India Electrical Enclosures Market Size

India Electrical Enclosures Market Analysis

The India Electrical Enclosures Market is expected to register a CAGR of 7.10% during the forecast period(2024-2029).

The market is propelled by the steady rise in investments in expanding India's power generation and distribution infrastructure. According to IBEF, India was the third-largest producer and consumer of electricity worldwide, with an established power capacity of 404.13 GW as of July 2022.

• Electrical enclosures are sideboards for electronic and electrical tools that hold electrical displays, knobs, and switches and keep the equipment user from becoming electrified. They have locks to protect the electrical circuits from external factors such as rain, dust, and moisture. Due to their high safety attributes, electrical enclosures are widely used in electricity distribution, energy and power production, and building construction activities. This is expected to fuel market growth even further.
• For instance, Genetec Inc., a significant technology provider of cooperative security, public safety, operations, and business intelligence solutions, recently announced the industry's first enclosure management solution that gives traffic managers and engineers the ability to manage, monitor, and secure traffic enclosures remotely. Further, utilizing Cloud Link Roadrunner, an industry-specific NEMA TS2-compliant hardware, combined with the latest access management software, the new enclosure management solution replaces traditional mechanical locks and enables customers to know and control who, how, and when their distant enclosures are accessed.
• Furthermore, rising environmental concerns related to nuclear power and fossil fuels are encouraging governments worldwide to shift their attention to alternative energy sources such as wind and solar. They are broadly concentrating on the construction of green energy infrastructure to make use of renewable resources. Furthermore, the Government of India announced allocating USD 4.59 billion for the construction of green energy infrastructure to improve the renewable energy capability to 25,750 MW by 2022 under the "Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan."
• Investments in renewable energy have increased significantly over the past few years, which may further fuel demand growth. In addition, SJVN Limited is looking to develop 10,000 MW of solar power projects, inviting investment of INR 50,000 crores (USD 6.56 billion) in the subsequent five years in Rajasthan. Further, Adani Group has announced an investment of USD 20 billion over the next ten years in India's renewable energy generation and component manufacturing.
• Also, the increasing adoption of industrial and factory automation in the region allows the entry of additional mechanical, electromechanical, and solid-state devices, components, and controls that are required to be retained for safety and aesthetic purposes, thereby driving the demand for electric enclosures. As a result, many state governments have implemented stringent safety regulations, contributing significantly to the market's growth. According to IBEF, India is set to evolve into an international manufacturing hub with investment across the value chain. The Central Electricity Authority estimates that India's power needs must expand to 817 GW by 2030. The government intends to establish a renewable energy capacity of 500 GW by 2030.