Posted On: 2021-07-16
Low voltage switchgear acquired the major revenue share in the India switchgear market for the year 2020 – 6Wresearch.
India Switchgear market was dominated by Low voltage switchgear for the year 2020 owing to the major construction activities going on in the residential, and commercial sectors. Furthermore, Government plans to build several electric vehicle charging stations across the country to promote the use of electric vehicle would lead to the development of charging infrastructure which would require widespread application of switchgear, thereby increasing its demand in the country.
According to 6Wresearch, India Switchgear Market size is projected to grow at a CAGR of 7.17% during 2021-27F. India Switchgear market is anticipated to register a significant growth over the coming years owing to the increasing energy demand by the growing population in the country. Government of India plans to reduce its dependency on conventional methods of power generation and move towards renewable energy to meet its commitment towards Paris Climate change agreement. Investment in the renewable energy sector by the government is therefore increasing rapidly. The development of transmission and distribution networks through these projects would fuel the demand of switchgear market in the country. Additionally, the electrification programs initiated by the Indian government such as Deen Dayal Upadhyaya Gram Jyoti Yojana aims to provide electricity to remote areas. The development of infrastructure to reach the remote parts of the country may drive the switchgear market in the coming years. However, the spread of COVID-19 pandemic has resulted in the disruption of all construction and developmental activities throughout the country leading to the slowdown of overall economy and thereby severely impacting the switchgear market in 2020. Nevertheless, the slowdown is expected to be temporary on account of declining cases and vaccination program started by the government in early 2021.
According to Mansi Bisht, Senior Research analyst, 6Wresearch, “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 widespread application in residential and commercial sectors. Backed by government schemes such as Pradhan Mantri Awas Yojna, Smart City Development projects, Make in India etc., residential and commercial sector is expected to register significant growth in the coming years which in turn would drive the low voltage market in the country.”
According to Dhaval Chaurasia, Research Associate, 6Wresearch, “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.”
India Switchgear Market (2017-2027F)” report provides an in-depth analysis with 40 figures and 17 tables, covered in 102 pages. The report estimates and forecasts the India Switchgear Market by Voltage, Applications, and types. 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 present and future market dynamics.