Market Forecast By Voltage (Low Voltage (0 – 1.1kV), Medium Voltage (1.1 – 36kV), High Voltage (>36 KV)), By Types (Low Voltage (MCB & DB, MCCB, ACB, COS (Change Over Switches), Controlgear, OLR, SDF, Others (ELCB, RCD, C&R)), Medium Voltage (RMU 11 KV, RMU 33 KV, Panel 11 KV, Panel 33 KV)), By Insulation Types (Medium Voltage (Air Insulated (AIS), Gas Insulated (GIS), Others (Vacuum Insulated, Oil Insulated)), High Voltage (Air Insulated (AIS), Others (Gas Insulated, Oil Insulated))), By Applications(Residential, Commercial, Industrial, Power Utilities) And Competitive Landscape
According to 6Wresearch, India Switchgear Market size is projected to grow at CAGR of 7.17% during 2021-27. Government of India plans to reduce the emissions caused by thermal energy plants and increase its renewable energy production to 220 GW by 2022 to meet its commitment made towards Paris Agreement. As a result, renewable energy sector is seeing a major rush in the investments. This capacity addition of sector is growing at a rate of ~14% for the last five years. Additionally, to reduce emissions caused by conventional vehicles, government is promoting electric vehicles which would require a huge charging infrastructure over the coming years. Railways are also moving towards renewable energy by installing solar panels on top of its buildings and unused land. Under ‘UDAAN’ scheme, government is planning to build several airports across the country and upgrading the existing ones. All these sectors have a direct impact on the switchgear market in India.
India Switchgear market was dominated by Low voltage switchgear for the year 2020 owing to the major construction activities going on in the residential, and commercial sectors. Furthermore, Government plans to build several electric vehicle charging stations across the country to promote the use of electric vehicle would lead to the development of charging infrastructure which would require widespread application of switchgear, thereby increasing its demand in the country.
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Market Analysis by Voltage
Based on the voltage, low voltage switchgear accounted for the major market revenue share in 2020 and it is anticipated to maintain the same over the forthcoming years owing to its application in residential and commercial sectors. MCB dominated the low switchgear market followed by ACB.
Key Highlights of the Report
· India Switchgear Market Overview
· India Switchgear Market Trends and Industry Life Cycle
· India Switchgear Market Outlook
· India Switchgear Market Forecast
· Market Drivers and Restraints
· Porter’s Five Force Analysis
· Market Opportunity Assessment
· Market Player’s Revenue Shares
· Market Competitive Benchmarking
· India Switchgear Market Share, By Company
· Key Strategic Recommendations
· Historical Data and Forecast of India Switchgear Market Revenues, By Voltage, By Types, By Insulation Type and By Applications for the Period 2017-2027F
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