LONDON--(BUSINESS WIRE)--#ElectricalEquipmentMarketinIndia--The electrical equipment market research in India from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the Increase in Number of Commercial Building Projects,� says a senior analyst for the Industrials industry at Technavio.

The number of infrastructural projects related to commercial and residential buildings is increasing in India, owing to factors such as population growth and support from government bodies. Growth in population also increases the need for residential and commercial spaces. The number of residential and commercial buildings is growing rapidly in cities such as Bengaluru and Gurugram. For instance, in November 2019, DLF Ltd., a commercial real estate developer in India, announced plans to invest USD 213 million over the next two years in the construction of over three million- square feet in office space in Gurugram, Haryana. These developments have increased the demand for electricity, which has been driving the need for power generation as well as transmission and distribution equipment in India. Consequently, the electrical equipment market growth in India has been substantial.

As the markets recover Technavio expects the electrical equipment market size in India to grow by USD 70.69 billion during the period 2020-2024.

Electrical Equipment Market in India Segment Highlights for 2020

• The electrical equipment market in India is expected to post a year-over-year growth rate of 13.15%.
• The power transmission and distribution network forms an integral part of the power sector, as it helps in distributing electricity to the final consumer.
• The power generated in power plants needs to be transported over long distances to load centers, from where it is distributed to the end consumers using transmission lines and towers.
• Although India has adequate power generation capacity, still a substantial proportion of the population has limited access to electricity, mainly because of the lack of proper transmission and distribution infrastructure.
• Significant investments in the distribution sector by the government will drive the demand for transmission and distribution equipment, which will fuel the electrical equipment market growth over the forecast period.
• The growth of the electrical equipment market share in India by the transmission and distribution segment will be slower than the growth of the market by the generation segment.

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Notes:

• The electrical equipment market size 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 Product (Cables, Switchgears, Boilers, Transformers, Transmission lines, and Others).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers 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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