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Report on How AI is Driving Market TransformationThe India electrical equipment market size is forecast to increase by USD 76.24 billion, at a CAGR of 14.3% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and challenges. The rise of aviation and industrial Internet of things sectors is fueling the demand for advanced electrical equipment, such as digital twins and stretchable electronic applications. The proliferation of smartphones, laptops, wearable electronics, bioelectrical devices, and portable electronic devices is further expanding the market's scope. Additionally, the emergence of driverless cars, AI-powered computer assistants, and energy shortages are creating new opportunities for innovation. However, the market faces challenges from cyberattacks in the power generation industry, which can disrupt operations and compromise data security. The market is also witnessing increased competition from advanced USB ports and other power solutions for charging various electronic devices. Overall, the market is poised for growth, with a focus on energy efficiency, reliability, and advanced technology integration.
The market is witnessing significant growth due to the increasing demand for electricity in commercial building projects and the power sector. The country's focus on power generation from renewable energy sources is also driving the market. Cables, transmission lines, transformers, switchgear, boilers, and specialized systems are among the key electrical equipment in high demand. The transmission and distribution of electrical power is a critical infrastructure sector in India, with a vast network of wiring devices, batteries and accumulators, and energy storage solutions. Renewable energy sources like solar and wind energy are increasingly being integrated into the power grid, leading to the adoption of advanced electrical machinery, including electric motors, lighting, and rechargeable batteries. Control electronics, mechatronics, and electromechanical systems are essential components of the electrical power system, with applications in data processing, power sources, and mechanical machines. Appliances, including those used for residential users, are also driving the demand for electrical equipment in India. Overall, the market is poised for growth, driven by the increasing demand for electricity and the government's focus on renewable energy.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The cables segment is estimated to witness significant growth during the forecast period. The market encompasses machinery and specialized systems that facilitate the generation, distribution, and utilization of electrical power. This market is experiencing significant growth due to the expanding residential and non-residential sectors in the country. The increasing population and rising middle class are driving the demand for new housing units and commercial spaces, leading to increased consumption of electrical energy.
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The cables segment was valued at USD 16.30 billion in 2018. Additionally, the availability of a large labor pool and attractive business environment is attracting foreign companies to invest in India, fueling growth in the construction industry and related infrastructure development. Key electrical equipment categories include wiring devices, batteries and accumulators, ventilators, lighting systems, air conditioners, and fire protection systems. Energy-efficient solutions are gaining popularity among consumers, leading to increased demand for modernized electrical distribution systems. Overall, the market is poised for strong expansion due to the growing energy needs of both residential and non-residential users.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increase in number of residential and commercial building projects is notably driving market growth. India's power sector is experiencing significant growth due to the rise in commercial building projects and the expanding need for power generation, particularly in renewable energy. The country's electricity demand is escalating, driven by population growth and urbanization, leading to an increase in residential and commercial buildings, especially in cities like Bengaluru and Gurugram. The power sector is responding to this demand by investing in infrastructure, including cables, transmission lines, transformers, switchgear, boilers, and transmission and distribution systems.
Additionally, cross-border electricity trading and the integration of renewable energy sources into the grid are becoming key focus areas. Machines and equipment manufacturers are capitalizing on this growth by providing solutions for power generation, transmission, and distribution. The Indian power sector is poised for expansion, with a strong emphasis on modernization and sustainability. Thus, such factors are driving the growth of the market during the forecast period.
Growth in cross-border electricity trading is the key trend in the market. The electrical equipment market in India is witnessing significant growth due to the increasing demand for electricity in commercial building projects and power generation. The power sector in India is expanding rapidly to meet the electricity needs of its growing population and urbanization. Cross-border electricity trading plays a crucial role in this expansion, particularly with neighboring countries such as Bangladesh, Nepal, and Myanmar, which face power generation capacity shortages. This trading not only helps to reduce energy prices but also mitigates power shocks and facilitates decarbonization.
In addition, the renewable energy sector is gaining momentum in India, leading to an increase in demand for transmission lines, transformers, switchgears, boilers, and other electrical machinery. The transmission and distribution sector is also undergoing modernization to improve the reliability and efficiency of electricity supply. Overall, the market is poised for growth, driven by the power sector's expansion, renewable energy initiatives, and cross-border electricity trading. Thus, such trends will shape the growth of the market during the forecast period.
Threat from cyberattacks in power generation industry is the major challenge that affects the growth of the market. The Indian electrical equipment market encompasses various segments including commercial building projects, power generation, and renewable energy. In the power sector, IT systems and infrastructure such as Supervisory Control and Data Acquisition (SCADA) systems and automatic generation control play a crucial role in managing and monitoring power systems. However, the increasing reliance on IT systems also exposes these systems to cyber threats. Cyberattacks, including false data injection (FDI), pose a significant risk to power systems, potentially causing imbalances between power consumption and generation, and deviations in grid frequency.
Successful FDI attacks can lead to power outages and infrastructural damage, disrupting power generation and transmission and distribution networks. Cross-border electricity trading and the integration of renewable energy sources further complicate the power sector, increasing the need for strong cybersecurity measures to protect IT systems and ensure the reliability and stability of power supply. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
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.
ABB - The company offers electrical equipment such as drives, low and medium voltage eqiupment, and others.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing demand from commercial building projects and the power sector. Power generation from renewable energy sources is on the rise, leading to an increase in the demand for specialized systems such as transformers, switchgears, and transmission lines. The transmission and distribution sector is also witnessing modernization with the implementation of advanced electrical machinery and technological consumer items like electric vehicles and smart grids. The power sector in India is focusing on cross-border electricity trading to meet the increasing energy demand. Machines and machinery used in power generation, including boilers and turbines, are in high demand. The electrical distribution system is undergoing a transformation with the adoption of online and offline electricity meters, distribution boards, circuit breakers, and other advanced wiring devices. The residential and nonresidential sectors are driving the demand for electrical equipment in India.
Appliances such as ventilators, lighting systems, air conditioners, and fire protection systems are in high demand. The mining industry is also a significant consumer of electrical equipment, including electric motors and control electronics. The electrical equipment market in India is diverse, catering to various industries such as industrial manufacturing, healthcare, aviation, and building and construction. The market includes OEM and aftermarket sales, B2B and B2C transactions, and a wide range of products, including cables, conductors, fittings, insulators, and batteries and accumulators. The market is also witnessing the adoption of IoT, 5G, semiconductor technology, and mechatronics in various applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.3% |
Market Growth 2024-2028 |
USD 76.24 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.2 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB, 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, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
With the growing adoption of AI across industries, Technavio has analyzed its impact on India electrical equipment market driven by the integration of Artificial Intelligence (AI). The market encompassing products such as transformers, switchgear, cables, and motors, is undergoing significant transformation driven by the integration of Artificial Intelligence (AI). AI is revolutionizing this sector by enhancing manufacturing efficiency, optimizing energy management, improving equipment performance, and enabling predictive maintenance. This analysis delves into AI's impact on the India electrical equipment market, backed by data and real-world examples.
These insights, available exclusively through Technavio, provide an unparalleled significant impact of AI on the India electrical equipment market, backed by real-world examples and data.
The report provides details of AI's impact on various segment
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