With government's focus to provide adequate power infrastructure to its citizen, power sector is expected to reflect strong growth in future. Schemes like UDAY, IPDS, DDUGJY and Power for All are the prime pillars which are expected to spur the overall power sector. According to Ministry of Power, in 2015-16 alone, around 7,108 village have been electrified which is 37% higher than past 3 years. Further, with rise of commercial and industrial sectors and initiative such as Make in India, the switchgear market is poised to continue on the path of growth in the near future.
According to 6Wresearch, India switchgear market is projected to reach $3.7 Billion by 2022. India Switchgear market is anticipated to witness robust growth during the forecast period as a result of development of power infrastructure due to surging power demand from industrial, commercial and residential sectors. Low voltage switchgear holds the major revenue share on account of increasing homes, commercial buildings and industrial facilities with rising urban population.
According to Ravi Bhandari, Research Analyst, 6Wresearch, "By 2022, Gas Insulated Switchgear (GIS) is projected to register highest growth rate amongst all due to their ability to be installed in harsh conditions and constrained spaces and require minimum maintenance."
"Other types of switchgears such as solid insulated switchgear is also anticipated to witness growth owing to their smaller footprint and environment friendly nature in comparison to Air Insulated Switchgear (AIS) and Gas Insulated Switchgear (GIS)" Ravi further added.
According to Prakhar Srivastava, Research Associate, 6Wresearch, "Power utilities accounted for the major revenue share in India switchgear market and would continue to dominate the market by 2022 with growing investments in power transmission & distribution sector in the country"
"Industrial and Residential sectors are other key contributing verticals in India switchgear market owing to growing residential buildings and manufacturing activities across the country" Prakhar further added.
Some of the major companies in India Switchgear market include- GE, Schneider, Siemens, ABB, BHEL, and L&T.
"India Switchgear Market (2017-2022)" provides in-depth analysis with 72 figures and 18 tables covered in more than 140 pages. The report estimates and forecast overall India switchgear market by revenues, volume, voltage and type of switchgear and verticals such as Industrial, Power Utilities, Residential, Commercial and Infrastructure & Transportation and regions. The report also gives the insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
Media Source: Open PR