PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1282924
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1282924
India switchgear market is flourishing due to the increasing investments in the development of renewable energy, rising energy demands in various end-user industries enabling for the adoption of smart switchgear across the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent report, estimated the India switchgear market size at USD 9.75 million in 2022. BlueWeave expects the India switchgear market size to grow at a CAGR of 7.12% during the forecast period between 2023 and 2029 to reach a value of USD 18.23 million by 2029. The India switchgear market is expanding as a result of increased investment in renewable energy development and increased usage of smart switchgear, as well as government mandates or subsidies. Furthermore, rising energy demands in various end-user industries have resulted in a greater emphasis on renewable energy solutions, allowing for the adoption of smart switchgear in India. According to the IEA's World Energy Outlook 2022 report, by 2025, India will be the world's most populous country, and this, along with the twin forces of urbanization and industrialization, will underpin rapid growth in energy demand, which will rise by more than 3% per year in the Stated Policies Scenario (STEPS) from 2021 to 2030. These major factors could propel the growth of the India switchgear market in the coming years.
The increasing adoption of smart Internet of Things (IoT) compatible switchgear solutions will likely propel the growth of the India switchgear market. Smart switchgear aids in the intelligent control of power supply systems, increasing efficiency, dependability, and safety. According to Mitsubishi Electric Corporation data, India's power sector is experiencing unprecedented growth, and to support the Indian Government's initiatives such as 'Power for All,' 'Pradhan Mantri Sahaj Bijli Har Ghar Yojana,' 'Integrated Power Development Scheme,' and 'Deendayal Upadhyaya Gramme Jyoti Yojana,' the sector is leaning towards digitization. Smart switchgear aids in energy management, environmental protection, and power bill reduction. With continual advances in infrastructure and manufacturing facilities, the smart switchgear business is expanding at a quick rate. Smart switchgear, which plays an important part in the distribution of energy to industry and residential areas, is one of the sector's most important stimulants. Thus, smart switchgear enhances protection, monitoring, and control, resulting in increased efficiency of the system in which it is installed. Therefore, increasing the adoption of switches in India boosts the market growth.
Based on product type, the India switchgear market is segmented into conventional switchgear, modular/ integrated switchgear, and others. During the forecast period, the conventional switchgear segment is expected to be the fastest-growing product type segment. The conventional switchgear category is an important element of the India switchgear market and is likely to increase gradually in the coming years. This type comprises air-insulated, gas-insulated, or oil-insulated switchgear and is commonly used in power generating, transmission, and distribution applications. The Indian government's emphasis on extending the country's power infrastructure and expanding access to electricity is driving demand for traditional switchgear equipment, particularly in rural areas.
Based on end user, the India switchgear market is segmented into transmission and distribution utilities, commercial, residential, and industrial. The transmission and distribution utilities segment accounts for a significant market share during the forecast period. The segment's growth is being aided by a significant increase in electricity demand and increased implementation of smart grids. There have been advancements in transmission and distribution infrastructure, which has resulted in greater demand for the product. The Indian government has initiated many programs to improve grid stability and promote energy availability, which is likely to raise demand for switchgear in the transmission and distribution utilities market.
Based on the installation, the India switchgear market is split into indoor and outdoor segments. During the forecast period, the conventional switchgear segment is expected to be the fastest-growing installation segment. Indoor switchgear installation is common in limited environments such as substations, power plants, and industrial buildings. This form of installation has several advantages, including better safety, increased reliability, and lower maintenance costs. Indoor switchgear is less prone to weather damage and is shielded from dust, moisture, and other environmental elements that might harm outdoor switchgear. As a result, it is a more dependable solution for power distribution in India, where the climate can be extreme.
The COVID-19 pandemic had significantly affected the India switchgear market. On the one hand, industrial and supply chain interruptions reduced the demand for and sales of switchgear equipment. The pandemic, on the other hand, underlined the significance of dependable and efficient electricity infrastructure, opening up new potential for switchgear makers. The Indian government's emphasis on developing the country's power infrastructure, combined with increased investments in renewable energy, is likely to drive switchgear equipment demand in the coming years. The pandemic has also expedited the power sector's shift towards digitization and smart technologies, creating new prospects for makers of smart switchgear equipment. However, the pandemic posed various challenges for switchgear makers, including supply chain interruptions, staffing shortages, and decreased sales. Overall, COVID-19 had significantly affected the growth of the India switchgear business, with problems and opportunities coexisting in a fast-expanding market.
The India switchgear market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include Larsen & Toubro Limited, Siemens Limited, ABB India Limited, Schneider Electric Infrastructure Limited, Havells India Limited, C&S Electric Limited, Legrand India Pvt. Ltd., Bharat Heavy Electricals Limited (BHEL), HPL Electric & Power Ltd. Mitsubishi Electric India Pvt. Ltd., GE T&D India Limited, and Control and Switchgear Electric (C&S). The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Switchgear Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global India Switchgear Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
Table 42 Larsen & Toubro Limited Company Overview