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India Switchgear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 120 Pages
  • October 2021
  • Region: India
  • Mordor Intelligence
  • ID: 5458931

The switchgear market in India is expected to grow at a CAGR of more than 7% during the forecast period. The outbreak of the COVID-19 has had a significant impact on the country's economy which is expected to significantly hamper the growth of the switchgear market in the country during the initial years of the forecast period. The Indian switchgear market is already making sustained gains and is expected to flourish over the forecast period with rapid population growth, urbanization, and industrialization, which is increasing the demand for electricity. 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. The infrastructure development schemes initiated by the Indian government, like Smart Cities, Make in India, Digital India, Integrated Power Development Scheme, and Atal Mission for Rejuvenation and Urban Transformation, among others, have significantly contributed to the growth of the switchgear market in India. However, the country's already slowing economy combined with an economic slowdown caused by the outbreak of COVID-19 leading to decreased energy demand and decreased investments in the power sector are likely to act as a restrain to the market.

Key Highlights

  • Gas Insulated Switchgear is expected to dominate the market both in terms of volume and revenue generation in the country, owing to factors like more reliability, environment-friendly, and flexibility, compared to air-insulated switchgears (AIS).
  • Plans to integrate renewable energy with the national grids are expected to create a significant amount of opportunity for the switchgear market players in the near future.
  • Increasing investments in the renewable energy sector in the country is expected to drive the market during the forecast period.

Key Market Trends

Gas Insulated Switchgear Hold Significant Market Share

  • The Gas Insulated Switchgear (GIS) is expected to hold the maximum share in the Indian switchgear market. Gas-insulated switchgear (GIS) is a metal encapsulated switchgear that consists of high-voltage components such as circuit-breakers and disconnectors. A GIS is majorly used in confined spaces, such as in city buildings, office spaces, offshore platforms, extensions, on roofs, etc.
  • Growing standards to control the overall carbon emissions, coupled with rising awareness among consumers to adopt renewable energy generation like solar, are anticipated to accelerate switchgear usage.
  • As compared to Air Insulated Switchgear (AIS), they are more environment-friendly, reliable, and flexible. Also, the installation time and maintenance cost required for GIS is less than that of AIS. The major applications of GIS are power transmission, integration of renewable power generation units to the grid, and railways.
  • The major factor driving the growth is the rising energy demand and extension/replacement of old switchgear at sub-stations that can drive the switchgear market's gas-insulated switchgear equipment. Due to its space optimization, low maintenance, and protection against external elements, the demand for gas insulated switchgear is expected to rise.
  • Therefore, the aforementioned factors are expected to drive the India switchgear market during the forecast period.

Growth in Renewable Energy Sector to Drive the Market

  • Power generation in the country is mainly dominated by coal- and lignite-fired power plants. Renewables and non-renewables hydropower plants also have a significant share in power generation and capacity. As of 2020, hydropower and non-hydro renewables accounted for about 20% of the total power generation.
  • To address the pollution-related problems in India and reduce carbon emissions, the government aims to increase the share of renewables. As of March 2021, India had over 95 GW of renewable energy generation capacity, out of which solar energy accounted for 41.1GW.
  • The government aims to achieve 175 GW of renewable power generation capacity by 2022. As a result of this ambitious goal, the renewable energy sector is expected to dominate the growth of the power generation sector during the forecast period. Out of the 175 GW, 100 GW was earmarked for solar capacity, with 40 GW (40%) expected to be achieved through decentralized and rooftop-scale solar projects. To achieve this huge target, the government launched several new programs in 2019, like solar rooftop phase-2, PM-KUSUM, and development of ultra mega renewable energy power park (UMREPPs).
  • India’s renewable energy potential is vast and untapped. India is one of the fastest-growing nations in the global renewable energy market. The country’s solar potential is more than 750 GW and wind potential is around 302 GW. The country’s energy security scenario for 2047 shows the possibility of achieving around 410 GW of wind and 479 GW of solar PV installed capacity by 2047.
  • Therefore, the aforementioned factors are expected to drive the market during the forecast period.

Competitive Landscape

The India Switchgear market is moderately fragmented. Some of the key players are Schneider Electric SE, Siemens AG, Hitachi ABB Power Grids Ltd, General Electric Company, CG Power and Industrial Solutions Limited, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Assesment of impact of COVID-19 on the Market
5.1 Voltage
5.1.1 Low Voltage
5.1.2 Medium and High Voltage
5.2 Insulation
5.2.1 Gas Insulated Switchgear(GIS)
5.2.2 Air Insulated Switchgear(AIS)
5.3 End-User
5.3.1 Commercial
5.3.2 Residential
5.3.3 Industrial
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Kirloskar Electric Company
6.3.2 Hitachi ABB Power Grids Ltd
6.3.3 General Electric Company
6.3.4 Havells India Ltd
6.3.5 CG Power and Industrial Solutions Limited
6.3.6 Schneider Electric SE
6.3.7 Bharat Heavy Electricals Limited
6.3.8 HPL Electric and Power Limited
6.3.9 Siemens AG

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Kirloskar Electric Company
  • Hitachi ABB Power Grids Ltd
  • General Electric Company
  • Havells India Ltd
  • CG Power and Industrial Solutions Limited
  • Schneider Electric SE
  • Bharat Heavy Electricals Limited
  • HPL Electric and Power Limited
  • Siemens AG