A portion of the prominent trends that the market is seeing incorporate rapid boom in the construction segment. Switchgear is necessary from the point of production of electricity to end users. As the end users consumers are using switchgear for the residential and commercial segments.
The number of commercial buildings and private flats is expanding over the nation, particularly in tier 2 & 3 cities and urban cities. Residential segment witnessing high growth to meet the rising demand for real estate in the country. This can be the adding benefit and opportunity for the Low Voltage Switchgear to emerge from this sector too. India Low Voltage switchgear will have dominance in the forecast period too, over Medium and High Voltage Switchgear and lead the Switchgear industry. With industry sentiments and overall economic conditions anticipated to improve, the India Low Voltage switchgear market is likely to witness higher growth rates over the next five to six years. On the back of strong infrastructure development, government initiatives towards power capacity expansion and augmentation and development of the transmission and distribution network, therefore the increase in real estate industry in India increases the demand for switchgear. India's adoption of a mixed economy, which offered ascend to the advancement of the private area. Urbanization is taking place at a quick rate in India. By the year 2030, 40.76% of country's population is expected to reside in urban areas. The government’s enhanced spotlight on infrastructure development and launch of ambitious smart cities project additionally quicken the demand of value switchgears.
According the report on 'India Switchgear (LV, MV, HV) Market Outlook, 2023' published by Bonafide Research, India overall market for switchgear industry is anticipated to grow more than 7% at the end of forecast period. Low Voltage Switchgear will be in dominance for the forecast period & Medium and High Voltage Switchgear will see a stagnant growth for the next five years to come. MCB, MCCB, Contactors and ACB will be leading products of Low Voltage Switchgear Industry for coming years.
Low Voltage switchgear manufacturers will in any case need to battle with increasing pricing pressures due to intense competition and tough fight and dominance from regional local players and unorganized market. To sustain in the market, Low Voltage switchgear manufacturers must adopt new marketing strategies and introduce innovative products. They should also expand their distribution network. The switchgear market will continue its growth trajectory given the aggressive reforms initiated by the government through programmes such as Power for All, Make in India, the Integrated Power Development Scheme, Housing for All and the Deendayal Upadhayaya Gram Jyoti Yojana.
Major companies that operate into the Switchgear market in India are ABB India Limited, Larsen & Toubro Limited, Havells India Limited, Siemens India, Schneider Electric Infrastructure Limited, Anchor Electricals Private Limited, GE T&D India Limited, Toshiba Transmission & Distribution Systems (India) Private Limited, and Legrand India Private Limited.
Report: India Switchgear (LV, MV, HV) Market Outlook, 2023
Base Year: 2016-17, Estimated Year: 2017-18, Forecast Year: 2022-23
Pages: 139, Figures: 47, Tables: 44