India - Electrical Equipment Market by Product and Application - Forecast and Analysis 2023-2027

Published: Oct 2023 Pages: 142 SKU: IRTNTR41598

India - Electrical Equipment Market Report 2023-2027;

The India - electrical equipment market is projected to reach a value of USD 52.98 billion at a CAGR of 11.68% between 2022 and 2027. The India electrical equipment market is experiencing significant growth due to rapid urbanization and infrastructural development. The market includes various segments such as power distribution equipment, transmission equipment, and generation equipment. India's government initiatives like Make in India have encouraged domestic manufacturing and boosted the electrical equipment sector.

Market Overview

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Market Size and Growth Trends

Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. The renewable energy sector is driving the demand for electrical equipment in India, particularly in solar and wind power generation. Increasing investment in smart grid infrastructure has created opportunities for advanced electrical equipment in India. The demand for solar panels in the market is expected to grow at a rapid rate.

Key Driver

The market is experiencing rapid growth, marked by a rising market growth rate and a surge in demand for various components. Electric construction equipment, generators, switches, sockets, lighting, meters, panels, automation solutions, solar and wind technologies, batteries, inverters, voltage regulators, circuit breakers, and connectors are key players in this expanding market. The increasing emphasis on renewable energy sources like solar and wind has further propelled the demand for cutting-edge electrical components. Mostly electricity consumed in India is generated using renewable energy sources. From efficient lighting solutions to advanced circuit breakers, India's electrical equipment sector is at the forefront of innovation, meeting the evolving needs of a dynamic and growing market.

Government Policies and Regulations

The market is witnessing potential growth, with the emergence of key players and international comparisons with countries like Japan and Germany. Government initiatives play a crucial role, as highlighted in executive summaries and articles. The regulatory forces are paving the way for steps aimed at boosting manufacturing and exports. Pricing and performance are vital considerations for buyers, driving growth in the sector. Enterprises engage in webinars and events to stay informed about market dynamics. Recent articles discuss India's strides in wires and cables, drawing comparisons with Russia and France. Overall, proactive government policies and strategic initiatives position India favorably in the market.

Significant Trends

Increasing urbanization and population growth are leading to a remarkable increase in the electricity demand which is a major market trends. Due to the lack of electricity generation capacity in countries such as Bangladesh, Nepal, and Myanmar, many people living in these countries do not have access to electricity. Electricity shortage is a major challenge for poverty reduction and the development of the economy.

Therefore, cross-border electricity trade plays an important role in economic growth and development as it contributes to reducing energy prices, overcoming power shortages, mitigating energy shocks, and facilitating favorable for the decarbonization process to expand and integrate into the market. The benefits of cross-border electricity trading are encouraging many governments to choose this option. Hence, growth in cross-border electricity trade will drive the market growth and trends during the forecast period.

Future Outlook and Opportunities in the Market

The future outlook of market appears promising, with an array of opportunities emerging in various segments. India's electrical machinery market is set to capitalize on this, offering a wide range of solutions. The industry market is attracting attention from electronics manufacturers, creating a robust ecosystem within the broader electronics and electrical appliances market. Factors like the influence of China, bargaining power of clients, potential substitutes, and new entrants are critical parameters shaping the market's future. With a burgeoning electric wire and protection products market, Indian manufacturers are well-positioned to profit from the escalating demand driven by rapid urbanization and industrialization. The reasons behind this optimistic outlook include a growing electronics industry and the continuous expansion of Electric India initiatives.

Major Challenges

The number of cyber attacks, such as those by hackers and cybercriminals, is increasing in India. In this market, electrical systems are controlled and monitored by IT systems and infrastructure, such as control and data acquisition (SCADA) systems and automated production controls. In cyber attacks, hackers can attack computer systems to cause infrastructure damage and power supply breakdown, resulting in power outages.

Moreover, false data injection (FDI) is a common type of cyber attack in power systems. A successful FDI attack on a computer system can cause an imbalance between power consumption and power generation in the network. Such actions can damage equipment, and continued failure can lead to widespread power outages. Hence, the threat posed by cyberattacks on the power industry could impede the growth of the market during the forecast period.

Segmentation by Product and Application 

Product Segment Analysis: 

The cables segment will account for a major share of the market's growth during the forecast period.?Cables are electrical equipment, which is used for the transmission of power from a source to any facility operating on electricity. In India, demand for power increases as a result of the growth in both households and commercial sectors, which will also encourage cable consumption. Demand for more housing units is increasing due to the increase in the Middle-Class population of the country.

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The cables segment was valued at USD 14.74 billion in 2017 and continued to grow until 2021.?The availability of low-cost labor in India makes the country more favorable for foreign companies looking to expand into new markets. This encourages companies in the construction industry to invest in construction and infrastructure development activities. Additionally, programs like the Indian government's Atal Distribution Transformation Yojana, which commits the private sector to improving the efficiency of state-owned distribution companies, will continue to help the government deliver electricity to all citizens. Therefore, such factors will drive the growth of the market during the forecast period.

Application Segment Analysis:

Based on application, the market has been segmented into transmission, distribution, and generation. The transmission?segment will account for the largest share of this segment.?Electricity generated by power plants must be transported over long distances to load centers and from there distributed to end users via towers and transmission lines. Furthermore, the transmission and distribution of power are largely controlled by both the central government of India and various state governments. The Indian government has invested heavily in the distribution sector through programs such as Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY). To ensure that electricity is provided to all its citizens, an increase in the installation of transmission or distribution lines has taken place throughout India. Hence, such factors will drive the growth of the market during the forecast period.

Key Players in the Industry

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

  • Toshiba Corp.: The company offers electrical equipment such as semiconductors, drives, and lightning.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

ABB Ltd., BGR Energy Systems Ltd., Bharat Bijlee Ltd., Bharat Heavy Electricals Ltd., EMCO Ltd., ETA Elektrotechnische Apparate GmbH, Fuji Electric Co. Ltd., General Electric Co., Kirloskar Electric Co. Ltd., Larsen and Toubro Ltd., Murugappa Group, Schneider Electric SE, Shilchar Technologies Ltd., Siemens AG, Star Delta Transformers Ltd., TD Power Systems Pvt. Ltd., Thermax Ltd., and Ujaas Energy Ltd. 

Technavio market trends and analysis report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Competitive Landscape and Market Share Analysis

The competitive landscape of market is dynamic and evolving, as reflected in comprehensive executive summaries. Key players in the industry market fiercely compete for market share in the Indian electrical appliances segment. Established brands and emerging players continually strive to offer innovative solutions, adapting to the evolving demands of the Indian market. Market share analysis reveals the shifting dynamics, with companies vying for prominence in sectors ranging from electric wires to protection products. The intensity of competition underscores the importance of strategic positioning and product differentiation in capturing a substantial share of the thriving market.

Segment Overview

The market growth analysis report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Product Outlook (USD Billion, 2017 - 2027)
    • Cables
    • Transmission lines
    • Transformers
    • Switchgears
    • Boilers and others
  • Application Outlook (USD Billion, 2017 - 2027)
    • Transmission and distribution
    • Generation

Market Research and Growth Scope

Market Analysis and Report Coverage

Details

Page number

142

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 11.68%

Market growth 2023-2027

USD 52.97 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

11.44

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., BGR Energy Systems Ltd., Bharat Bijlee Ltd., Bharat Heavy Electricals Ltd., EMCO Ltd., ETA Elektrotechnische Apparate GmbH, Fuji Electric Co. Ltd., General Electric Co., Kirloskar Electric Co. Ltd., Larsen and Toubro Ltd., Murugappa Group, Schneider Electric SE, Shilchar Technologies Ltd., Siemens AG, Star Delta Transformers Ltd., TD Power Systems Pvt. Ltd., Thermax Ltd., Toshiba Corp., and Ujaas Energy Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.

Customization purview

If our market growth and forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Forecasting?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across India
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 07: Parent market
    • Exhibit 08: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 09: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 10: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 11: Chart on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 12: Data Table on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 13: Chart on India: Year-over-year growth 2022-2027 (%)
      • Exhibit 14: Data Table on India: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Electrical equipment market in India 2017 - 2021
      • Exhibit 15: Historic Market Size – Data Table on electrical equipment market in India 2017 - 2021 ($ billion)
    • 4.2 Product Segment Analysis 2017 - 2021
      • Exhibit 16: Historic Market Size – Product Segment 2017 - 2021 ($ billion)
    • 4.3 Application Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Product

    • 6.1 Market segments
      • Exhibit 25: Chart on Product - Market share 2022-2027 (%)
      • Exhibit 26: Data Table on Product - Market share 2022-2027 (%)
    • 6.2 Comparison by Product
      • Exhibit 27: Chart on Comparison by Product
      • Exhibit 28: Data Table on Comparison by Product
    • 6.3 Cables - Market size and forecast 2022-2027
      • Exhibit 29: Chart on Cables - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 30: Data Table on Cables - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 31: Chart on Cables - Year-over-year growth 2022-2027 (%)
      • Exhibit 32: Data Table on Cables - Year-over-year growth 2022-2027 (%)
    • 6.4 Transmission lines - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Transmission lines - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 34: Data Table on Transmission lines - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Chart on Transmission lines - Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Transmission lines - Year-over-year growth 2022-2027 (%)
    • 6.5 Transformers - Market size and forecast 2022-2027
      • Exhibit 37: Chart on Transformers - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 38: Data Table on Transformers - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Chart on Transformers - Year-over-year growth 2022-2027 (%)
      • Exhibit 40: Data Table on Transformers - Year-over-year growth 2022-2027 (%)
    • 6.6 Switchgears - Market size and forecast 2022-2027
      • Exhibit 41: Chart on Switchgears - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 42: Data Table on Switchgears - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 43: Chart on Switchgears - Year-over-year growth 2022-2027 (%)
      • Exhibit 44: Data Table on Switchgears - Year-over-year growth 2022-2027 (%)
    • 6.7 Boilers and others - Market size and forecast 2022-2027
      • Exhibit 45: Chart on Boilers and others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 46: Data Table on Boilers and others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 47: Chart on Boilers and others - Year-over-year growth 2022-2027 (%)
      • Exhibit 48: Data Table on Boilers and others - Year-over-year growth 2022-2027 (%)
    • 6.8 Market opportunity by Product
      • Exhibit 49: Market opportunity by Product ($ billion)
      • Exhibit 50: Data Table on Market opportunity by Product ($ billion)

    7 Market Segmentation by Application

    • 7.1 Market segments
      • Exhibit 51: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 52: Data Table on Application - Market share 2022-2027 (%)
    • 7.2 Comparison by Application
      • Exhibit 53: Chart on Comparison by Application
      • Exhibit 54: Data Table on Comparison by Application
    • 7.3 Transmission and distribution - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Transmission and distribution - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 56: Data Table on Transmission and distribution - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Chart on Transmission and distribution - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Transmission and distribution - Year-over-year growth 2022-2027 (%)
    • 7.4 Generation - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Generation - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 60: Data Table on Generation - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 61: Chart on Generation - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Generation - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Application
      • Exhibit 63: Market opportunity by Application ($ billion)
      • Exhibit 64: Data Table on Market opportunity by Application ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 65: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 66: Impact of drivers and challenges in 2022 and 2027
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 67: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 68: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 69: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 70: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 71: Matrix on vendor position and classification
            • 11.3 ABB Ltd.
              • Exhibit 72: ABB Ltd. - Overview
              • Exhibit 73: ABB Ltd. - Business segments
              • Exhibit 74: ABB Ltd. - Key news
              • Exhibit 75: ABB Ltd. - Key offerings
              • Exhibit 76: ABB Ltd. - Segment focus
            • 11.4 BGR Energy Systems Ltd.
              • Exhibit 77: BGR Energy Systems Ltd. - Overview
              • Exhibit 78: BGR Energy Systems Ltd. - Product / Service
              • Exhibit 79: BGR Energy Systems Ltd. - Key offerings
            • 11.5 Bharat Bijlee Ltd.
              • Exhibit 80: Bharat Bijlee Ltd. - Overview
              • Exhibit 81: Bharat Bijlee Ltd. - Business segments
              • Exhibit 82: Bharat Bijlee Ltd. - Key offerings
              • Exhibit 83: Bharat Bijlee Ltd. - Segment focus
            • 11.6 Bharat Heavy Electricals Ltd.
              • Exhibit 84: Bharat Heavy Electricals Ltd. - Overview
              • Exhibit 85: Bharat Heavy Electricals Ltd. - Business segments
              • Exhibit 86: Bharat Heavy Electricals Ltd. - Key news
              • Exhibit 87: Bharat Heavy Electricals Ltd. - Key offerings
              • Exhibit 88: Bharat Heavy Electricals Ltd. - Segment focus
            • 11.7 EMCO Ltd.
              • Exhibit 89: EMCO Ltd. - Overview
              • Exhibit 90: EMCO Ltd. - Product / Service
              • Exhibit 91: EMCO Ltd. - Key offerings
            • 11.8 ETA Elektrotechnische Apparate GmbH
              • Exhibit 92: ETA Elektrotechnische Apparate GmbH - Overview
              • Exhibit 93: ETA Elektrotechnische Apparate GmbH - Product / Service
              • Exhibit 94: ETA Elektrotechnische Apparate GmbH - Key offerings
            • 11.9 Fuji Electric Co. Ltd.
              • Exhibit 95: Fuji Electric Co. Ltd. - Overview
              • Exhibit 96: Fuji Electric Co. Ltd. - Business segments
              • Exhibit 97: Fuji Electric Co. Ltd. - Key offerings
              • Exhibit 98: Fuji Electric Co. Ltd. - Segment focus
            • 11.10 General Electric Co.
              • Exhibit 99: General Electric Co. - Overview
              • Exhibit 100: General Electric Co. - Business segments
              • Exhibit 101: General Electric Co. - Key news
              • Exhibit 102: General Electric Co. - Key offerings
              • Exhibit 103: General Electric Co. - Segment focus
            • 11.11 Kirloskar Electric Co. Ltd.
              • Exhibit 104: Kirloskar Electric Co. Ltd. - Overview
              • Exhibit 105: Kirloskar Electric Co. Ltd. - Business segments
              • Exhibit 106: Kirloskar Electric Co. Ltd. - Key offerings
              • Exhibit 107: Kirloskar Electric Co. Ltd. - Segment focus
            • 11.12 Larsen and Toubro Ltd.
              • Exhibit 108: Larsen and Toubro Ltd. - Overview
              • Exhibit 109: Larsen and Toubro Ltd. - Business segments
              • Exhibit 110: Larsen and Toubro Ltd. - Key news
              • Exhibit 111: Larsen and Toubro Ltd. - Key offerings
              • Exhibit 112: Larsen and Toubro Ltd. - Segment focus
            • 11.13 Murugappa Group
              • Exhibit 113: Murugappa Group - Overview
              • Exhibit 114: Murugappa Group - Product / Service
              • Exhibit 115: Murugappa Group - Key offerings
            • 11.14 Schneider Electric SE
              • Exhibit 116: Schneider Electric SE - Overview
              • Exhibit 117: Schneider Electric SE - Business segments
              • Exhibit 118: Schneider Electric SE - Key news
              • Exhibit 119: Schneider Electric SE - Key offerings
              • Exhibit 120: Schneider Electric SE - Segment focus
            • 11.15 Siemens AG
              • Exhibit 121: Siemens AG - Overview
              • Exhibit 122: Siemens AG - Business segments
              • Exhibit 123: Siemens AG - Key news
              • Exhibit 124: Siemens AG - Key offerings
              • Exhibit 125: Siemens AG - Segment focus
            • 11.16 TD Power Systems Pvt. Ltd.
              • Exhibit 126: TD Power Systems Pvt. Ltd. - Overview
              • Exhibit 127: TD Power Systems Pvt. Ltd. - Business segments
              • Exhibit 128: TD Power Systems Pvt. Ltd. - Key offerings
              • Exhibit 129: TD Power Systems Pvt. Ltd. - Segment focus
            • 11.17 Toshiba Corp.
              • Exhibit 130: Toshiba Corp. - Overview
              • Exhibit 131: Toshiba Corp. - Business segments
              • Exhibit 132: Toshiba Corp. - Key offerings
              • Exhibit 133: Toshiba Corp. - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 134: Inclusions checklist
                • Exhibit 135: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 136: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 137: Research methodology
                • Exhibit 138: Validation techniques employed for market sizing
                • Exhibit 139: Information sources
              • 12.5 List of abbreviations
                • Exhibit 140: List of abbreviations
              • adoption of automation in manufacturing the process: The requirement of automation has evolved multifold in the industrial environment. The automation solutions have improved from the implementation of fixed automation to the current flexible and integrated automation, which enables end-users to integrate various processes into a single closed solution. The need to address optimization of processes, extend the level of autonomous processes, continuous monitoring and control of process parameters and safety concerns are driving the implementation of flexible automation solutions in the process and discrete industries.

                Research Framework

                Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                INFORMATION SOURCES

                Primary sources

                • Manufacturers and suppliers
                • Channel partners
                • Industry experts
                • Strategic decision makers

                Secondary sources

                • Industry journals and periodicals
                • Government data
                • Financial reports of key industry players
                • Historical data
                • Press releases

                DATA ANALYSIS

                Data Synthesis

                • Collation of data
                • Estimation of key figures
                • Analysis of derived insights

                Data Validation

                • Triangulation with data models
                • Reference against proprietary databases
                • Corroboration with industry experts

                REPORT WRITING

                Qualitative

                • Market drivers
                • Market challenges
                • Market trends
                • Five forces analysis

                Quantitative

                • Market size and forecast
                • Market segmentation
                • Geographical insights
                • Competitive landscape

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                Key Questions Answered

                • What are the key global market and the regional market share?
                • What are the revenue-generating key market segments?
                • What are the key factors driving and challenging this market’s growth?
                • Who are the key market vendors and their growth strategies?
                • What are the latest trends influencing the growth of this market?
                • What are the variables influencing the market growth in the primary regions?
                • What are the factors influencing the growth of the parent market?

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