PRZOOM - /newswire/ -
Mountain View, CA, United States, 2015/03/23 - New analysis from Frost & Sullivan, Indian Low Voltage (LV) Switchgear Market, finds that the market earned revenues of $929.7 million in 2014 and estimates this to reach $1,405.2 million in 2020 - Energy.Frost.com.
The study covers air circuit breakers, molded case circuit breakers, motor protection circuit breakers, changeover switches, contactors and relays, miniature circuit breakers, residual circuit devices, distribution boards, and switching devices.
“The Indian Government’s plans to expand and develop the T&D network and augment power capacity are expected to fuel the need for LV switchgears in the country,” said Frost & Sullivan Energy & Environmental Senior Research Analyst, Venkatesh Ganji. “Schemes such as Rajiv Gandhi Grameen Vidyutikaran Yojana and Restructured Accelerated Power Development and Reform Program that have been designed to encourage investments at the distribution level will be among the initiatives that will boost the demand for LV switchgears.”
On the downside, energy-intensive industries such as oil and gas, which have traditionally driven the primary demand for LV switchgears, are holding back future investments due to the weak macroeconomic environment, tightening liquidity, and a lack of policy reforms. These industries have adopted a wait-and-watch strategy, creating a lull in productivity and the demand for LV switchgears.
“With industry sentiments and overall economic conditions anticipated to improve by the middle of this year, the Indian LV switchgear market is likely to witness higher growth rates over the next five to six years,” noted Ganji. “Fast-paced reforms planned by the Government will play a pivotal role in getting the market back on track.”
LV switchgear manufacturers will still have to contend with increasing pricing pressures due to intense competition. The revenue-generating potential of market participants will suffer to some extent due to curtailed investments and the long approval process for utility and infrastructure projects.
To sustain themselves, LV switchgear manufacturers must adopt new strategies and introduce innovative products. They should also expand their distribution network and focus on modular devices, which are expected to witness strong adoption rates in the Indian market.
For more information on this study, please email Ravinder Kaur / Anita Chandhoke, Corporate Communications, at ravinder.kaur[.]frost.com / achandhoke[.]frost.com.
Indian Low Voltage (LV) Switchgear Market is part of the Energy & Power (energy.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Global Distribution Automation Market, Global Gas Storage Market, Global Solar Power Market, and Global Subsea Equipment Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Indian Low Voltage (LV) Switchgear Market / P807-14
Media Contact: Anita Chandhoke - Corporate Communications
C: +91 99161 33311 / P: +91 80 67028020 - E: achandhoke[.]frost.com.