Enjoy complimentary customisation on priority with our Enterprise License!
The India switchgear market size is forecast to increase by USD 4.14 billion, at a CAGR of 7.42% between 2023 and 2028. The market growth analysis depends on several factors such as the growing renewable energy generation in India the rise in a number of residential and commercial building projects in India, and the expanding transmission and distribution (T&D) networks in India. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
Bharat Heavy Electricals Ltd. offers switchgears such as low tension, extra high tension and BCH for electrical spares. Also, CG Power and Industrial Solutions Ltd. company offers switchgears such as extra high voltage, medium voltage for agriculture, coal and mining, metal, packaging industries.
Market Forecast 2024-2028
To learn more about this report, Request Free Sample
Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The increase in the demand for renewable energy in India provides significant growth opportunities for market players. As concerns regarding environmental pollution and global warming increase, the Indian government is expected to increase its investments in renewable power sources. Switchgear is widely used to reduce power due to overloads. The addition of renewable energy capacity is expected to expand power grids during the forecast period.
Additionally, the consumption of renewable energy capacity in the country is expected to grow, owing to the regulations on controlling emissions and the use of renewable energy in some of the biggest energy-generating and consuming cities in India. Another significant factor supporting the increased adoption of renewable energy is its decreasing cost. Thus, such factors will drive the market during the forecast period.
Smart switchgear plays an important part in the distribution of energy to residential areas. The adoption of intelligent power distribution equipment is critical to ensure better performance, energy continuity, and resource optimization while reducing transmission, operation and maintenance costs. The new switchboard apparatus are flexible, energy-efficient, and future-proof. Such gear has grown increasingly common as the smart grid has evolved.
Further, as the cyber and physical worlds continue to merge and as digital technology becomes more ubiquitous and cost-efficient, intelligent power management brings new opportunities to light. This new digital future, the fusion of connected devices, data models, insights, and analytics, more efficiently solves critical energy management challenges and has inspired US to ensure safer, more sustainable, and more efficient energy management practices across industries in India. Thus, such technologies are expected to drive the market during the forecast period.
Refurbished and counterfeit products are generally classified as grey-market products and are usually sold by illegal, unauthorized companies. Refurbished products in switchgear generally include used switchgear, fuses, and relays, which have been untested by the equipment manufacturer and are sold as new products in the market. On the other hand, counterfeit products are re-engineered copies of genuine components that are made to look like and are sold as branded products. These products are usually not approved by actual manufacturers.
Moreover, counterfeit components are a great threat to the market, as well as to the safety of end-users. Further, products that have been disposed of by original users also find acceptance in counterfeit products markets. Some of these products are also common in highly regulated markets, as most buyers are unable to differentiate between genuine and counterfeit products. The use of such products may impede the market during the forecast period.
The air-insulated switchgear segment will account for a major share of the market's growth during the forecast period.?These segment is expected to grow owing to the developments in the field of renewable energy generation, growing investment in electrical networks, and others. The field of renewable energy generation is growing with technological advancements, policy support, declining costs, and growing environmental concerns. The increase in renewable power generation drives the demand for air-insulated switchgear for controlling and protecting electrical circuits associated with energy generation, transmission, and distribution.
Customised Report as per your requirements!
The air-insulated switchgear segment was valued at USD 5.49 billion in 2018. These gears are deployed in commercial buildings such as office complexes, shopping malls, hotels, hospitals, and educational institutions for electrical distribution, load management, and backup power systems. Further, simplicity, reliability, and cost-effectiveness make it a preferred choice for various applications for providing essential switching and protection solutions for electrical power systems and infrastructure. Such factors drive the growth of the segment in the India switchgear market during the forecast period.
Based on installation sites, the market has been segmented into indoor, and outdoor. The indoor?segment will account for the largest share of this segment.?The indoor segment in the India switchgear market includes a wide range of products designed for various applications in commercial, industrial, and residential buildings. Power distribution centers are switchgear units typically installed in commercial or industrial buildings to distribute electrical power to various equipment and machines within the facility. Further, the indoor segment is expected to continue to grow as the demand for electricity increases and more buildings and infrastructure projects are constructed in the country. There is expected to be a growing need for reliable and efficient electrical distribution and control systems indoors, which is further expected to boost 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.
Eaton Corp. Plc: The company offers switchgears such as Arc Quenching Magnum PXR low voltage, Arc-resistant Magnum PXR low voltage and Front Access Magnum PXR low voltage.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ABB Ltd., General Electric Co., Havells India Ltd., Hitachi Ltd., HPL Electric and Power Ltd., Kirloskar Electric Co. Ltd., Legrand SA, Schneider Electric SE, Siemens AG, and Toshiba Corp.
Technavio market forecast the 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 market analysis and report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is witnessing significant growth, driven by factors like rapid population growth, urbanization, and industrialization, which fuel the demand for electricity. With increasing electricity demand, the power distribution sector is undergoing a transformation towards smart-grid technologies and smart meters. Additionally, the expanding renewable energy sector necessitates efficient power distribution and management solutions. SF6 gas, while effective for insulation in GIS, has raised concerns due to its greenhouse gas emissions and high global warming potential. Additionally, market players are focusing on developing innovative solutions such as compact circuit breakers and disconnectors to optimize metal-clad for small spaces like city buildings, offices, and offshore platforms. These advancements not only reduce carbon emissions but also enhance the integration of renewable energy sources like solar, making them more environment-friendly, reliable, and flexible.
Furthermore, the reduced installation time and maintenance costs contribute to improved power transmission and facilitate the seamless integration of renewable power generation units. This is crucial for meeting the rising energy demand and modernizing railways, substations, and other critical infrastructure. Further, the adoption of gas-insulated switchgear equipment is particularly noteworthy for its space-saving design, requiring little maintenance while ensuring the reliability of national grids and enhancing the total installed capacity of renewable energy. As coal and lignite-fired power plants are gradually phased out in favor of hydropower and non-hydro renewables, play a pivotal role in facilitating this transition. Moreover, with the rise of Smart Cities and increasing focus on pollution-related problems and carbon emissions reduction, the renewable energy potential in terms of solar and wind is being maximized through efficient solutions, ensuring a secure energy security scenario during the forecast period.
India Switchgear Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.42% |
Market Growth 2024-2028 |
USD 4.14 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
6.83 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, General Electric Co., Havells India Ltd., Hitachi Ltd., HPL Electric and Power Ltd., Kirloskar Electric Co. Ltd., Legrand SA, Schneider Electric SE, Siemens AG, and Toshiba Corp. |
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, and market condition analysis for the forecast period. |
Customization purview |
If our 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. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Installation Sites
8 Market Segmentation by End-user
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.