LONDON–(COMMERCIAL THREAD) – Technavio’s electrical equipment market research in India indicates negative near-term growth as the business impact of COVID-19 spreads.
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“One of the main growth drivers in this market is the increase in the number of commercial building projects,” said a senior analyst for the industrial products industry at Technavio.
The number of infrastructure projects related to commercial and residential buildings is increasing in India, due to factors such as population growth and support from government agencies. Population growth also increases the need for residential and commercial space. The number of residential and commercial buildings is increasing rapidly in cities like Bengaluru and Gurugram. For example, in November 2019 DLF Ltd., a commercial real estate developer in India, announced plans to invest USD 213 million over the next two years to build more than three million square feet of office space in Gurugram, in Haryana. These developments have increased the demand for electricity, resulting in the need for power generation as well as transmission and distribution equipment in India. Hence, the growth of the electrical equipment market in India has been substantial.
As the markets recover, Technavio predicts that the size of the electrical equipment market in India will increase by USD 70.69 billion during the period 2020-2024.
Highlights of the segment of the electrical equipment market in India for 2020
The electrical equipment market in India is expected to show a year-over-year growth rate of 13.15%.
The electricity transmission and distribution network is an integral part of the electricity sector, as it contributes to the distribution of electricity to the end consumer.
Electricity produced in power plants must be transported over long distances to load centers, from where it is distributed to end consumers using transmission lines and pylons.
Although India has adequate power generation capacity, a significant proportion of the population still has limited access to electricity, mainly due to the lack of proper transmission and distribution infrastructure.
Significant investment in the distribution sector by the government will boost the demand for transmission and distribution equipment, which will fuel the growth of the electrical equipment market during the forecast period.
Electric equipment market share growth in India by transmission and distribution segment will be slower than market growth by generation segment.
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The size of the electrical equipment market in India is expected to accelerate at a CAGR of over 16% during the forecast period.
The electrical equipment market in India is segmented by application (transmission and distribution and generation) and by product (cables, switchgear, boilers, transformers, transmission lines and others).
The market is fragmented due to the presence of many established suppliers holding a significant market share.
The research report provides information on several market vendors including ABB Ltd., Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., Fuji Electric Co. Ltd., Larsen and Toubro Ltd., Schneider Electric SE, Siemens AG, TD Power Systems Pvt. Ltd., and Toshiba Energy Systems & Solutions Corp.
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