India LV Switchgear Market (2024-2030) | Share, Trends, Value, Analysis, Outlook, Forecast, Growth, Industry, Companies, Size & Revenue

India LV Switchgear Market Size Growth Rate

The India LV Switchgear Market is projected to grow at a CAGR of 8.2% during 2024–2030, driven by increased investments in the real estate, industrial, and renewable energy sectors, along with rapid urbanization and expanding infrastructure development across the country.

India LV Switchgear Market Synopsis

The LV switchgear market in India has experienced significant expansion in recent years, propelled by increased investments in the real estate, industrial, and power sectors, especially in renewable energy. For instance, between 2017 and 2022, the real estate sector witnessed a three-fold surge in foreign institutional inflows, reaching US$ 26.6 billion, thereby boosting the demand for LV switchgear. Furthermore, since 2014, investments totalling approximately US$ 220 billion have been directed into the power and renewable energy sectors, thereby leading to an increased demand for LV switchgear in India.

According to 6wresearch, India LV Switchgear Market size is projected to grow at a CAGR of 8.2% during 2024-2030F. The India LV switchgear market is poised for substantial growth in the foreseeable future, driven by rapid economic expansion, urbanization, and infrastructure advancement. Furthermore, notable investments have been made in the real estate sector, such as a US$ 450 million investment by Godrej Properties in Hyderabad to develop a housing project, and Mapletree India's plan to invest US$ 150 million in a commercial complex in Vikhroli, Mumbai. Additionally, the Indian government has announced plans to invest US$ 24.62 billion in the manufacturing sector to enhance manufacturing capabilities. This would generate additional opportunities for LV switchgear, especially in upcoming manufacturing facilities, further boosting the India LV switchgear market in the near future.

The cost of copper rose by 66.08%, increasing from US$ 5,058 in April 2020 to US$ 8,399.9 in November 2023. Similarly, aluminium prices increased by 49.48% during the same period, potentially impacting LV switchgear prices, which could further hinder the growth of the India LV switchgear market shortly.

Market Segmentation by Type

During the forecast period, MCBs are projected to lead the India LV switchgear market owing to their excessive use in 3 phases in electrical systems in commercial and residential setups.

Market Segmentation by Application

The residential sector occupied the largest share of the LV switchgear market in India. This is primarily due to the widespread use of LV switchgear in residential buildings for circuit protection, safety, and electrical distribution purposes. Additionally, DLF plans to invest around US$ 450 million in constructing housing projects in Gurgaon in the coming years.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

 

Key Highlights of the Report:

• India LV Switchgear Market Overview
• India LV Switchgear Market Outlook
• India LV Switchgear Market Forecast
• Historical Data and Forecast of India LV Switchgear Market Revenues, for the Period 2020-2030F
• Historical Data and Forecast of India LV Switchgear Market Revenues, By Type, for the Period 2020-2030F
• Historical Data and Forecast of India LV Switchgear Market Revenues, By End User, for the Period 2020-2030F
• Industry Life Cycle
• India LV Switchgear Market – Porter’s Five Forces
• Market Drivers and Restraint
• Market Trends
• Market Opportunity Assessment
• Company Ranking
• Market Competitive Benchmarking
• Company Profiles

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Type

• MCB
• MCCB
• C&R
• ACB
• DB
• RCD
• SD
• Others (MPCB, COS)

By Application

• Residential
• Commercial
• Industrial
• Power Utilities
• Infrastructure & Transportation