China attaches great importance to the development and utilization of renewable energy and the construction of high-speed rail, and provides key development opportunities for related industries. ABB, the world’s leading power and automation technology group, held its annual “ABB Automation World†in North Asia yesterday in Shanghai. The company’s executive vice president and head of global market and customer solutions revealed that just last year, ABB’s wind power in China. The business has grown by more than 125% from the previous year; the railway business has more than tripled year-on-year.
According to China's renewable energy development plan, by 2020, non-fossil energy will account for 15% of total energy consumption; wind power investment will reach 900 billion yuan, and new installed capacity will reach 100 million kilowatts. In addition, by 2020, China will build 160,000 kilometers of railways, of which electrified railways account for 60%. These development plans, which are gradually being practiced, have already brought ABB a lot of business opportunities. According to Kerrence, despite the financial crisis last year, ABB still achieved a growth rate of 4% in China and achieved sales of US$4.3 billion. Among them, as the largest supplier of global wind turbine electrical components, ABB's wind power business in China last year increased by more than 125% over the previous year; the hydropower sector also has a growth rate of 70%; In addition, it participated in many high-speed railways such as the Wuhan-Guangzhou high-speed rail passenger dedicated line. The year-on-year growth of related business of ABB project construction reached 380%.
Ke Ruisi said that the development of renewable energy is the main growth driver for ABB's power and automation business. In the past six years, ABB's average annual investment in China has exceeded 100 million U.S. dollars. In the financial crisis of 2009, ABB still maintained the pace of rapid investment, making the total investment in China increased by 19% to reach 1.2 billion US dollars. The implementation of these investments is expected to produce a wider range of local product portfolios, which will provide ABB with more opportunities for business growth in key areas such as wind power, hydropower, smart grids, and railways.
According to China's renewable energy development plan, by 2020, non-fossil energy will account for 15% of total energy consumption; wind power investment will reach 900 billion yuan, and new installed capacity will reach 100 million kilowatts. In addition, by 2020, China will build 160,000 kilometers of railways, of which electrified railways account for 60%. These development plans, which are gradually being practiced, have already brought ABB a lot of business opportunities. According to Kerrence, despite the financial crisis last year, ABB still achieved a growth rate of 4% in China and achieved sales of US$4.3 billion. Among them, as the largest supplier of global wind turbine electrical components, ABB's wind power business in China last year increased by more than 125% over the previous year; the hydropower sector also has a growth rate of 70%; In addition, it participated in many high-speed railways such as the Wuhan-Guangzhou high-speed rail passenger dedicated line. The year-on-year growth of related business of ABB project construction reached 380%.
Ke Ruisi said that the development of renewable energy is the main growth driver for ABB's power and automation business. In the past six years, ABB's average annual investment in China has exceeded 100 million U.S. dollars. In the financial crisis of 2009, ABB still maintained the pace of rapid investment, making the total investment in China increased by 19% to reach 1.2 billion US dollars. The implementation of these investments is expected to produce a wider range of local product portfolios, which will provide ABB with more opportunities for business growth in key areas such as wind power, hydropower, smart grids, and railways.
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