India Gas Insulated Switchgear Market: Current Analysis and Forecast (2024-2032)

Report Description

India Gas Insulated Switchgear Market Size & Forecast

The India gas-insulated switchgear market was valued at USD 2 Billion in 2023 and is expected to grow at a strong CAGR of around 6.5% during the forecast period (2024-2032). India’s gas-insulated switchgear (GIS) market is constantly growing driven by rapid urbanization, the expansion of the power sector, and the increasing demand for reliable and compact power infrastructure. Moreover, the compact design of GIS makes it ideal for space-constrained areas. Recent advancements that have been observed in the market are enhancements in the GIS system such as the incorporation of an automated digital tracking system to improve performance and foretell regular maintenance. Also, the recent schemes and policies such as the Smart Cities Mission along with the drive towards integration of renewable energy sources have added more fire to the already used GIS.

India Gas Insulated Switchgear Market Analysis

The major trends to boost this market can be targeted to the government’s strategies to upgrade the power distribution grid and its reliability. Other opportunities include continued electrification activities in the rural regions and expansion of the existing infrastructure, most of which are massive opportunities for GIS. Besides, the escalating funding in renewable power plants, especially solar and wind, from both public and private funds contributes towards calling for sophisticated switchgear for efficient power transmission and distribution. For now, the indicators have pointed out the fact that the Indian GIS market enjoys favorable government policies technological evolutions, and the unceasing growth of the Indian power industry

India Gas Insulated Switchgear Market Trends

Power Sector Reforms: The Indian government has lately initiated the following reforms aimed at restructuring the power sector in the country; The Pradhan Mantri Sahaj Bijli Har Ghar Yojana also known as Saubhagya is one of the flagship schemes of the government of India aimed at providing electricity to all households of the country by the end of the year 2018. They concern themselves with such areas as electrification and distribution which are areas that can facilitate the use of GIS.

Renewable Energy Integration: Therefore, India’s plan to achieve 500 GW of renewable power by 2030 requires sophisticated GIS solutions in power distribution and renewables integration for solar and wind power generation projects.

National Infrastructure Pipeline (NIP): It seeks to improve overall capacity, especially in areas that concern power and transportation. Current development in the power industry is revealing the need to enhance GIS technology, and this is well captured by the NIP which is already tightening up the power infrastructure.

West India is Expected to Grow with Significant CAGR During Forecast Period

West India holds a significant share of the Indian gas-insulated switchgear market. This is mainly due to the large industrial population, high rates of industrialization, and immense development of infrastructural facilities in this area. Maharashtra along with Gujarat, and especially the states concentrated in the western part of India, are industrial zones with numerous manufacturing facilities, large commercial complexes and business houses, and a well-developed power sector, all of which contribute to large power demands and the need to transform their grid infrastructure through advanced sophisticated GIS applications. Furthermore, the western states’ power has a major port and logistics distribution network hence requiring efficient and minimal space switchgear solutions for the power distribution.

India Gas-Insulated Switchgear Industry Overview

The India Gas Insulated Switchgear market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include General Electric Company, Hitachi Energy India, Schneider SE, Powell Industries, Eaton Corporation, ABB India Ltd., Mitsubishi Electric India Pvt. Ltd, BHEL, Toshiba Transmission & Distribution Systems (India) Pvt. Ltd., Mitsubishi Electric India Pvt. Ltd.

India Gas Insulated Switchgear Market News

In 2023, ABB India launched eco-efficient switchgear PrimeGear™ ZX0, with SF6-free alternatives for applications up to 12 kV reducing the global warming potential by 100%

In 2023, Toshiba Transmission & Distribution Systems (India) Private Limited (TTDI received orders for 23 units of 400kV and 9 units of 220kV Gas Insulated Switchgear (GIS) for the development and enhancement of power transmission and distribution networks to the new 2X500MVA substation at Xeldem in Goa and pooling substations of solar and wind renewable project at Alamuru and Kodamuru at 400kV voltage levels

 India Gas Insulated Switchgear Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the India Gas Insulated Switchgear Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India gas-insulated switchgear market were the three major steps undertaken to create and analyze the adoption of India gas-insulated switchgear in major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India gas insulated switchgear market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the India gas insulated switchgear market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India gas insulated switchgear market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as voltage, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India gas-insulated switchgear market. Further, we conducted factor analysis using dependent and independent variables such as the voltage, and application of the India gas-insulated switchgear market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in India gas-insulated switchgear market sector across the country

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India gas insulated switchgear market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the India gas insulated switchgear market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the India gas insulated switchgear market regarding products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India gas-insulated switchgear market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the voltage, and application in the India gas-insulated switchgear market.

The main objective of the India Gas Insulated Switchgear Market Study

The current & future market trends of the India gas insulated switchgear market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India gas insulated switchgear market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of voltage and application.
• Define and analyze the regulatory framework for the India gas-insulated switchgear
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the India gas insulated switchgear market for the major region.
• Major regions in India studied in the report include North India, South India, East India, and West India.
• Company profile of the India gas insulated switchgear market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional-level analysis of the industry

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