Report Overview

India Switchgear Market - Industry Trends & Forecast Report, 2029

India switchgear market size was estimated at USD 9.75 million in 2022. During the forecast period between 2023 and 2029, the India switchgear market size is projected to grow at a CAGR of 7.12% reaching a value of USD 18.23 million by 2029. The growth of the India switchgear market is being driven by the rapid growth in the power distribution sector. The Indian government has made significant investments in infrastructure development, including the construction of new or expanded airports, metro stations, and electrical distribution networks. This is projected to propel the switchgear industry forward. According to an article released by IBEF, the Indian government's focus on creating future infrastructure is obvious, as evidenced by a slew of initiatives introduced recently. Gati Shakti, the USD 1.3 trillion national master plan for infrastructure, has been a leader in bringing about systematic and comprehensive reforms in the sector and has already made great progress. Furthermore, the increasing integration of smart monitoring and control equipment into power grid infrastructure in India is bolstering market growth.  

India Switchgear Market – Overview

Switchgear is a centralized collection of circuit breakers, switch-fuse units, off-load isolators, relays, high rupturing capacity (HRC) fuses, surge arrestors, contactors, and switches to manage electrical devices. It is offered as low, medium, and high-voltage switchgear and is made up of gas-insulated switchgear (GIS) and air-insulated switchgear (AIS). It is extremely dependable, can be manually regulated, and enhances energy efficiency and safety. It is directly connected to the supply system and is used to de-energize equipment for testing and maintenance while managing various voltage capabilities. It aids in the protection and isolation of power systems from fault currents, as well as the control of power distribution on a wide scale. Aside from that, it helps to reduce system damage by blocking power flow in equipment.

Growth Drivers

Growth and Expansion of Renewable Energy Sector

The growth and expansion of the renewable energy industry could propel the growth of the switchgear market in India during the forecast period. For the growth of the renewable energy sector, India makes considerable investments in renewable energy, including wind and solar electricity. As renewable energy projects require specialized switchgear, it is projected to boost demand for low-voltage switchgear. According to the India Brand Equity Foundation, the Indian renewable energy sector is the world's fourth most appealing renewable energy market. As of 2020, India was rated fourth in wind power, fifth in solar power, and fourth in renewable power installed capacity. Renewable power generation capacity installed has grown rapidly in recent years, with a CAGR of 15.92% between FY16 and FY22. India is the market with the highest growth in renewable energy, with new capacity additions predicted to treble by 2026. As a result, the growth and expansion of the renewable energy industry are expected to promote market growth.

Restraints

Volatile Raw Material Prices

Uncertain raw material prices are projected to limit the expansion of India switchgear market. The availability of low-quality materials at lower prices causes price fluctuations in the country. The use of low-quality items raises the possibility of insulation layer breakdown, short circuit circumstances, and other problems. As a result, variable pricing of switchgear raw materials is projected to stymie market expansion. According to a Financial Express report published in May 2020, steel prices jumped from Rs 35,000 per ton to Rs 42,000 per ton in the previous six months for a product like hot rolled coil, a key raw material for the engineering industry. Therefore, fluctuating prices of raw materials are likely to hinder the growth of the India switchgear market.

Impact of COVID-19 on India Switchgear Market

The COVID-19 pandemic had a significant influence on the country's economy, which impeded the expansion of the switchgear market in the country during the first years of the projection period. With rapid population expansion, urbanization, and industrialization increasing the electricity demand, the Indian switchgear market is already showing consistent growth and is likely to flourish over the forecast period. The rapid advancement of the power distribution industry due to the increased deployment of smart-grid and smart meters is the primary factor driving the growth of the Indian switchgear market. The Indian government's infrastructure development schemes, such as Smart Cities, Make in India, Digital India, the Integrated Power Development Scheme, and the 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 weakening economy, along with an economic slowdown induced by the emergence of COVID-19, which results in lower energy demand and lower investments in the power industry, is anticipated to operate as a growth restraint for India switchgear market.

India Switchgear Market

Segmental Coverage

India Switchgear Market - By Insulation

Based on insulation, the India switchgear market is segmented into gas-insulated, vacuum-insulated, air-insulated, and others. The gas-insulated segment is expected to experience substantial growth during the forecast period. To function efficiently and safely in confined places, these products are outfitted with high-voltage components, such as disconnectors and circuit breakers. These switchgear are used in a variety of applications, including offshore platforms, industrial units, hydropower facilities, and building additions. They are more environmentally friendly, reliable, and adaptable than Air Insulated Switchgear (AIS). Furthermore, the installation and maintenance costs for GIS are less than those for AIS. GIS is widely used in power transmission, the integration of renewable energy-producing units into the grid, and railways.

India Switchgear Market - By Voltage

Based on voltage, the India switchgear market is segmented into low, medium, and high. During the forecast period, the high voltage category is expected to grow at a significant rate. High-voltage switchgear is used in power systems with voltages greater than 36kV. To ensure safe and dependable operation, high-voltage circuit breakers are integrated into this switchgear. Increasing advancements in substation and power plant infrastructure have raised the demand for this segment's product.

India Switchgear Market - By Current

Based on the current, the India switchgear market is bifurcated into alternating current (AC) and direct current (DC) segments. During the forecast period, the alternating current (AC) segment is expected to grow at a significant rate. Alternating current (AC) is the most common type of electrical current utilized in India. AC is used in several power industry divisions, including transmission and distribution, generation, and industrial uses. Switchgear equipment is utilized in these divisions of the power industry to manage, safeguard, and isolate electrical equipment and circuits.

India Switchgear Market - By Enclosure

Based on enclosure, the India switchgear market is segmented power distributor switch breaker, switch disconnector, MCB & MCCB, RCCB & ELCB, ACB, DB, and other switching devices. The power distributor switch breaker segment is expected to witness substantial growth during the forecast period. Power distribution switch breakers are essential parts of the switchgear market, as they are the major safety devices that protect electrical equipment and enable dependable and efficient power distribution. When there is an overload, short circuit, or another defect in the system, power distribution switch breakers automatically interrupt the electric flow. They serve as safety devices, protecting electrical equipment from harm, minimizing downtime, and ensuring people’s safety.

Competitive Landscape

The India switchgear market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include Larsen & Toubro Limited, Siemens Limited, ABB India Limited, Schneider Electric Infrastructure Limited, Havells India Limited, C&S Electric Limited, Legrand India Pvt. Ltd., Bharat Heavy Electricals Limited (BHEL), HPL Electric & Power Ltd. Mitsubishi Electric India Pvt. Ltd., GE T&D India Limited, and Control and Switchgear (C&S) Electric. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Recent Developments

• In February 2023 - ABB India opened a new state-of-the-art factory in Nashik, Maharashtra, doubling its capacity for Gas Insulated Switchgear (GIS). The plant produces primary and secondary GIS. It provides services to consumers in a variety of industries, including power distribution, smart cities, data centers, transportation (metro, railroads), tunnels, ports, highways, and other infrastructure initiatives.

• In August 2021 - India's largest floating solar PV plant by National Thermal Power Corporation Limited (NTPC) began commercial operations at its Simhadri thermal station in Visakhapatnam, Andhra Pradesh. The project was declared open following the commissioning of a 15 MW floating solar project, bringing the facility's total installed capacity to 25 MW.

Scope of the Report

By Product Type

• Conventional Switchgear

• Modular/ Integrated Switchgear

• Others

By Voltage

• Low Voltage

• Medium Voltage

• High Voltage

By Insulation

• Gas Insulated Switchgear (GIS)

• Air Insulated Switchgear (AIS)

• Others

By Current

• Alternating current (AC)

• Direct Current (DC)

By Enclosure

• Power Distributor Switch breaker

• Switch Disconnector

• MCB & MCCB

• RCCB & ELCB

• ACB

• DB

• Other Switching Devices

By Installation

• Indoor

• Outdoor

By End User

• Transmission & Distribution Utilities

• Commercial

• Residential

• Industrial

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Switchgear Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growth and expansion of renewable energy sector
         2. Increasing adoption of smart switchgear
         3. Growing demand for electricity generation
      2. Restraints
         1. Unstable prices of raw materials
         2. Lack of Standardization
      3. Opportunity
         1. Emerging digitalization and digitalized switchgear
         2. Increasing construction of housing unit
      4. Challenges
         1. High temperature, vacuum and arching issues associated with switchgear
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Switchgear Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
         1. Conventional Switchgear
         2. Modular/ Integrated Switchgear
         3.  Others
      2. By Voltage
         1. Low Voltage
         2. Medium Voltage
         3. High Voltage
      3. By Insulation
         1. Gas Insulated Switchgear (GIS)
         2. Air Insulated Switchgear (AIS)
         3. Others
      4. By Current
         1. Alternating current (AC)
         2.  Direct Current (DC)
      5. By Enclosure
         1. Power Distributor Switch breaker
         2.  Switch Disconnector
         3. MCB & MCCB
         4. RCCB & ELCB
         5. ACB
         6.  DB
         7.  Other Switching Devices
      6. By Installation
         1. Indoor
         2. Outdoor
      7. By End User
         1. Transmission and Distribution Utilities
         2. Commercial
         3.  Residential
         4. Industrial
      8. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Switchgear Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Voltage
      3. By Insulation
      4. By Current
      5. By Enclosure
      6. By Installation
      7. By End User
6. South India Switchgear Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Voltage
      3. By Insulation
      4. By Current
      5. By Enclosure
      6. By Installation
      7. By End User
7. East India Switchgear Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Voltage
      3. By Insulation
      4. By Current
      5. By Enclosure
      6. By Installation
      7. By End User
8. West India Switchgear Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Voltage
      3. By Insulation
      4. By Current
      5. By Enclosure
      6. By Installation
      7. By End User
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Switchgear Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Switchgear Market
11. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Larsen & Toubro Limited
    2. Siemens Limited
    3. ABB India Limited
    4. Schneider Electric Infrastructure Limited
    5. Havells India Limited
    6. C&S Electric Limited
    7. Legrand India Pvt Ltd
    8. Bharat Heavy Electricals Limited (BHEL)
    9. HPL Electric & Power Ltd
    10. Mitsubishi Electric India Pvt Ltd
    11. GE T&D India Limited
    12. Control and Switchgear Group (C&S)
    13. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1       India Switchgear Market Segmentation                                               

Figure 2       India Switchgear Market Value Chain Analysis                           

Figure 3       Company Market Share Analysis, 2022                                               

Figure 4       India Switchgear Market Size, By Value (USD Million), 2019–2029                                                      

Figure 5       India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                        

Figure 6       India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                      

Figure 7       India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                   

Figure 8       India Switchgear Market Share, By Current, By Value, 2019–2029                                                      

Figure 9       India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                   

Figure 10     India Switchgear Market Share, By Installation, By Value, 2019–2029                                                 

Figure 11     India Switchgear Market Share, By End-User, By Value, 2019–2029                                                    

Figure 12     India Switchgear Market Share, By Region, By Value, 2019–2029                                                       

Figure 13  North India Switchgear Market Size, By Value (USD Million), 2019–2029                                                       

Figure 14 North India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                

Figure 15  North India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                       

Figure 16  North India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                   

Figure 17 North India Switchgear Market Share, By Current, By Value, 2019–2029                                                       

Figure 18 North India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                    

Figure 19  North India Switchgear Market Share, By Installation, By Value, 2019–2029                                                 

Figure 20  North India Switchgear Market Share, By End-User, By Value, 2019–2029                                                    

Figure 21     South India Switchgear Market Size, By Value (USD Million), 2019–2029                                                      

Figure 22     South India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                     

Figure 23     South India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                      

Figure 24     South India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                   

Figure 25     South India Switchgear Market Share, By Current, By Value, 2019–2029                                                      

Figure 26     South India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                   

Figure 27     South India Switchgear Market Share, By Installation, By Value, 2019–2029                                                 

Figure 28     South India Switchgear Market Share, By End-User, By Value, 2019–2029                                                    

Figure 29     East India Switchgear Market Size, By Value (USD Million), 2019–2029                                               

Figure 30     East India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                 

Figure 31     East India Switchgear Market Share, By Voltage, By Value, 2019–2029                                               

Figure 32     East India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                     

Figure 33     East India Switchgear Market Share, By Current, By Value, 2019–2029                                               

Figure 34     East India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                      

Figure 35     East India Switchgear Market Share, By Installation, By Value, 2019–2029                                                   

Figure 36     East India Switchgear Market Share, By End-User, By Value, 2019–2029                                                      

Figure 37     West India Switchgear Market Size, By Value (USD Million), 2019–2029                                                        

Figure 38     West India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                

Figure 39     West India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                        

Figure 40     West India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                    

Figure 41     West India Switchgear Market Share, By Current, By Value, 2019–2029                                                        

Figure 42     West India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                     

Figure 43     West India Switchgear Market Share, By Installation, By Value, 2019–2029                                                  

Figure 44     West India Switchgear Market Share, By End-User, By Value, 2019–2029                                                     

List of Tables

Table 1        India Switchgear Market Size, By Value (USD Million), 2019–2029                                                      

Table 2        India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                        

Table 3        India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                      

Table 4        India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                   

Table 5        India Switchgear Market Share, By Current, By Value, 2019–2029                                                      

Table 6        India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                   

Table 7        India Switchgear Market Share, By Installation, By Value, 2019–2029                                                 

Table 8        India Switchgear Market Share, By End-User, By Value, 2019–2029                                                    

Table 9        India Switchgear Market Share, By Region, By Value, 2019–2029                                                       

Table 10      North India Switchgear Market Size, By Value (USD Million), 2019–2029                                                       

Table 11      North India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                

Table 12      North India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                       

Table 13      North India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                   

Table 14      North India Switchgear Market Share, By Current, By Value, 2019–2029                                                       

Table 15      North India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                    

Table 16      North India Switchgear Market Share, By Installation, By Value, 2019–2029                                                 

Table 17      North India Switchgear Market Share, By End-User, By Value, 2019–2029                                                    

Table 18      South India Switchgear Market Size, By Value (USD Million), 2019–2029                                                      

Table 19      South India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                     

Table 20      South India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                      

Table 21      South India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                   

Table 22      South India Switchgear Market Share, By Current, By Value, 2019–2029                                                      

Table 23      South India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                   

Table 24      South India Switchgear Market Share, By Installation, By Value, 2019–2029                                                 

Table 25      South India Switchgear Market Share, By End-User, By Value, 2019–2029                                                    

Table 26      East India Switchgear Market Size, By Value (USD Million), 2019–2029                                               

Table 27      East India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                 

Table 28      East India Switchgear Market Share, By Voltage, By Value, 2019–2029                                               

Table 29      East India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                     

Table 30      East India Switchgear Market Share, By Current, By Value, 2019–2029                                               

Table 31      East India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                      

Table 32      East India Switchgear Market Share, By Installation, By Value, 2019–2029                                                   

Table 33      East India Switchgear Market Share, By End-User, By Value, 2019–2029                                                      

Table 34      West India Switchgear Market Size, By Value (USD Million), 2019–2029                                                        

Table 35      West India Switchgear Market Share, By Product Type, By Value, 2019–2029                                                

Table 36      West India Switchgear Market Share, By Voltage, By Value, 2019–2029                                                        

Table 37      West India Switchgear Market Share, By Insulation, By Value, 2019–2029                                                    

Table 38      West India Switchgear Market Share, By Current, By Value, 2019–2029                                                       

Table 39      West India Switchgear Market Share, By Enclosure, By Value, 2019–2029                                                 Table 40      West India Switchgear Market Share, By Installation, By Value, 2019–2029                                             

Table 41      West India Switchgear Market Share, By End-User, By Value, 2019–2029                                                   

Table 42     Larsen & Toubro Limited Company Overview

Table 43      Larsen & Toubro Limited Financial Overview

Table 44      Siemens Limited Company Overview

Table 45      Siemens Limited Financial Overview

Table 46      ABB India Limited Company Overview

Table 47      ABB India Limited Financial Overview

Table 48      Schneider Electric Infrastructure Limited Company Overview

Table 49      Schneider Electric Infrastructure Limited Financial Overview

Table 50      Havells India Limited Company Overview

Table 51      Havells India Limited Financial Overview

Table 52      C&S Electric Limited Company Overview

Table 53      C&S Electric Limited Financial Overview

Table 54      Legrand India Pvt Ltd Company Overview

Table 55      Legrand India Pvt Ltd Financial Overview

Table 56      Bharat Heavy Electricals Limited (BHEL) Company Overview

Table 57      Bharat Heavy Electricals Limited (BHEL) Financial Overview

Table 58      HPL Electric & Power Ltd. Company Overview

Table 59      HPL Electric & Power Ltd. Financial Overview

Table 60      Mitsubishi Electric India Pvt Ltd Company Overview

Table 61      Mitsubishi Electric India Pvt Ltd Financial Overview

Table 62      GE T&D India Limited Company Overview

Table 63      GE T&D India Limited Financial Overview

Table 64      Control and Switchgear Group (C&S) Company Overview

Table 65      Control and Switchgear Group (C&S) Financial Overview