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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.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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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 Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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