The electrical equipment market in India is poised to grow by USD 70.69 billion during 2020-2024, progressing at a CAGR of over 16% during the forecast period. Request free sample pages
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Technavio has published the latest market research report titled Electrical Equipment Market in India 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Electrical Equipment Market in India Analysis Report by Application (Transmission and distribution, and Generation), Product (Cables, Switchgears, Boilers, Transformers, Transmission lines, and Others), and the Segment Forecasts, 2020-2024”.
The market is driven by the increasing number of residential and commercial building projects. In addition, the growth in cross-border electricity trading is anticipated to boost the growth of the electrical equipment market in India.
Factors such as population expansion and growing consumer requirements have significantly increased the number of construction projects in India. Major cities such as Gurugram, Mumbai, Bengaluru, Pune, Chennai, Kolkata, and Hyderabad have witnessed a steady rise in the construction of new commercial and residential units. In November 2019, DLF Ltd. announced its plans to invest in the construction of three million square feet of office space in Gurugram. Such investments are driving the demand for power generation and associated equipment. Therefore, the rise in the number of residential and commercial building projects is expected to boost the growth of the electrical equipment market in India during the forecast period.
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Major Five Electrical Equipment Market Companies in India:
ABB Ltd. operates its business through segments such as Electrification Products, Robotics and Motion, and Industrial Automation. The company offers electrical equipment such as power transformers, dry-type transformers, reactors and inductors, distribution transformers, and others.
Bharat Heavy Electricals Ltd.
Bharat Heavy Electricals Ltd. operates its business through segments such as Power and Industry. The company offers electrical equipment such as switchgears.
CG Power and Industrial Solutions Ltd.
CG Power and Industrial Solutions Ltd. operates its business through segments such as Power Systems and Industrial Systems. The company offers electrical equipment such as insulated switchgears, distribution transformers, instrument transformers, DC motors, and others.
EMCO Ltd. operates its business through the Products and Solutions segment. The company offers a wide range of transformers such as distribution transformers, power transformers up to 500MVA, 400 kV, furnace transformers, rectifier transformers, locomotive transformers, and others.
Fuji Electric Co. Ltd.
Fuji Electric Co. Ltd. operates its business through segments such as Power Electronics Systems, Power and New Energy, Electronic Devices, Food and Beverage Distribution, and Others. The company offers electrical equipment such as oil-immersed transformer, cast resin transformer, gas-insulated switchgear, medium-voltage (MV) and low-voltage (LV) switchgear, control center, and others.
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Electrical Equipment Market in India Application Outlook (Revenue, USD Billion, 2020-2024)
- Transmission and distribution
Electrical Equipment Market in India Product Outlook (Revenue, USD Billion, 2020-2024)
- Transmission lines
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