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27 Mar, 2023, 15:25 IST

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The sharp increase in CAPEX projects moving into the implementation phase is a major driver for the LV switchgear market, says Frost & Sullivan

MUMBAI, India, March 27, 2023 /PRNewswire/ -- The Indian low-voltage (LV) switchgear market made a strong recovery in CY2021 due to the pent-up demand from COVID-19 and an average 15% increase in the LV switchgear price. Frost & Sullivan's recent report, Indian LV Switchgear Market Analysis CY2022–CY2027, finds that the industry maintained similar growth momentum in CY2022 due to an increase in investments across key end-user segments such as industries, infrastructure, utilities, commercial, and residential. The investment boost is largely due to ongoing government schemes, such as "Make in India," "Affordable Housing," and "Digital India."

As per Frost & Sullivan's report, the LV switchgear market, which was approximately INR 12,000 Crores in CY2022, is expected to grow at a CAGR of more than 5% over the next five years.

For further information on this analysis, please visit: https://frost.ly/60o

Shoeb Momin, Senior Consultant, Energy & Environment, Frost & Sullivan, said, "The LV switchgear in India is increasingly turning intelligent or smart, which allows for predictive maintenance. This helps gain process visibility, provides real-time data, and considerably reduces failures and downtime. What has also come to the fore is that innovation in LV switchgear is primarily in terms of aesthetics and enhanced features (e.g., improving serviceability) rather than a drastic technological change in product."

Some of the notable insights are:

Indian LV Switchgear Market Outlook CY2022–CY2027 is the latest addition to Frost & Sullivan's Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion.

Indian LV Switchgear Analysis CY2022–CY2027

Contact:

Aishwarya Nair

Corporate Communications

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https://www.frost.com/

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SOURCE Frost & Sullivan