By Ayesha Mudassar ISLAMABAD, June 10 (INP-WealthPK): Pakistan has an enormous potential to develop a reliable power equipment market by putting adequate inputs and ensuring competitiveness. Raza Abbas Shah, CEO of the Engineering Development Board (EDB), told WealthPK that Pakistan has been making efforts to develop upgraded energy equipment with higher capacity to meet the demand on the distribution and transmission sides, as well as to export certain equipment. In this regard, the EDB, with the support of the Ministry of Energy, has initiated a Power Sector Indigenization Plan (PSIP) for the development of power generation, transmission, and distribution equipment. Thirteen products or sectors have been identified under the PSIP including transformers, capacitors, solar panels, wind power equipment, towers, poles, energy meters, overhead transmission line fittings, and hardware. Raza said the PSIP will promote investment, job creation, self-sufficiency in critical infrastructure equipment, the saving of foreign exchange reserves through import substitution, and the expansion of the sector’s exports. He said that Pakistan’s power equipment manufacturing industry is currently producing energy equipment up to 220/132KV in most cases. The power equipment industry produces a diverse range of products used for the transmission and distribution of power from plants or grids to industries, houses, and commercial structures. The main parts are mostly produced in Faisalabad, Sargodha, Gujranwala, Lahore, and Karachi. The major output of the cluster is sold all over Pakistan, with a few players also involved in exporting products to the Middle East, Africa, Afghanistan, and Bangladesh. The global market size for power transmission and distribution equipment was estimated at $256.5 billion in the year 2020 and is expected to reach $312.8 billion by 2026, growing at a compound annual growth rate (CAGR) of 4.8%. The energy sector in Pakistan mainly relies on imported fuel and equipment. As a result, massive amounts had to be paid from foreign reserves to meet this sector's needs. To reduce the import bill, strenuous efforts are needed to indigenize the industry.