A
portion of the prominent trends that the market is seeing incorporate rapid boom
in the construction segment.Switchgear is necessary from the point of
production of electricity to end users. As the end users consumers are using
switchgear for the residential and commercial segments.
The number of commercial
buildings and private flats is expanding over the nation, particularly in tier 2
& 3 cities and urban cities. Residential segment witnessing high growth to
meet the rising demand for real estate in the country. This can be the adding
benefit and opportunity for the Low Voltage Switchgear to emerge from this sector
too. India Low Voltage switchgear will have dominance in the forecast period
too, over Medium and High Voltage Switchgear and lead the Switchgear industry. With
industry sentiments and overall economic conditions anticipated to improve, the
India Low Voltage switchgear market is likely to witness higher growth rates over
the next five to six years.On the back of strong infrastructure development,
government initiatives towards power capacity expansion and augmentation and
development of the transmission and distribution network, therefore the
increase in real estate industry in India increases the demand for
switchgear.India's adoption of a mixed economy, which offered ascend to the
advancement of the private area. Urbanization is taking place at a quick rate
in India. By the year 2030, 40.76% of country's population is expected to
reside in urban areas.The government’s enhanced spotlight on infrastructure
development and launch of ambitious smart cities project additionally quicken
the demand of value switchgears.
According the report on 'India Switchgear (LV, MV, HV) Market
Outlook, 2023' published by Bonafide Research, India overall market for switchgear
industry is anticipated to grow more than 7% at the end of forecast period. Low
Voltage Switchgear will be in dominance for the forecast period & Medium
and High Voltage Switchgear will see a stagnant growth for the next five years
to come. MCB, MCCB, Contactors and ACB will be leading products of Low Voltage
Switchgear Industry for coming years.
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Low Voltage switchgear
manufacturers will in any case need to battlewith increasing pricing pressures
due to intense competition and tough fight and dominance from regional local
players and unorganized market.To sustain in the market, Low Voltage switchgear
manufacturers must adopt new marketing strategies and introduce innovative
products. They should also expand their distribution network. The switchgear
market will continue its growth trajectory given the aggressive reforms
initiated by the government through programmes such as Power for All, Make in
India, the Integrated Power Development Scheme, Housing for All and the
Deendayal Upadhayaya Gram Jyoti Yojana.
Major Companies
Major companies that operate into the Switchgear
market in India are ABB India Limited, Larsen & Toubro Limited, Havells
India Limited, Siemens India, Schneider Electric Infrastructure Limited, Anchor
Electricals Private Limited, GE T&D India Limited, Toshiba Transmission
& Distribution Systems (India) Private Limited, and Legrand India Private
Limited.
Report: India Switchgear (LV, MV, HV) Market
Outlook, 2023
Base Year: 2016-17, Estimated Year: 2017-18, Forecast
Year: 2022-23
Pages:**, Figures:**, Tables:**
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