Hanwha Group’s Tech Solutions division has set its sights on India as a new strategic hub, aiming to leverage cutting-edge technologies to capture the market, as announced on April 23. India’s annual growth continues to be fueled by its 1.4 billion population and robust economic expansion.
In a significant move, Hanwha Vision recently secured the Standardization Testing and Quality Certification (STQC), a crucial cybersecurity credential in India. This government-issued certification is a mandatory requirement for companies supplying security equipment to the Indian market.
The certification has already yielded tangible results. During the first quarter of this year, Hanwha Vision clinched contracts for video security system installations with major global corporations across various sectors in India, including finance, retail, and logistics. The company anticipates securing additional contracts across multiple industries in the near future.
To boost brand recognition and showcase its technological prowess, Hanwha Vision launched nationwide roadshows this year. In January, the company conducted presentations for potential clients in key metropolitan areas such as Mumbai, Bengaluru, and Delhi.
The company’s proprietary System on Chip (SoC) Wisenet 9-based products garnered significant interest from local business representatives, resulting in several on-site contract signings.
Looking ahead, Hanwha Vision plans to substantially expand its product lineup and technical support team in the Indian market. The company also intends to increase the number of its technology experience centers, known as Hanwha Innovation & Technology Experience (HITE), starting in Bengaluru, where customers can get hands-on experience with their latest technologies.
A Hanwha Vision spokesperson stated that as India evolves into a global technology hub, they’re seeing a surge in demand for video security solutions. They’re committed to expanding the footprint in the Indian market, leveraging the advanced technology and global market credibility.
Other subsidiaries within the Tech Solutions division are also making inroads into the Indian market. Recently, Hanwha Momentum secured multiple projects related to secondary batteries and automation equipment, landing supply contracts worth tens of billions of KRW (tens of millions of USD).
Following its rapid growth in the Energy Storage System (ESS) sector, the company is gaining recognition for its integrated automation capabilities across various industries, including chemicals, automotive, and logistics. This positions them well for new contracts in the coming year.
The Tech Solutions division’s impact in the Indian market is expected to become even more pronounced following the completion of Hanwha Group’s planned corporate restructuring and the establishment of a new holding company.
Industry experts predict that support and investment from the new holding company, coupled with inter-subsidiary synergies, will significantly boost competitiveness in emerging markets, including India.
A Hanwha Vision representative emphasized that as advanced technologies, including artificial intelligence (AI), are rapidly adopted across major industries, there’s a growing preference for companies with proven technical expertise and reliability. Through ongoing technological innovation and inter-subsidiary collaboration, it aims to achieve remarkable results in high-potential markets like India.