India Electrical Equipment Market to Grow by USD 52.98 Billion (2023-2027) with AI Transforming the Industry Amid Rising Building Projects – Technavio

NEW YORK, Sept. 13, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global electrical equipment market in India  size is estimated to grow by USD 52.98 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  11.68%  during the forecast period.  Increase in number of residential and commercial building projects is driving market growth, with a trend towards growth in cross-border electricity trading. However, threat from cyberattacks in power generation industry  poses a challenge. Key market players include ABB Ltd., BGR Energy Systems Ltd., Bharat Bijlee Ltd., Bharat Heavy Electricals Ltd., EMCO Ltd., ETA Elektrotechnische Apparate GmbH, Fuji Electric Co. Ltd., General Electric Co., Kirloskar Electric Co. Ltd., Larsen and Toubro Ltd., Murugappa Group, Schneider Electric SE, Shilchar Technologies Ltd., Siemens AG, Star Delta Transformers Ltd., TD Power Systems Pvt. Ltd., Thermax Ltd., Toshiba Corp., and Ujaas Energy Ltd..

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Key Market Trends Fueling Growth

Cross-border electricity trading plays a crucial role in economic growth and development by addressing power shortages and price reductions in neighboring countries. With increasing urbanization and population growth, electricity demand is surging. However, many nations, such as Bangladesh, Nepal, and Myanmar, face power access issues due to insufficient generation capacity. This lack of electricity access hinders poverty reduction and economic development. Cross-border electricity trade helps mitigate these challenges, making it an attractive solution for governments. India, for instance, has emerged as a significant electricity exporter, supplying power to Nepal, Bangladesh, and Myanmar. This trend is expected to boost the demand for power generation and distribution equipment in India, fueling market growth during the forecast period. 

The Indian electrical equipment market is witnessing significant growth, driven by increasing demand for specialized systems in various sectors. Electrical power is at the core of this trend, with a focus on modernizing electrical distribution systems. Wiring devices, batteries and accumulators, ventilators, lighting systems, air conditioners, and fire protection are key areas of investment. Residential and nonresidential users are seeking efficient and reliable solutions for energy management. The electric grid is undergoing transformation with the integration of renewable energy sources and the rollout of smart grids. Electricity meters, distribution boards, circuit breakers, and other electrical equipment are being upgraded to support these advancements. The commercial, industrial, and mining sectors are investing in power transmission and modernization of electrical infrastructure. Electric vehicles are also gaining popularity, driving demand for charging stations and batteries. Building and construction, electric motors, lighting, and mechatronics are other major segments. Electrical energy is being sourced from AC and DC power, with a shift towards renewable energy and energy storage. Control electronics, mechanical machines, data processing, and appliances are essential components of this evolving landscape. Conductors, fittings, insulators, and other electrical components continue to play a crucial role in this market. 

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Market Challenges

• The Electrical Equipment Market in India is witnessing a significant threat from cyberattacks. Hackers and cybercriminals are increasingly targeting IT systems controlling and monitoring power systems, such as Supervisory Control and Data Acquisition (SCADA) systems and automatic generation control. Successful cyberattacks, particularly false data injection (FDI), can disrupt the balance between power consumption and generation, leading to deviations in grid frequency. Such deviations trigger remedial actions, including load or generator disconnections, potentially damaging equipment and causing cascading failures. These incidents can result in power outages and hinder market growth during the forecast period.
• The Indian electrical equipment market is witnessing significant growth, driven by increasing demand from various sectors such as OEMs, aftermarket, B2B, and B2C. Technological advancements, including IoT, 5G, semiconductor technology, and industrial IoT, are fueling innovation in sectors like industrial manufacturing, healthcare, aviation, and more. However, challenges persist, such as energy shortage and the need for sustainable power solutions. Renewable energy, power generation, and transmission lines are becoming key areas of focus. Additionally, the consumer electronics segment, including smartphones, laptops, wearable electronics, and bioelectrical devices, is booming. Machinery, cables, wires, batteries, and transmission and distribution equipment are also in high demand for commercial building projects and power sector development. Cross-border electricity trading and advanced technologies like digital twins, stretchable electronic applications, driverless cars, and AI-powered computer assistants are shaping the future of the market. USB ports and portable electronic devices continue to be essential components in our daily lives. The market for luxury consumer electronics, electric lighting equipment, and household appliances is also expanding. Overall, the electrical equipment market in India is a dynamic and evolving space, presenting numerous opportunities for growth and innovation.

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Segment Overview 

This electrical equipment market in India report extensively covers market segmentation by

1. Product 

• 1.1 Cables
• 1.2 Transmission lines
• 1.3 Transformers
• 1.4 Switchgears
• 1.5 Boilers and others

Application 

• 2.1 Transmission
• 2.2 distribution
• 2.3 Generation

Geography 

1.1 Cables-  The Indian electrical equipment market, with a focus on cables, is poised for growth due to the expanding residential and commercial sectors. The increasing population and resulting demand for more housing units will fuel the need for electricity transmission. India’s low-cost labor advantage attracts foreign companies, encouraging construction industry investment. Government initiatives like the Atal Distribution Transformation Yojana aim to enhance state distribution company efficiency, ensuring electricity access to all citizens. These factors collectively contribute to the rising demand for cables and the subsequent market expansion during the forecast period.

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Research Analysis

The Electrical Equipment Market in India is witnessing significant growth due to the increasing demand for electricity in various sectors. Commercial building projects, power generation, and renewable energy are major drivers of this market. The power sector is undergoing a transformation with the focus on modernization and upgrading of transmission lines, transformers, switchgears, boilers, and other electrical machinery. The demand for specialized systems, energy storage solutions like batteries and accumulators, and electrical distribution systems is increasing. Residential users are also contributing to the market growth with the increasing adoption of appliances, rechargeable batteries, and lighting. The market for electrical equipment also caters to industries requiring power sources, data processing, electromechanical, and mechatronics solutions. The market encompasses a wide range of products including cables, transmission and distribution equipment, wiring devices, control electronics, and mechanical machines.

Market Research Overview

The Electrical Equipment Market in India is witnessing significant growth due to increasing commercial building projects, power generation, and renewable energy initiatives in the power sector. The market encompasses a wide range of products including Cables, Transmission lines, Transformers, Switchgears, Boilers, Machines, Specialized systems, Wiring devices, Batteries and accumulators, and various types of Electrical Energy equipment such as AC and DC, Electric motors, Lighting, Rechargeable batteries, Control electronics, Mechatronics, and Appliances. The market caters to both Residential and Nonresidential users, with applications in various sectors like power transmission, mining, commercial, industrial, and more. The market also includes Electrical distribution systems, Electric meters, Distribution boards, Circuit Breakers, and various types of Power sources. The market is served by both OEMs and Aftermarket players, catering to B2B and B2C segments. Technological advancements in areas like IoT, 5G, Semiconductor technology, Industrial manufacturing, Healthcare, Aviation, and Industrial IoT are driving innovation in the market. The market also includes emerging technologies like Stretchable electronic applications, Smartphones, Laptops, Wearable electronics, Bioelectrical devices, Driverless cars, and AI-powered computer assistants.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Cables
• Transmission Lines
• Transformers
• Switchgears
• Boilers And Others
• Application
• Transmission
• Distribution
• Generation
• Geography

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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