Global Market Research Company US India Switchgear Market Forecast & Opportunities, | Page 7

Industry Brief
India Switchgear Market to Witness 15% CAGR until 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.
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.
“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.
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