The India switchgear market size reached US$ 10 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.5 Million by 2028, exhibiting a growth rate (CAGR) of 6.84% during 2023-2028. The growing demand for reliable and environment-friendly switchgear, increasing need for replacing old switchgears at sub-stations, and rising sales of generating renewable energy represent some of the key factors driving the market.
A switchgear is a centralized collection of circuit brakers, high rupturing capacity (HRC) fuses, off-load isolators, switch-fuse units, relays, contactors, surge arrestors, and switches to control electrical devices. It comprises gas-insulated switchgear (GIS) and air-insulated switchgear (AIS) and is widely available as low, medium, and high-voltage switchgear. It is highly reliable, can be easily controlled manually, and improves energy efficiency and safety. It is directly associated with the supply system and employed in de-energizing the equipment for testing and maintenance, while handling different voltage capacities. It assists in protecting and isolating power systems against fault currents while controlling power distribution on a large scale. Besides this, it aids in limiting the damage to the system by interrupting the power flow in equipment. As a result, it finds applications in the commercial, industrial, and residential sectors in India.
India Switchgear Market Trends:
At present, the rising demand for switchgears due to the rapid development in the power distribution sector represents one of the key factors supporting the growth of the market in India. Besides this, the growing implementation of the smart grid and smart meters, along with the increasing demand for electricity among the masses, is offering a positive market outlook in the country. Additionally, there is a rise in the demand for reliable, flexible, and environment-friendly gas-insulated switchgears compared to air-insulated switchgears among the masses. This, coupled with the increasing utilization of switchgears, as they prevent electrical issues, such as overload and short circuits, is propelling the growth of the market in India. Apart from this, the rising awareness about utilizing renewable energy resources among individuals is offering lucrative growth opportunities to industry investors in the country. Moreover, the Government of India is encouraging the adoption of switchgears by rapidly investing in infrastructure development of the country. In addition, the rising concerns for reducing carbon footprint in the environment are contributing to the growth of the market. Besides this, the growing energy demand and replacement of old switchgears at sub-stations are positively influencing the market in the country. Furthermore, the rapid integration of smart monitoring and control units in power grid infrastructure is strengthening the market growth in India.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India switchgear market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on voltage type, insulation, installation and end use.
Voltage Type Insights:
The report has provided a detailed breakup and analysis of the India switchgear market based on the voltage type. This includes low-voltage, medium-voltage, and high-voltage. According to the report, low-voltage represented the largest segment.
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
A detailed breakup and analysis of the India switchgear market based on the insulation has also been provided in the report. This includes gas insulated switchgear (GIS), air insulated switchgear (AIS), and others. According to the report, gas insulated switchgear (GIS) accounted for the largest market share.
A detailed breakup and analysis of the India switchgear market based on the installation has also been provided in the report. This includes indoor and outdoor. According to the report, outdoor accounted for the largest market share.
End Use Insights:
A detailed breakup and analysis of the India switchgear market based on the end use has also been provided in the report. This includes commercial, residential, and industrial. According to the report, industrial accounted for the largest market share.
- North India
- West and Central India
- South India
- East India
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, West and Central India, South India, and East India.
The report has also provided a comprehensive analysis of the competitive landscape in the India switchgear market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
|Base Year of the Analysis
||Voltage Type, Insulation, Installation, End Use, Region
||North India, West and Central India, South India, East India
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India switchgear market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the India switchgear market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India switchgear industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.