India - Electrical equipment market size to grow by USD 52.98 billion from 2022 to 2027 | Increase in investments in the power sector to boost market growth- Technavio

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- The India - electrical equipment market size is expected to grow by USD 52.98 billion from 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 11.68% during the forecast period. The market is segmented by product (cables, transmission lines, transformers, switchgears, and boilers and others) and application (transmission, distribution, and generation). Increase in investments in the power sector is the key factor driving the growth of the market. India is one of the biggest consumers and producers of electricity and the third largest electricity producer in the world. Additionally, demand for electrical products in the region is expected to increase due to growth in the energy sector. This will increase the opportunities for appliances in India. Thus, increasing usage opportunities of electrical equipment in India will drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the electrical equipment market: 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.
• Electrical Equipment Market in India is fragmented in nature.
• Market to observe 11.44% YOY growth in 2023.

Market Dynamics:

Leading Trend 

• Growth in cross-border electricity trading is the primary trend shaping the growth of the market. 
• Due to increasing urbanization and population growth, the demand for electricity is increasing significantly.
• Cross-border electricity trading plays an important role in economic growth and development as it helps reduce energy prices and overcome power shortages.
• The benefits of cross-border electricity trading are leading many governments to choose this option.
• Therefore, growth in cross-border power trading will drive market growth during the forecast period.

Significant Challenge 

• Threat from cyberattacks in the power generation industry is a challenge that affects the growth of the market. 
• In India's electrical equipment market, electrical systems are controlled and monitored by IT systems and infrastructure, such as control and data acquisition systems (SCADA) and automated production controls.
•  In a cyberattack, a hacker attacks a computer system, causing damage to the infrastructure or power outage, which can result in a power outage.
•  False data insertion (FDI) is a common type of cyberattack in energy systems. A successful FDI attack on a computer system could result in an imbalance of power consumption and generation within the network.
• Therefore, the threat of cyber-attacks on the energy industry is likely to hamper the market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report

Keg Segments:

The cables segment will account for a major share of the market's growth during the forecast period. In India, electricity demand is increasing due to growth in both the private and commercial sectors, which will also support cable consumption. This will drive the market growth in the cables segment during the forecast period.

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Related Reports:

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Electric Vehicle Battery Market size is estimated to grow by USD 53,626.86 million between 2022 and 2027 accelerating at a CAGR of 19.57% during the forecast period.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product 

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 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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Website: www.technavio.com

SOURCE Technavio