India Switchgear Market to Witness 15% CAGR until 2023
Rising infrastructure development, rural
electrification and government initiatives like integrated power development
scheme and smart city initiatives to propel India switchgear market through
2023
According to TechSci Research report, “India Switchgear Market By Type,
By Application, By Enclosure, Competition Forecast and Opportunities, 2013-2023’’, India
switchgear market is projected to grow at a CAGR of over 15% during the
forecast period on account of increasing electrification across rural India, rising
number of infrastructure development projects, and various initiatives by
central and state governments for increasing power supply and modernization of
power plants. In addition, increasing demand for renewable sources of power
like solar, thermal and wind is pushing the government to make investments in
the same, which is further positively affecting India switchgear market.
Moreover, rising need to safeguard the power transmission and installation
infrastructure across end use sectors is expected to steer growth in India switchgears
market in the coming years.
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In
2017, low voltage switchgears segment dominated India switchgears market and the
segment is expected to maintain its dominance through 2023 as well. However,
the market share of medium & high voltage switchgears is also expected to grow
in the coming years due to rising demand for components like indoor and outdoor
circuit breakers, custom built medium voltage products, etc. In 2017, Infra &
Utilities applications segment generated the highest revenue in India
switchgear market, however, its market share is anticipated to decline during
the forecast period due to higher growth demand anticipated from the country’s industrial
sector. On the basis of enclosure type, India switchgear market is segmented into
MCB & MCCB, ACB, DB, RCCB & ELCB and other switching devices, with the
first two types dominating the market. Larsen & Toubro Limited is the leading player in India
switchgear market, followed by ABB India Limited and Siemens Ltd.
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“Southern region is the leading
regional switchgear market in India on account of increasing and large-scale developments
in the residential, commercial and industrial sectors. However, in the coming
years, demand from Northern India is expected to increase and grow at a faster
pace due to rising rural electrification and increasing number of urban
households in the region. Moreover, establishment of efficient power
distribution networks across the country coupled with rising government focus
towards electrifying each and every household in the country is anticipated to drive
growth in India switchgear market in the coming years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India
Switchgear
Market By Type, By
Application, By Enclosure, Competition
Forecast and Opportunities, 2013-2023” has evaluated the future growth
potential of India switchgear market and provides statistics and information on
market size, structure and trends. The report offers decision makers superior
market intelligence, thereby enabling them to conduct thorough investment
appraisal. Besides, the report also analyzes the evolving market trends along with major
drivers, challenges and opportunities in India switchgear market.
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