Electrical Equipment Market in India by Application and Product - Forecast and Analysis 2021-2025

The electrical equipment market share in India is expected to increase by USD 33.74 billion from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 9%.

This electrical equipment market in India research report extensively covers market segmentation by product (cables, switchgears, boilers, transformers, and other products) and application (transmission and distribution and generation). The electrical equipment market report in India also offers information on several market vendors, including ABB Ltd., Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., Fuji Electric Co. Ltd., Larsen and Toubro Ltd., Schneider Electric SE, Siemens AG, TD Power Systems Pvt. Ltd., and Toshiba Corp., among others.

What will the Electrical Equipment Market Size in India be During the Forecast Period?

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Electrical Equipment Market in India: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post the COVID-19 era. The increase in the number of residential and commercial building projects is notably driving the electrical equipment market growth in India, although factors such as the threat from cyberattacks in the power generation industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the heavy electrical equipment market in India. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Electrical Equipment Market Driver in India

The growth of the residential and commercial sectors in India will lead to an increase in the demand for power, thereby driving the demand for cables. The growing middle-class population in the country is leading to an increase in the demand for more housing units. The availability of low-cost labor in this country has been adding to the lucrativeness of the country to foreign companies seeking new markets to expand into. This is encouraging enterprises in the construction industry to invest in construction and infrastructural development activities. 

Key Electrical Equipment Market Trend in India

The growth in cross-border electricity trading is another factor supporting the electrical equipment market in India. Owing to the lack of power generation capacity in countries such as Bangladesh, Nepal, and Myanmar, many people living in these nations do not have access to electricity. The lack of access to electricity is a major challenge to poverty reduction and economic development. Thus, cross-border electricity trade plays a major role in economic growth and development, as it helps to reduce energy prices, overcome power shortages, mitigates power shocks, and facilitates decarbonization for market extension and integration. This will lead to increased demand for power generation and distribution equipment in India. Thus, the growth in cross-border trading of electricity will lead to the growth of the market in focus.

Key Electrical Equipment Market Challenge in India

The number of cyberattacks, such as network attacks by hackers and cybercriminals, is rising in India. During cyberattacks, hackers can attack the IT systems to cause infrastructural damage and breakdown of power supply, resulting in an outage. One type of cyberattack common to power systems is false data injection (FDI). A successful FDI attack on IT systems can cause an imbalance between power consumption and power generation in a grid. This can lead to a deviation of the frequency in the grid from its nominal value. Any deviation in frequency caused by an FDI attack spreads across the entire grid and triggers remedial actions, such as disconnecting customer loads or generators. Such actions can damage the equipment, and cascading failures can lead to massive power blackouts. Thus, the threat posed by cyberattacks on the power industry can hamper the growth of the market in focus during the forecast period.

This electrical equipment market in India analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the electrical equipment market in India as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electrical equipment market in India during the forecast period.

Who are the Major Electrical Equipment Market Vendors in India?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ABB Ltd.
• Bharat Heavy Electricals Ltd.
• CG Power and Industrial Solutions Ltd.
• EMCO Ltd.
• Fuji Electric Co. Ltd.
• Larsen and Toubro Ltd.
• Schneider Electric SE
• Siemens AG
• TD Power Systems Pvt. Ltd.
• Toshiba Corp.

This statistical study of the electrical equipment market in India encompasses successful business strategies deployed by the key vendors. The electrical equipment market in India is fragmented, and the vendors are deploying growth strategies such as making significantly huge investments in R&D to push better products into the market and expand their customer base to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The electrical equipment market in India forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Electrical Equipment Market in India Value Chain Analysis

Our report provides extensive information on the value chain analysis for the electrical equipment market in India, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the electrical components and equipment market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Aftermarket and service
• Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

What are the Revenue-generating Product Segments in the Electrical Equipment Market in India?

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The electrical equipment market growth-share in India by the cables segment will be significant during the forecast period. Cables are electrical equipment used to transfer electricity from the source to any equipment that operates on electricity. The Indian construction industry has been showing robust growth. The growth of the residential and commercial sectors in India will lead to an increase in the demand for power, thereby driving the demand for cables. Growing middle-class population in the country is leading to an increase in the demand for more housing units. The availability of low-cost labor in this country has been adding to the lucrativeness of the country to foreign companies seeking new markets to expand into. This is encouraging enterprises in the construction industry to invest in construction and infrastructural development activities. With the rise in government initiatives to provide electricity and the growth of the residential and commercial sectors, the demand for cables will increase.

This report provides an accurate prediction of the contribution of all the segments to the growth of the electrical equipment market size in India and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Electrical Equipment Market Report in India?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive electrical equipment market growth in India during the next five years
• Precise estimation of the electrical equipment market size in India and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the electrical equipment industry in India
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of electrical equipment market vendors in India 

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