India LV Switchgear Market size is projected to grow at a CAGR of 8.2% during 2024-2030F

By type, MCBs segment accomplished the highest revenue share in the India LV Switchgear Market -6Wresearch

In 2023, MCBs accounted for the largest revenue share in India's LV switchgear market, owing to their crucial role in circuit protection and safety across residential, commercial, and industrial applications. Furthermore, the Lulu Group announced plans to invest more than US$ 1 billion in the construction of hypermarkets, shopping malls, and food processing units over the next three years, starting from 2023.

According to 6wresearch, India LV Switchgear Market size is projected to grow at a CAGR of 8.2% during 2024-2030F. The real estate sector in India is projected to reach a value of 1 trillion USD by 2030, driven by the growing urban population expected to reach 600 million by the same year. Furthermore, private equity investment in the real estate sector reached US$3.4 billion by the end of 2022, which is expected to further propel the construction equipment market in the coming years. The Investments in renewable projects such as solar parks, nuclear power plants, and wind energy projects ensure a steady demand for low voltage switchgears in the short, medium, and long term which would further strengthen the India LV switchgear market in the upcoming years.

The cost of copper rose by 66.08%, increasing from US$ 5,058 in April 2020 to US$ 8,399.9 in November 2023. Similarly, aluminium prices increased by 49.48% during the same period, potentially impacting LV switchgear prices, which could further hinder the growth of the India LV switchgear market in the near future.

According to Sumit, Senior Research Analyst, 6Wresearch, the residential sector is expected to dominate India's LV switchgear market due to the increasing urban population, projected to reach 600 million by 2030. Furthermore, the demand for 64 million housing units by 2036 is expected to further fuel the growth of this segment.

The India LV Switchgear Market (2024-2030) report provides an in-depth analysis with 16 figures and 4 tables, covering 67 pages. The report comprehensively covers the market by type and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.