Growing transmission and distribution network and rural electrification program coupled with infrastructure development are the key factors driving th...
Growing transmission and distribution network and rural electrification program coupled with infrastructure development are the key factors driving the switchgear market in India. Government schemes and initiatives such as UDAY and DDUGJY are expected to further fuel the growth of switchgear market in the forecast period.
According to research, India switchgear market is projected to reach $3.7 Billion by 2022. According to NitiAyog, the government of India is planning to reach a renewable energy capacity of 175 GW by 2022. Further, government initiatives to increase the penetration of clean energy in the forecast period is also a major source of growth for the switchgear market in India. Low voltage switchgear dominated the overall India Switchgear market and also reflects the highest growth due to rapidly growing commercial and residential sectors. In medium voltage, AIS holds the major revenue share, however, gas insulated switchgear is expected to increase its market share in the forecast period.
The Northern region accounted for the largest revenue share in the country during 2015-16 followed by the Western region. Uttar Pradesh, Tamil Nadu and Haryana states dominated the market with around 53.82% market share in terms of power sector investments in 2016. During 2016-22, the Northern and Southern region are anticipated to witness highest growth rate.
Electrical switchgear is mainly defines the term which includes all the switching devices associated with mainly power system protection also including all devices associated with control metering and regulating of electrical power system.
Switchgear is playing an important role in a power system as it is directly linked to the reliability of electrical supply. Be careful that there isn’t any kind of malfunction in switchgear, because such things can cause problems to the system. A combination of water, dust, high humidity and vibrations can cause damage to switchgear. Nowadays there islittle advancement made in various technologies. Let us have a look on latest advancements made in electrical switchgear.
The recent installed capacity of Indian power sector is said to be 2,02,980 MW and by the year 2022 its proposed to add 200,000 MW more. Now the length of transmission is about 3,00,000 arc it kms with 4,25,000 MVA of transformation capacity and by the year 2022it will be added to 2,50,000 circuit kms with 6,00,000MVA of transformation lines. In our country, there is also a progress in construction work on 800 KV and DC lines.
Latest trends in Global LV and MV switchgear market
A good growth is demonstrated to be in the coming years in Switchgear market of Global LV(low voltage) andMV(Medium voltage).now let us have a look at the trends that will shape the dynamics of the global LV and MV switchgear market in the coming years.
i) The construction and industrial sector will be expanded to drive the market: distribution in the power, real estate, industrial infrastructure, construction and utilities sector is fueling the demand for LV and MV switchgears and safety measures in electrical transmission will be taken at rising demand.
ii) Benefitting the market, advent of smart grid technology will be taken: the advent of smart grid technology along with the accelerating trend of electrification in developing countries is expected to drive the global LV and MV switchgear market.
iii) Rising demand in renewable energy sector will be benefitting the players: the rising demand for integration of renewable energy sources in the power sector will continue to drive the demand for switchgears to ensure safety and protection of electric transmission and distribution networks.
iii) Providing good opportunities for companies by untapped emerging markets: The investing players are increasing in the global LV and MV in switchgear market in Asia pacific and Africa due to the escalating electrification in rural and urban areas in these regions.
iv) For suppression of the market, rise in price based competition: As a result of price based competition, there has been a negative impact by expansion of switchgear vendors.This trend also suppressesthe global LV and MV switchgear market till 2020.
v) Components to pose a threat to the market along with the counterfeit products: through the rising number of counterfeit switchgear products, the global LV and MV switchgear market will be suppressed.