Market Trends of India Switchgear Industry
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.
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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.
