8 CSE GLOBAL LIMITED MESSAGE TO STAKEHOLDERS In Singapore, we have granted a total of 25 bursaries to local education institutions and supported our staff for their families’ education expenses. In 2023, we donated S$70,000 to various groups in the communities after identifying deserving beneficiaries. In addition, we have rendered our support again to Yellow Ribbon Singapore as part of our commitment to help inmates and exoffenders rebuild their lives and lower the recidivism rate through skills and long-term career development. We also continue to empower women and children patients, visually handicapped, blood disorder as well as life-limiting patients. We will continue to champion good corporate social responsibility and seek to empower underprivileged groups as well as enrich our communities through our staff volunteerism opportunities. RIDING ON MEGA TRENDS While mapping growth strategies for resilient and sustainable growth, we identified three key secular mega trends: urbanisation, electrification and decarbonisation, which serve as CSE Global’s growth drivers as we align and expand our engineering capabilities and technology solutions to tap opportunities arising and better serve our customers. With urbanisation, the World Bank expects the number of people living in cities to more than double to a point where nearly seven in ten people will live in cities by 20501. The emphasis on sustainability while catering to the needs of growing populations living in cities has made electrification and decarbonisation key priorities. The global electrification market is forecasted to reach US$172.9 billion by 20322, growing at a CAGR of almost 9% between 2023 and 2032. Decarbonisation is expected to drive the demand for a fundamentally different energy system, such as alternative energy sources based on green electricity and green molecules. Diversification into new markets brought about by emerging trends ensures our relevancy in the marketplace. During the year, we saw rising demand for power management solutions in data centres, wind and solar farms, battery energy storage and electric vehicle charging infrastructure, which is in-line with the increasing focus on sustainability and renewable energy. Having delivered solutions in the renewables space since 2000s, we are adept at meeting our customers’ needs by developing technologies to reduce waste and adapt “greener”, smarter ways to deliver efficient and effective solutions. This diversification into new opportunities is made possible through the adaptability of CSE Global’s skillsets, coupled with strategic acquisitions that have expanded CSE Global’s suite of electrification, communications, and automation solutions. Our positioning in the critical communications and electrification market allow us to take on more projects in the Infrastructure sector including transportation and public utilities. These three mega trends translate to immense growth opportunities in multiple industries such as clean energy, public infrastructure such as utilities and energy, transport, data centres and communications, amongst others which are at the cusp of multi-year upcycles as demand is projected to grow strongly in the mid-to-long term. 1 The World Bank (2023, April 3). Urban development https://www.worldbank.org/en/topic/urbandevelopment/overview#:~:text=Today%2C%20some%2056%25%20of%20the,people%20will%20live%20 in%20cities. 2 Precedence Research (2023, March). Electrification market. https://www.precedenceresearch.com/electrification-market
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