Market Forecast By Voltage (Low Voltage (0-1.1 KV), Medium Voltage (1.1-36 KV), High Voltage (>36 KV)), By Low Voltage (Types (MCB, MCCB, ACB, Others), Applications (Residential, Commercial, Power Utilities, Industrial, Others (Transportation, Oil And Gas))), By Medium Voltage (Insulation Types (AIS, GIS), Applications (Residential, Commercial, Power Utilities, Industrial, Others (Transportation, Oil And Gas))), By High Voltage (Insulation Types (AIS, GIS), Applications (Residential, Commercial, Power Utilities, Industrial, Others (Transportation, Oil And Gas))) And Competitive Landscape.
Product Code: ETC060880 | Publication Date: Aug 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
India Switchgear Market registered a growth of 22.85% in value shipments in 2022 as compared to 2021 and an increase of 6.34% CAGR in 2022 over a period of 2017. In Switchgear Market India is becoming less competitive as HHI index in 2022 was 1265 while in 2017 it was 854. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Switchgear Market.
India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Switchgear Market in 2022 was 2.18 while in 2017 it was 2.08. China, Germany, Rep. of Korea, Singapore and USA were among the top players of the market in 2022, where China acquired the largest market share of 26.57% with a shipment value of 97.64 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 14.71% with the shipment value of 30.43 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
India Switchgear Market is projected to grow over the coming year. India Switchgear Market report is a part of our periodical regional publication Asia Pacific Switchgear Market outlook report. 6W tracks the Switchgear market for over 60 countries with individual country-wise market opportunity assessment and publishes the report titled Global Switchgear Market outlook report annually.
India Switchgear Market is predicted to grow over the years owing to several growth factors. Apart from this, the industry has come across various development such as increasing demand for smart grid technology. India has been actively investing in the development of smart grid technology, which is expected to drive the demand for advanced switchgear solutions in the country. The construction sector is growing in India which is projected to increase the demand for low-voltage switchgear solutions. The Indian government has set a target to achieve a large proportion of the country's energy from renewable sources in the forthcoming years, which is likely to increase the demand for switchgear solutions in the renewable energy sector.
Moreover, the government is investing heavily in developing smart cities which also drives the overall demand for advanced switchgear solutions in the country. The growing trend towards miniaturization in the Indian market is driving the demand for compact switchgear solutions. These developments are expected to provide opportunities for growth in the Asia-Pacific Switchgear Industry in the coming years. On the other hand, Power Grid is currently working on several projects to improve the power transmission and distribution network in India. This includes the upgrade of existing switchgear networks and the installation of new switchgear.
India Switchgear Market is expected to gain momentum during the forthcoming years on account of the rising surging population. The surging urbanisation, modernisation and industrialisation are expected to enhance the demand for electricity which is further contributing to the India Switchgear Market Growth. The rising implementation of the smart grid is expected to improve the power infrastructure and propel the development of the market. Additionally, the increasing schemes by the government like Make in India, Digital India and Smart cities are also driving the India Switchgear Market Share.
According to 6Wresearch, the India Switchgear Market size is projected to register growth during 2022-2028. Rising plants to integrate renewable energy coupled with urban transformation is proliferating the growth of India switchgear Industry. Growing standards to control carbon emissions and rising consumer penetration to adopt renewable system is expected to accelerate the development of the market. However, the outbreak of COVID-19 and the unplanned lockdown by the government is expected to hamper the growth of India Switchgear Market Revenue during the forecast period.
India Switchgear Market is not among the most crucial markets in the country. This market in the nation is the most prominent part of the Asia Pacific Switchgear Market. The Switchgear Market Size in India is projected to grow at XXX over the forecast period. The sector is gaining success on the back of the growing population in the country. The rising population, modernisation, urbanisation, and industrialisation. The growing demand for electricity is further supporting the Switchgear Market in India.
The increasing implementation of the smart grid is anticipated to enhance the power infrastructure as well as improve the development of the sector. In addition, government initiatives are also supporting sector growth in the country. Government schemes such as Digital India, Smart Cities, and Make in India are aiding the sector to propel well.
Based on Insulation, the Gas Insulated (GIS) Switchgear that consists of high voltage is expected to account for the maximum share in the overall market owing to rising office spaces and City Buildings.
The report provides a detailed analysis of the following market segments:
1. Executive Summary |
2. Introduction |
2.1. Report Description |
2.2 Key Highlights of the Report |
2.3. Market Scope & Segmentation |
2.4. Research Methodology |
2.5. Assumptions |
3. India Switchgear Market Overview |
3.1 India Switchgear Market Revenues (2018-2028F) |
3.2 India Switchgear Market - Industry Life Cycle, 2021 |
3.3 India Switchgear Market - Porter’s Five Forces |
3.4 Impact Analysis of Covid-19 on the India Switchgear Market |
4. India Switchgear Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5. India Switchgear Market Trends |
6. India Low Voltage Switchgear Market Overview |
6.1 India Low Voltage Switchgear and Panels Market Revenues (2018-2028F) |
6.2 India Low Voltage Switchgear Market Overview, By Types |
6.2.1 India Low Voltage Switchgear Market Revenue Share, By Types (2021 & 2028F) |
6.2.2 India Low Voltage Switchgear Market Revenues, By Types (2018-2028F) |
6.3 India Low Voltage Switchgear Market Overview, By Applications |
6.3.1 India Low Voltage Switchgear Market Revenue Share, By Applications (2021 & 2028F) |
6.3.2 India Low Voltage Switchgear Market Revenues, By Applications (2018-2028F) |
7. India Medium Voltage Switchgear Market Overview |
7.1 India Medium Voltage Switchgear Market Revenues (2018-2028F) |
7.2 India Medium Voltage Switchgear Market Overview, By Insulation Types |
7.2.1 India Medium Voltage Switchgear Market Revenue Share, By Insulation Types (2021 & 2028F) |
7.2.2 India Medium Voltage Switchgear Market Revenues, By Insulation Types (2018-2028F) |
7.3 India Medium Voltage Switchgear Market Overview, By Applications |
7.3.1 India Medium Voltage Switchgear Market Revenue Share, By Applications (2021 & 2028F) |
7.3.2 India Medium Voltage Switchgear Market Revenues, By Applications (2018-2028F) |
8. India High Voltage Switchgear Market Overview |
8.1 India High Voltage Switchgear Market Revenues (2018-2028F) |
8.2 India High Voltage Switchgear Market Overview, By Insulation Types |
8.2.1 India High Voltage Switchgear Market Revenue Share, By Insulation (2021 & 2028F) |
8.2.2 India High Voltage Switchgear Market Revenues, By Insulation (2018-2028F) |
8.3 India High Voltage Switchgear Market Overview, By Application Types |
8.3.1 India High Voltage Switchgear Market Revenue Share, By Application Types (2021 & 2028F) |
8.3.2 India High Voltage Switchgear Market Revenues, By Application Types (2018-2028F) |
9. India Switchgear Market Overview, By Applications |
9.1 India Switchgear Market Revenues, By Residential Application (2018-2028F) |
9.2 India Switchgear Market Revenues, By Commercial Application (2018-2028F) |
9.3 India Switchgear Market Revenues, By Industrial Application (2018-2028F) |
9.4 India Switchgear Market Revenues, By Power Utilities Application (2018-2028F) |
9.5 India Switchgear Market Revenues, By Other Application (2018-2028F) |
10. India Switchgear Market Key Performance Indicators |
11. India Switchgear Market Opportunity Assessment |
11.1 India Switchgear Market Opportunity Assessment, By Voltage (2028F) |
11.2 India Switchgear Market Opportunity Assessment, By Applications (2028F) |
12. India Switchgear Market Competitive Landscape |
12.1 India Switchgear Market Revenue Share, By Voltage, By Company (2021) |
12.2 India Switchgear Market Competitive Benchmarking, By Technical Parameters |
12.3 India Switchgear Market Competitive Benchmarking, By Operational Parameters |
13. Company Profiles |
14. Key Strategic Recommendations |
15. Disclaimer |
Market Forecast By Voltage (Low voltage (0 – 1.1kV), Medium Voltage (1.1 – 36kV), High Voltage (>36 kV)), By types (Low Voltage (MCB & DB, MCCB, ACB, COS (Change over switches), Controlgear, OLR, SDF, Others (ELCB, RCD, C&R)), Medium Voltage (RMU 11 KV, RMU 33 KV, Panel 11 KV, Panel 33 KV)), By Insulation Types (Medium Voltage (Air Insulated (AIS), Gas Insulated (GIS), Others (Vacuum Insulated, Oil Insulated)), High Voltage (Air Insulated (AIS), Others (Gas insulated, Oil Insulated))), By Applications(Residential, Commercial, Industrial, Power Utilities) And Competitive Landscape
Product Code: ETC060880 | Publication Date: Jul 2021 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 102 | No. of Figures: 40 | No. of Tables: 17 |
India Switchgear Market report provides associate unbiased and elaborate analysis of the on-going market trends, opportunities/high growth areas, market drivers which might facilitate the stakeholders to device and align their market ways consistent with the present and future market dynamics.
India Switchgear Market Synopsis
India Switchgear Market is expected to register a significant growth over the coming years on account of rising population, increasing energy requirement and major infrastructural development projects been carried out across the country. Furthermore, government initiatives such as Deen Dayal Upadhyaya Gram Jyoti Yojana, Integrated Power Development Scheme and Green energy corridor and initiatives such as Housing for all in would lead to the development of power and real estate sector. These sectors would in turn lead to the increase in demand of switchgear in the country. The market saw a sharp decline in 2020 as a result of the complete lockdown bought in force by the Indian Government to prevent the spread of coronavirus which disrupted the supply chain, manufacturing processes and put a halt to all the developmental activities residential and commercial sector. However, the decline in market is expected to be temporary and is anticipated to return to a healthy growth rate on account of declining COVID-19 cases and the vaccination drive which started in early in 2021.
According to 6Wresearch, India Switchgear Market size is projected to grow at CAGR of 7.17% during 2021-27. Government of India plans to reduce the emissions caused by thermal energy plants and increase its renewable energy production to 220 GW by 2022 to meet its commitment made towards Paris Agreement. As a result, renewable energy sector is seeing a major rush in the investments. This capacity addition of sector is growing at a rate of ~14% for the last five years. Additionally, to reduce emissions caused by conventional vehicles, government is promoting electric vehicles which would require a huge charging infrastructure over the coming years. Railways are also moving towards renewable energy by installing solar panels on top of its buildings and unused land. Under ‘UDAAN’ scheme, government is planning to build several airports across the country and upgrading the existing ones. All these sectors have a direct impact on the switchgear market in India.
Market Analysis by Voltage
Based on the voltage, low voltage switchgear accounted for the major market revenue share in 2020 and it is anticipated to maintain the same over the forthcoming years owing to its application in residential and commercial sectors. MCB dominated the low switchgear market followed by ACB. Medium voltage switchgear market is also expected to grow generously over the coming years on account of reliable operations, safety, and easy maintenance. Additionally, rising demand to curb fire hazards, short circuits, and electricity fault, would also drive the market growth.
Market Analysis by Application
Residential and Power Utilities sector accounted for the major revenue share in the India Switchgear Market in 2020 and is expected to retain its dominance for the coming years owing to the increasing population, increasing investment in the renewable energy sector and major expansion and upgradation programs carried out by the government of India in the power sector. The growth in real estate and transportation sector would directly contribute to the growth of switchgear market in the forthcoming years.
Key Attractiveness of the Report
Key Highlights of the Report
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
Frequently Asked Questions About the Market Study:
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