India is set to move up in the pecking order of the top markets in terms of revenue for Siemens AG globally, a top official of the engineering and technology major said on Tuesday. At present, the country is the fifth largest but is the fastest growing market for Siemens, Peter Koerte, a member of the managing board, told reporters in Mumbai.

Koerte was speaking on the sidelines of its premier event, ‘Transform-Innovation Day 2024’, which showcased the company’s latest innovations, solutions and partnerships.

Koerte, who is also the chief technology officer and chief strategy officer, indicated that in the next three years, India could emerge as the third or the fourth largest for Siemens. At present, the US leads the pecking order and is followed by China, Germany and France.

Siemens has been present in India for the last 157 years and revenues from the country account for up to 4 per cent of the topline, Sunil Mathur, managing director and CEO of its Indian arm, said.