlay and costs pose a major hurdle that necessitates government support and subsidies.

Presently, Honeywell has been actively developing various products aimed at enhancing the sustainability of buildings and cities.

These products encompass sensors and systems that utilise artificial intelligence for optimal temperature management, energy controls, and fire and smoke detection.