Indian Low-voltage Switchgear Market Witnesses Surge Due to Pent-up Demand and an Increase in the Average Price
The sharp increase in CAPEX projects moving into the implementation phase is a major driver for the LV switchgear market, says Frost & Sullivan
MUMBAI, India, March 27, 2023 /CNW/ -- The Indian low-voltage (LV) switchgear market made a strong recovery in CY2021 due to the pent-up demand from COVID-19 and an average 15% increase in the LV switchgear price. Frost & Sullivan's recent report, Indian LV Switchgear Market Analysis CY2022?CY2027, finds that the industry maintained similar growth momentum in CY2022 due to an increase in investments across key end-user segments such as industries, infrastructure, utilities, commercial, and residential. The investment boost is largely due to ongoing government schemes, such as "Make in India," "Affordable Housing," and "Digital India."
As per Frost & Sullivan's report, the LV switchgear market, which was approximately INR 12,000 Crores in CY2022, is expected to grow at a CAGR of more than 5% over the next five years.
Shoeb Momin, Senior Consultant, Energy & Environment, Frost & Sullivan, said, "The LV switchgear in India is increasingly turning intelligent or smart, which allows for predictive maintenance. This helps gain process visibility, provides real-time data, and considerably reduces failures and downtime. What has also come to the fore is that innovation in LV switchgear is primarily in terms of aesthetics and enhanced features (e.g., improving serviceability) rather than a drastic technological change in product."
Some of the notable insights are:
Infrastructure development: The Indian government has invested heavily in infrastructure development, including constructing new or augmenting existing airports, metro stations, and electricity distribution networks. This is expected to drive growth in the LV switchgear market.
Renewable energy: India makes significant investments in renewable energy, including wind and solar power. This is expected to drive demand for LV switchgear, as renewable energy projects require specialized switchgear.
Industrial expansion: India is experiencing significant industrial expansion, particularly in manufacturing and construction. This drives demand for LV switchgear, as these industries require reliable electrical systems.
Implementation of safety mandates: Implementing key safety mandates across multiple key states drives demand for a select type of LV switchgear products.
Digitalization: Digitalization of LV switchgear is also an important trend with strong business potential. Energy-intensive industries, such as steel, cement, paper, etc., are exploring the implementation of digital switchgears for better visibility of the processes, which can lead to energy conservation measures.
Indian LV Switchgear Market Outlook CY2022?CY2027 is the latest addition to Frost & Sullivan's Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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