IMARC Group, a leading market research company, has recently releases report titled “India Switchgear Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the India switchgear market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the India switchgear market?
The India switchgear market size reached US$ 10 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.5 Million by 2028, exhibiting a growth rate (CAGR) of 6.84% during 2023-2028.
What is switchgear?
Switchgear is designed to regulate, isolate, and controls the power supply from the threat of electrical overload. It disconnects the power supply by switching off the electrical circuit in the power system during a fault or an electrical surge. It comprises switches, fuses, circuit breakers, isolators, protective relays, indicating instruments, lightning arrestors, auto reclosures, current and potential transformers, and control panels. It is cost-efficient and can be controlled manually, offers speed and reliability, ensures an uninterrupted power supply, prevents equipment from damage, and improves safety and maintenance. As a result, it is widely adopted in regional residential, commercial, and industrial sectors.
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What are the growth prospects and trends in the India switchgear industry?
The market is primarily driven by the increasing demand for switchgear and electricity in India on account of numerous developments in the power distribution sector, rapid industrialization, and urbanization. In addition, the expanding transmission and distribution (T&D) networks and the widespread adoption of gas-insulated switchgear (GIS) over air-insulated switchgear (AIS) are contributing to the market growth.
Moreover, the introduction of Deen Dayal Upadhyaya Gram Jyoti Yojana, an electrification program to provide electricity to remote areas, represents another major growth-inducing factor. Furthermore, the increasing investments in various infrastructure development schemes such as Digital India, Smart Cities, Make in India, Integrated Power Development Scheme, and Atal Mission for urban transformation are propelling the market growth.
Besides this, the growing environmental awareness among the masses, which resulted in the shift toward renewable energy sources such as wind, solar, and water to minimize carbon emissions, is providing a positive thrust to the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Voltage Type:
- Low-Voltage
- Medium-Voltage
- High-Voltage
Breakup by Insulation:
- Gas Insulated Switchgear (GIS)
- Air Insulated Switchgear (AIS)
- Others
Breakup by Installation:
- Indoor
- Outdoor
Breakup by End Use:
- Commercial
- Residential
- Industrial
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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