Posted On: 2020-03-13
Low voltage switchgear acquired the largest revenue share in the overall India switchgear market – 6Wresearch
Rising electrification rate along with government focus to provide adequate power infrastructure for citizens with schemes such as UDAY (Ujwal DISCOM Assurance Yojana), IPDS (Integrated Power Development Scheme), DDUGJY (Deen Dayal Upadhyaya Gram Jyoti Yojana) and “Power for All” would propel the growth of switchgear market in near future. Further, initiatives such as Make in India and Smart Cities Mission would help in expanding the transmission and distribution networks augmenting the growth of switchgear market in India.
According to 6Wresearch, India switchgear market size is projected to grow at a CAGR of 6.7% during 2020-2026. Increasing foreign direct investment in power sector and booming infrastructural development especially in energy sector are the key factors driving the market of switchgear in India. Moreover, increasing infrastructural advancement including smart cities and rising number of solar power plants would bode well for the demand for switchgears during the forecast period.
According to Akshay Thakur, Senior Research Analyst, 6Wresearch, “Low voltage switchgears acquired the largest revenue share in the India switchgear market on account of high usage in verticals such as residential, commercial and power utilities. Furthermore, due to rural electrification and rapidly growing power transmission infrastructure, low voltage switchgears would register robust growth in the years to come.”
“Medium and high voltage switchgears would also register decent growth during the forecast period due to expanding commercial sector and large-scale investment by the government in power utility projects.”, Akshay further added.
According to Eshita Goel, Research Associate, 6Wresearch, “Power utilities sector captured the largest revenue share in the switchgear market of India owing to growing investment in power transmission and distribution sector in the country. The government of India has planned to increase the transmission lines from 4,14,858 circuit kms to 4,78,132 circuit kms by 2022 which would expand the usage of switchgears in the power utilities segment over the upcoming years.”
“Residential sector is expected to register strong growth over the coming years due to increasing construction of housing units across the country. Moreover, in order to fulfil the housing demand, the government is planning to construct over 20 million new housing units in the urban area and around 40 million houses in rural area by 2022 as per the “Budget Vision 2022” which would further accelerate the demand for switchgears in the country.”, Eshita further added.
Some of the major companies in India switchgear market include Larsen & Toubro Limited, ABB, Siemens, Schneider Electric and GE T&D India Limited.
“India Switchgear Market (2020-2026)” report provides an in-depth analysis with 28 figures and 18 tables, covered in more than 90 pages. The report estimates and forecast the overall India Switchgear by voltage type, by insulation, and by applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.