IMARC Group’s latest report, titled “India Switchgear Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the India switchgear market is expected to exhibit a CAGR of 7.1% during 2022-2027. Switchgear refers to equipment designed to control, regulate, and switch on and off the electrical circuit. Some of the main components of switchgear include switches, fuses, circuit breakers, isolators, relays, indicating instruments, lightning arresters, control panels, and current and potential transformers. It isolates and protects power systems from damage during short circuits and fault currents and safeguards individuals by limiting the current flow through the system to safe levels. It also helps improve energy efficiency and safety in a facility and offers reliability, speed, and manual control. As a result, switchgear finds extensive applications across residential, commercial, and industrial sectors to de-energize equipment for safe testing, maintenance, and fault clearing.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Switchgear Market Trends:
In India, significant developments in transmission and distribution (T&D) networks represent the primary factor driving market growth. Besides this, the rising demand for electricity due to rapid industrialization and urbanization is another major growth-inducing factor. In addition, gas-insulated switchgear (GIS) is rapidly gaining popularity over air-insulated switchgear (AIS) due to its reliability, environment-friendliness, flexibility, low maintenance, and protection against external elements. In line with this, the increasing adoption of smart grids and smart meters across the country for accurate billing and reducing fraud and technical losses has augmented product demand. Furthermore, the government of India (GOI) is extensively investing in infrastructure development schemes, such as Make in India, Digital India, Smart Cities, Integrated Power Development Scheme, and Atal Mission for Rejuvenation and Urban Transformation. Along with this, owing to the rising environmental concerns, the shifting inclination toward renewable energy sources, such as solar, water, and wind, to reduce carbon emissions is positively influencing market growth. Other factors, including the expanding power distribution sector, integration of renewable power generation units in grids, emerging GIS applications in power transmission, product innovations, and technological advancements, are also providing a positive thrust to the market growth.
- Based on the voltage type, the market has been divided into low-, medium-, and high-voltages.
- The market has been categorized based on the insulation into gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and others.
- On the basis of the installation, the market has been bifurcated into indoor and outdoor.
- Based on the end use, the market has been classified into commercial, residential, and industrial.
- Region-wise, the market has been segregated into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been examined, along with detailed profiles of the key players operating in the industry.
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