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In Annual Report 2021, Honeywell Automation India Ltd. has highlighted about acceleration in the adoption of remote engineering solutions post Covid-19, ongoing product portfolio upgradation, transformation into software industrial company and relentless focus on cost control.
Industrial and building automation markets are projected to grow at 15% plus compound annual growth rate over the next four to five years, with high returns expected from technologies like artificial intelligence, industrial internet of things (connected devices), quantum computing and cloud software solutions.
Management expects that sectors such as pharma, healthcare, data center, chemical, warehouse, etc. would drive growth in the near term, while infrastructure creation (airports, metros, smart cities), private capex recovery and thrust on local manufacturing via PLI schemes augur well for long term growth of Honeywell Automation.
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