Switchgear in India Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Switchgear in India Market Analysis
The Indian switchgear market is expected to register a CAGR of more than 7% during the forecast period.
The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.
- The Indian switchgear market is already making sustained gains. It is expected to flourish over the forecast period with rapid population growth, urbanization, and industrialization, increasing the electricity demand. The fast improvement in the power distribution sector, owing to the increasing implementation of smart-grid and smart meters, is the fundamental factor driving the growth of the Indian switchgear market. Also, Increasing investments in the renewable energy sector in the country are expected to drive the market during the forecast period.
- However, SF6 gas used in insulating switchgear is a potent greenhouse gas with a global warming potential that may restrain the market.
- Plans to integrate renewable energy with the national grids are expected to create a significant opportunity for the switchgear market players in the near future.
Switchgear in India Market Trends
Gas Insulated Switchgear Hold Significant Market Share
- Gas-insulated switchgear (GIS) is expected to hold the largest share in the Indian switchgear market. It is a switchgear made of high-voltage parts, like circuit breakers and disconnectors, that is covered in metal. Most of the time, a GIS is used in small spaces like city buildings, offices, offshore platforms, additions, roofs, etc.
- Switchgear use is likely to go up because there are more rules to control carbon emissions as a whole and more people are becoming aware of the need to use renewable energy sources like solar.
- Compared to air-insulated switchgear (AIS), they are more environment-friendly, reliable, and flexible. Also, the installation time and maintenance costs required for GIS are less than those of AIS. The major applications of GIS are power transmission, integration of renewable power generation units into the grid, and railways.
- The major factor driving the growth is the rising energy demand and the extension or replacement of old switchgear at substations that can drive the switchgear market's gas-insulated switchgear equipment. Gas-insulated switchgear is expected to become more popular because it saves space, needs little maintenance, and keeps out the elements.
- In 2021, the total installed capacity of renewable energy reached 163 GW, which was an increase of more than 10.8% from the year before.
- Thus, the Indian switchgear market is likely to be driven by the above factors during the forecast period.
Growth in Renewable Energy Sector to Drive the Market
- Coal and lignite-fired power plants predominate in the country's power generation. Renewable and non-renewable hydropower plants also have a significant share in power generation and capacity. As of 2022, hydropower and non-hydro renewables accounted for about 20% of the total power generation.
- The infrastructure development schemes initiated by the Indian government, like Smart Cities, Make in India, Digital India, the Integrated Power Development Scheme, and the Atal Mission for Rejuvenation and Urban Transformation, among others, have significantly contributed to the growth of the switchgear market in India.
- To address the pollution-related problems in India and reduce carbon emissions, the government aims to increase the share of renewable energy.
- India's renewable energy potential is vast and untapped. It is one of the fastest-growing nations in the global renewable energy market. The country's solar potential is more than 750 GW, and its wind potential is around 302 GW. The country's energy security scenario for 2047 shows the possibility of achieving around 410 GW of wind and 479 GW of solar PV installed capacity by that year.
- Therefore, the aforementioned factors are expected to drive the market during the forecast period.
Switchgear in India Industry Overview
The India switchgear market is moderately fragmented. Some of the key players are (in no particular order) Schneider Electric SE, Siemens AG, Hitachi ABB Power Grids Ltd, General Electric Company, and CG Power and Industrial Solutions Limited, among others.
Switchgear in India Market Leaders
Schneider Electric SE
Siemens AG
Hitachi ABB Power Grids Ltd
General Electric Company
CG Power and Industrial Solutions Limited
*Disclaimer: Major Players sorted in no particular order
Switchgear in India Market News
- February 2023: Elmeasure announced that it would be participating in ELECRAMA 2023 and would be launching its entire range of low-voltage switchgear.
- February 2023: ABB India inaugurated its new factory in Nashik, doubling its Gas Insulated Switchgear (GIS) production capacity. This factory will manufacture primary and secondary GIS. It will serve customers across various industries, including power distribution, smart cities, data centers, transport (metro, railways), tunnels, ports, highways, and other infrastructural developments.
Switchgear in India Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Voltage
5.1.1 Low Voltage
5.1.2 Medium and High Voltage
5.2 Insulation
5.2.1 Gas Insulated Switchgear(GIS)
5.2.2 Air Insulated Switchgear(AIS)
5.3 End-User
5.3.1 Commercial
5.3.2 Residential
5.3.3 Industrial
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Kirloskar Electric Company
6.3.2 Hitachi ABB Power Grids Ltd.
6.3.3 General Electric Company
6.3.4 Havells India Ltd.
6.3.5 CG Power and Industrial Solutions Limited
6.3.6 Schneider Electric SE
6.3.7 Bharat Heavy Electricals Limited
6.3.8 HPL Electric and Power Limited
6.3.9 Siemens AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Switchgear in India Industry Segmentation
Switchgear is a piece of equipment that is used to protect circuits from fault currents and control the way power is sent to larger areas. Voltage, insulation, and end-user are the key market segments for switchgear in India. By voltage, the market is segmented into low voltage, medium voltage, and high voltage. By insulation, the market is segmented into gas-insulated switchgear (GIS) and air-insulated switchgear (AIS). By end-user, the market is segmented into commercial, industrial, and residential. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Voltage | |
| Low Voltage | |
| Medium and High Voltage |
| Insulation | |
| Gas Insulated Switchgear(GIS) | |
| Air Insulated Switchgear(AIS) |
| End-User | |
| Commercial | |
| Residential | |
| Industrial |
Switchgear in India Market Research FAQs
What is the current India Switchgear Market size?
The India Switchgear Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in India Switchgear Market?
Schneider Electric SE, Siemens AG, Hitachi ABB Power Grids Ltd, General Electric Company and CG Power and Industrial Solutions Limited are the major companies operating in the India Switchgear Market.
What years does this India Switchgear Market cover?
The report covers the India Switchgear Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Switchgear Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the major trends shaping the India Switchgear Market?
The major trends shaping the India Switchgear Market are a) Increasing demand for smart switchgear and switchboard apparatus b) Trend towards the adoption of digital technology for more efficient energy management practices
How is the India Switchgear Market segmented?
The India Switchgear Market is segmented by a) Voltage: Low Voltage, Medium Voltage, and High Voltage b) Insulation: Gas-Insulated Switchgear (GIS) and Air-Insulated Switchgear (AIS) c) End-user: Commercial, Residential, and Industrial
Switchgear in India Industry Report
The India switchgear market is experiencing remarkable growth, driven by the renewable energy sector's expansion, urbanization, and industrialization, leading to an increased demand for electricity. With a surge in renewable energy generation, residential and commercial building projects, and the expansion of transmission and distribution networks, this market is poised for a robust growth rate. Air-insulated switchgear is anticipated to lead the market, favored for its use in renewable energy generation and electrical networks, while the indoor installation segment is expected to hold the largest share due to the need for reliable electrical distribution and control systems. The adoption of smart switchgear is enhancing market growth, crucial for efficient energy distribution, and ensuring performance and resource optimization. Despite the presence of refurbished and counterfeit products, the market benefits from the government's infrastructure development initiatives and the integration of smart technologies into the power grid. Supported by increasing investments in renewable energy, the India switchgear market presents a lucrative opportunity for stakeholders. For detailed insights, Mordor Intelligence™ Industry Reports offer an analysis of market share, size, revenue growth rate, market forecast outlook, and historical overview of the switchgear market in India, available as a free report PDF download.
