Honeywell's India business to enter $1billion club this year
Bengaluru: Honeywell's India business is set to enter the $1 billion revenue club in the 2025 calendar year, up from $900 million, fuelled by the convergence of 5G, cloud, and AI, creating a strong growth tailwind.
"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. We plan to be a $1 billion company in 2025. The convergence of AI, 5G, and cloud—a powerful trifecta transforming the industries we serve. This unique combination creates significant promise and marks a major inflection point in AI adoption," said Ashish Modi, president of Honeywell India.
Honeywell has been present in the country for over nine decades, from licensing technology for the first refinery at Digboi in Assam in the 1930s to supporting the 100 smart cities initiative. Its business powers three megatrends—automation, aviation, and energy transition. It also delivers solutions across aerospace, industrial and building automation, and energy. At the core of Honeywell's technology transformation is its AI-driven platform, Forge.
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Designed to ingest and contextualize diverse data sets, Forge.AI serves as a cross-industry IoT platform that drives digital transformation across people, processes, and assets
Honeywell in India has three manufacturing facilities and four global centres of excellence for technology development and innovation. It employs close to 13,000 people across 20 locations in the country. "Over 60% of Honeywell's global software development happens in India, marking a significant Make in India contribution," he said.
AI is embedded in three key areas—products. AI-powered tools like Maintenance Assist speed up issue diagnosis and optimise building energy use. In product development, AI-assisted coding accelerates development and reduces time to market, and it leverages AI to enhance productivity across HR, legal, sales, and customer service by supporting employees, not replacing them.
Modi said the company recently announced what we call the airport ground lighting system.
"We started a new line in the Gurugram factory," he added. Honeywell launched its Airfield Ground Lighting (AGL) manufacturing facility in Gurugram. The 41,000 sq ft facility produces AGL systems essential for safe airport operations and compliance with global aviation standards. India's rapidly growing aviation industry is projected to invest up to $12 billion and expand from 148 to 220 airports by 2025.
Honeywell's Airfield Ground Lighting (AGL) solutions, developed and engineered in India, are FAA-certified and comply with ICAO standards.
Honeywell's LED-based AGL solutions improve visibility, reduce energy consumption, and offer greater durability and longer lifespan compared to traditional halogen lamps. Modi said that Honeywell teamed up with Navin Fluorine, part of the Padmanabh Mafatlal Group, to manufacture Honeywell's Solstice zd, a hydrofluoroolefin (HFO) that has various applications, including blowing agents for foam insulation and refrigeration liquid for chillers.
He is also betting big on the newer opportunities in the maintenance, repair, and overhaul (MRO) space. " The MRO industry in India is valued at $4 billion and growing at 10%–12% annually. Historically, most MRO work was done abroad due to a smaller domestic market and limited incentives for OEMs. That's now changing as scale and demand grow," Modi said.
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