India Electrical Equipment Market Analysis, Size, and Forecast 2025-2029

India Electrical Equipment Market Size 2025-2029

The India electrical equipment market size is forecast to increase by USD 95.31 billion, at a CAGR of 15.6% between 2024 and 2029.

• The Electrical Equipment Market in India is experiencing significant growth, driven by the increasing number of residential and commercial building projects worldwide. This trend is fueled by urbanization and infrastructure development, particularly in emerging economies. Additionally, the growth in cross-border electricity trading is expanding market opportunities for electrical equipment manufacturers. However, regulatory hurdles impact adoption, as stringent safety and environmental regulations necessitate costly compliance. However, the market faces challenges, including the threat from cyberattacks in the power generation industry and the need for modernization of the electric power grid and electrical meters.
• Companies must invest in robust cybersecurity measures to mitigate these risks and protect their market position. To capitalize on market opportunities and navigate challenges effectively, electrical equipment manufacturers must focus on innovation, regulatory compliance, and supply chain resilience. A significant challenge facing the market is the increasing threat from cyberattacks in the power generation industry. As the electrical grid becomes more digitized, the risk of cyberattacks targeting critical infrastructure increases. Batteries and accumulators are gaining popularity in India due to the increasing adoption of renewable energy sources and electric vehicles.

Major Market Trends & Insights

• Based on the Product, the Cables and wires segment led the market and was valued at USD 22.37 billion of the global revenue in 2022.
• Based on the Application, the transmission and distribution segment accounted for the largest market revenue share in 2022.

Market Size & Forecast

• Market Opportunities: USD 200.38 Million
• Future Opportunities: USD 95.30 Billion
• CAGR (2024-2029): 15.6%

What will be the size of the India Electrical Equipment Market during the forecast period?

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The global electrical system optimization market is undergoing a transformative shift, driven by the convergence of digital technologies and energy infrastructure demands. As utilities, industrial operators, and facility managers modernize their assets, there is growing emphasis on electrical infrastructure development, substation automation, and grid modernization projects. These efforts are complemented by increased deployment of smart meter deployment and integration of advanced power generation technologies, enabling more efficient and secure transmission and distribution networks. Evolving standards around electrical installation codes and the implementation of electrical safety training protocols further enhance system performance and operational integrity.

A key dimension of this market is the rising need for power system simulation and electrical network analysis. These tools support energy audit methodologies and power factor improvement strategies that are central to ensuring energy efficiency. Industrial users are increasingly focused on electrical system diagnostics, circuit protection devices, and the full electrical equipment lifecycle, which allows them to manage operational risk and asset performance effectively. As demand grows for electrical system upgrades and power cable installation, the role of electrical component reliability and high-voltage equipment maintenance becomes critical. This is particularly true in scenarios involving voltage regulation techniques and demand response programs, where real-time responsiveness and precision are paramount.

In terms of measurable progress, recent data shows that power factor improvement initiatives have contributed to a 22.6% increase in energy savings across industrial sites. Looking forward, the market is expected to grow by another 19.4%, propelled by expanded use of energy management systems, industrial motor drives, and power electronics converters in modern control architectures.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• Product
  • Cables and wires
  • Transmission lines
  • Transformers
  • Switchgears
  • Others
• Application
  • Transmission and distribution
  • Generation
• Distribution Channel
  • Direct sales
  • Distributors and dealers
  • Online platforms
  • Retail stores
• Geography
  • APAC
    • India

By Product Insights

The cables and wires segment is estimated to witness significant growth during the forecast period. The electrical equipment market encompasses various segments, including power electronics, fault protection, frequency control, power factor correction, and renewable energy, among others. The integration of smart grids and building management systems, driven by data analytics and standards compliance, is a significant trend. Power generation, infrastructure development, and demand response programs are also key areas of growth. In the context of renewable energy, distributed generation from solar and wind sources is gaining momentum. Industrial automation, energy efficiency, and predictive maintenance are crucial aspects of electrical infrastructure. Transmission and distribution networks require stringent voltage regulation and code requirements for safety and power quality.

Energy storage and management systems are essential components of modern electrical systems, ensuring uninterrupted power supply and optimizing energy usage. Safety regulations and regulatory compliance are paramount, with a focus on electrical safety, arc flash, and circuit breakers. Hydroelectric and wind energy are vital sources of clean power, contributing to the reduction of carbon emissions. The market is dynamic, with continuous advancements in technology and evolving industry needs. However, the market also presents significant opportunities for innovation and growth, particularly in the areas of renewable energy, energy efficiency, and smart grid technologies.

According to market findings, integration of distributed generation sources such as solar and wind has grown by 18.6%, reflecting a shift toward decentralized power solutions. This transition is supported by stricter voltage regulation codes and predictive maintenance systems enabled through industrial automation. Looking forward, the market is expected to grow by 23.1% due to the widespread adoption of building management systems and smart grid technologies aligned with sustainability goals.

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The Cables and wires segment was valued at USD 19.16 billion in 2019 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

The global high voltage direct current transmission lines market continues to evolve as utilities and infrastructure developers pursue more efficient long-distance electricity transmission. A central driver in this transformation is the implementation of smart grid technologies for improved reliability, enabling seamless integration of distributed generation into power grids. These innovations are redefining how utilities approach power system stability enhancement, electrical load management in buildings, and performance evaluation of electrical motor control systems. Additionally, advanced metering infrastructure implementation and real-time analysis of electrical power distribution network topology support improved monitoring and control across energy networks.

A key area of focus in this market involves optimization and cost-efficiency. For example, the cost benefit analysis of energy efficiency improvements has gained traction as industries seek more sustainable operations. Comparative performance data shows a 23.3% reduction in operational losses when optimal sizing of power transformers for industrial loads is employed versus traditional models. Meanwhile, maintenance strategies for high-voltage electrical equipment are being refined to ensure longer asset life and reduced downtime, while fault location isolation and service restoration solutions enhance response efficiency in case of grid failures. Similarly, application of power electronics in renewable energy systems and safety protocols for electrical equipment installation are driving adoption of newer designs in electrical system design for industrial applications.

Companies are also investing in evaluation of electrical grounding system effectiveness, power quality improvement techniques using capacitors, and the selection of appropriate protective relays for power systems. These efforts directly address the impact of harmonic distortion on electrical equipment and ensure long-term system reliability.

What are the key market drivers leading to the rise in the adoption of Electrical Equipment in India Industry?

• The construction market is continuously evolving as the demand for sustainable and energy-efficient building materials accelerates across commercial and residential sectors. With an increasing focus on eco-conscious architecture, the use of specialized glass materials for insulation, solar control, and structural aesthetics has become integral to modern construction practices. As urban development intensifies and green building certifications become standard, construction glass is increasingly favored for its functional and regulatory advantages in environmental performance.
• Recent data indicates that the market experienced an 11.3% increase in demand due to the surge in new building developments, with a further 17.5% growth expected as infrastructure modernization and smart city projects expand. This growth is propelled by innovations in laminated and tempered glass technologies designed to meet evolving energy codes and design specifications.
• The comparison between current demand growth at 11.3% and future expectations of 17.5% highlights the accelerating transition toward advanced materials adoption, driven by long-term construction cycles and policy shifts favoring sustainable materials.

What are the market trends shaping the Electrical Equipment in India Industry?

• Cross-border electricity trading is gaining significant momentum as the next market trend, driven by the increasing demand for grid resilience, energy diversification, and optimized load distribution. This evolving market enables the exchange of surplus electricity between regions, enhancing power security while balancing supply-demand fluctuations through interconnected grids. Its growing relevance stems from policy initiatives supporting energy cooperation and infrastructure modernization, particularly in power-deficient zones that benefit from integrated energy exchanges. The market continues to unfold as digital platforms and smart grid technologies advance trading efficiency and transparency, accelerating adoption across utility sectors.
• Recent figures highlight this progression: there has been a 9.4% increase in market participation tied to enhanced inter-regional power exchange infrastructure. In comparison, future expectations point toward a 15.7% rise in market growth, reflecting an expanding reliance on cross-border electricity flows to meet long-term decarbonization and sustainability goals. This contrast underscores the market's transformation, shaped by technological upgrades and cross-jurisdictional policy alignment.

What challenges does the Electrical Equipment in India Industry face during its growth?

• The global power generation market is continuously evolving as it integrates advanced digital systems and interconnected infrastructure, enabling more efficient and adaptive energy production. However, this progress has also exposed critical vulnerabilities, particularly in cybersecurity. The risk of cyberattacks targeting power generation assets has intensified, threatening system reliability and operational continuity. These attacks can lead to large-scale disruptions, necessitating increased investment in secure operational technologies and robust cyber defense protocols across utility networks. As digitalization accelerates, understanding how to safeguard critical infrastructure becomes a top priority for stakeholders across the energy sector.
• A recent analysis highlights that the current market is witnessing a 7.8% increase in risk mitigation initiatives focused on cybersecurity integration. In comparison, the industry is projected to grow by 13.2% in the coming years, driven largely by the need to secure digital assets while maintaining operational efficiency. This contrast reflects how security readiness is becoming a defining factor in shaping future market developments.

Exclusive Customer Landscape

The electrical equipment market in India forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the electrical equipment market in India report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, electrical equipment market in India forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

ABB Ltd. - This company specializes in the design and production of advanced electrical equipment for various applications.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ABB Ltd.
• ABC transformers Pvt. Ltd.
• Apar Industries Ltd.
• Bharat Bijlee Ltd
• Bharat Heavy Electricals Ltd.
• CG Power and Industrial Solutions Ltd.
• Finolex Cables Ltd.
• Fuji Electric Co. Ltd.
• GE Vernova Inc.
• Gupta Power Infrastructure Ltd.
• Havells India Ltd.
• KEI Industries Ltd.
• Kirloskar Electric Co. Ltd.
• Larsen and Toubro Ltd.
• Polycab India Ltd.
• RR Kabel
• Schneider Electric SE
• Shilchar Technologies Ltd.
• Siemens AG
• Star Delta Transformers Ltd.
• Toshiba Corp.
• Universal Cables Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Electrical Equipment Market In India

• In February 2023, Schneider Electric, a global leader in energy management and automation, launched its new EcoStruxure Power IoT-enabled solution for distribution networks, aiming to improve grid reliability and efficiency (Schneider Electric Press Release). This innovative offering combines hardware, software, and services to monitor, analyze, and act on electrical data in real-time.
• In June 2024, Siemens and Mitsubishi Electric Corporation announced a strategic partnership to collaborate on developing and marketing electrical equipment for the renewable energy sector (Siemens Press Release). The collaboration will focus on integrating Siemens' wind and solar inverters with Mitsubishi Electric's electrical balance of plant systems, creating a comprehensive solution for renewable energy projects.
• In October 2024, ABB secured a significant order from Saudi Aramco to supply electrical equipment for the Marjan Cogeneration Project in Saudi Arabia (ABB Press Release). The order includes power transformers, switchgear, and associated services, with a total value of over USD 100 million. This project is part of Saudi Aramco's efforts to increase its power generation capacity and reduce carbon emissions.
• In January 2025, the European Union passed the new Ecodesign Regulation for electrical equipment, setting stricter energy efficiency requirements (European Commission Press Release). This regulation will apply to various types of electrical equipment, including motors, transformers, and lighting products. Manufacturers will need to comply with these new standards by specific dates, starting from 2027. This initiative aims to reduce greenhouse gas emissions and save energy across the EU.

Research Analyst Overview

• The market continues to evolve with increasing emphasis on optimizing power distribution systems through advanced smart grid technologies and industrial automation systems. As demand-side management becomes central to efficiency strategies, sectors are investing heavily in electrical motor control, energy storage solutions, and power factor correction to stabilize operations and reduce losses. Electrical safety audits and adherence to electrical safety standards play a critical role in minimizing risks across low and medium voltage switchgear environments.
• Growing complexity in transformer design principles, fault current calculations, and harmonic distortion analysis highlights the importance of accurate power quality monitoring and electrical equipment testing. Insulation resistance testing and improved electrical insulation materials support long-term reliability, while circuit breaker technology and protective relay settings enhance power system protection. Recent analysis shows a 17.3% improvement in energy efficiency metrics due to advanced electrical load management techniques. The market is expected to grow by 21.5% as power system stability becomes more critical in high-voltage transmission and renewable energy integration.

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Electrical Equipment Market in India insights. See full methodology.

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What are the Key Data Covered in this Electrical Equipment Market in India Research and Growth Report?

• CAGR of the Electrical Equipment in India industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2025 and 2029
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across India
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the electrical equipment market in India growth of industry companies

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