Market Size of India Switchgear Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Switchgear in India Market Analysis
The Indian switchgear market is expected to register a CAGR of more than 7% during the forecast period.
The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.
- The Indian switchgear market is already making sustained gains. It is expected to flourish over the forecast period with rapid population growth, urbanization, and industrialization, increasing the electricity demand. The fast improvement in the power distribution sector, owing to the increasing implementation of smart-grid and smart meters, is the fundamental factor driving the growth of the Indian switchgear market. Also, Increasing investments in the renewable energy sector in the country are expected to drive the market during the forecast period.
- However, SF6 gas used in insulating switchgear is a potent greenhouse gas with a global warming potential that may restrain the market.
- Plans to integrate renewable energy with the national grids are expected to create a significant opportunity for the switchgear market players in the near future.
Switchgear in India Industry Segmentation
Switchgear is a piece of equipment that is used to protect circuits from fault currents and control the way power is sent to larger areas. Voltage, insulation, and end-user are the key market segments for switchgear in India. By voltage, the market is segmented into low voltage, medium voltage, and high voltage. By insulation, the market is segmented into gas-insulated switchgear (GIS) and air-insulated switchgear (AIS). By end-user, the market is segmented into commercial, industrial, and residential. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Voltage | |
| Low Voltage | |
| Medium and High Voltage |
| Insulation | |
| Gas Insulated Switchgear(GIS) | |
| Air Insulated Switchgear(AIS) |
| End-User | |
| Commercial | |
| Residential | |
| Industrial |
India Switchgear Market Size Summary
The Indian switchgear market is poised for significant growth, driven by factors such as rapid urbanization, industrialization, and increasing electricity demand. The market has rebounded to pre-pandemic levels and is expected to continue its upward trajectory due to advancements in the power distribution sector, including the adoption of smart grids and smart meters. The growing investments in renewable energy are also anticipated to bolster the market. However, the use of SF6 gas in insulating switchgear, which has a high global warming potential, poses a challenge. The integration of renewable energy with national grids presents a substantial opportunity for market players, particularly in the gas-insulated switchgear segment, which is favored for its space-saving, low-maintenance, and environmental benefits.
The Indian government's infrastructure development initiatives, such as Smart Cities and Digital India, have significantly contributed to the market's expansion. The country's energy landscape is dominated by coal and lignite-fired power plants, with a notable share from renewable and non-renewable hydropower. India's vast renewable energy potential, especially in solar and wind, is a key driver for the switchgear market. The market is moderately fragmented, with major players like Schneider Electric, Siemens, and Hitachi ABB Power Grids. Recent developments, such as ABB India's factory expansion for GIS production, highlight the industry's growth prospects across various sectors, including power distribution and smart city infrastructure.
India Switchgear Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Voltage
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2.1.1 Low Voltage
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2.1.2 Medium and High Voltage
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2.2 Insulation
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2.2.1 Gas Insulated Switchgear(GIS)
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2.2.2 Air Insulated Switchgear(AIS)
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2.3 End-User
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2.3.1 Commercial
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2.3.2 Residential
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2.3.3 Industrial
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India Switchgear Market Size FAQs
What is the current India Switchgear Market size?
The India Switchgear Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in India Switchgear Market?
Schneider Electric SE, Siemens AG, Hitachi ABB Power Grids Ltd, General Electric Company and CG Power and Industrial Solutions Limited are the major companies operating in the India Switchgear Market.
