Market Size of India Switchgear Industry
| 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.
