Government schemes to expand the T&D network
A new analysis from Frost & Sullivan, Indian Low Voltage (LV) Switchgear Market, finds that the Indian Low Voltage (LV) switchgear market earned revenues of $929.7 million in 2014 and estimates this to reach $1,405.2 million in 2020.
´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. Fast-paced reforms planned by the Government to expand and develop the T&D network and augment power capacity are also expected to play a pivotal role in getting the market back on track,´ Venkatesh Ganji, Senior Research Analyst, Frost & Sullivan Energy & Environmental noted.
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 and adopted a wait-and-watch strategy, creating a lull in productivity and the demand for LV switchgears.