Power generation, transmission, and distribution are essential to the function of any country, and with India’s size and population, getting electricity to where it’s needed involves a significant amount of infrastructure. While the country has sufficient power generation capacity, it still lacks adequate transmission and distribution infrastructure for a substantial portion of the population. Demand in India’s electrical equipment industry is therefore high as the country works to ensure its citizens have access to power.
There is a major market for electrical equipment in India, with the industry expected to grow by over $70 billion by 2024 at a CAGR of more than 16%. More than a third of this growth will come from the cables segment, with other equipment such as switchgears, boilers, transformers, and transmission lines making up the rest of the market. As the country’s population continues to grow and residential and commercial business projects continue to be built, demand in the electrical equipment industry will rise further.
Top electrical equipment manufacturers in India
The electrical equipment industry in India consists of a mix of multinational corporations and India-based organizations, with both playing key roles in the industry. Here are the top players in the Indian market.
With more than 130 years in business, ABB is an industry leader in engineering with over 110,000 workers in more than 100 countries. The company’s business areas include electrification, industrial automation, motion, and robotics and discrete automation.
ABB’s electrification offerings include a range of products, digital solutions, and services, including innovations for EV infrastructure, solar inverters, modular substations, distribution automation, and much more. It provides product solutions and technologies for mechanical power transmission, and power generation solutions for plants and fleets.
Bharat Heavy Electricals
With roots tracing back to India’s independence and its need to build country-wide infrastructure for industrial growth, Bharah Heavy Electricals (BHEL) was incorporated in 1964 to set up and manage three heavy electrical equipment manufacturing plants. Today, BHEL is a leading power equipment manufacturer with 16 manufacturing units, 4 regional offices, and over 150 project sites in India and around the world. The company operates in the power, transmission, transportation, renewables, water, aerospace and defense, oil and gas, and industrial sectors.
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CG Power and Industrial Solutions
Established in India in 1937, CG has grown into a $2 billion engineering conglomerate, acquiring companies from around the world to extend its reach to new markets. CG provides power and industrial equipment and solutions in India and globally, with manufacturing facilities in nine countries across Asia, Europe, and North America and 8000 employees worldwide.
EMCO was founded in 1964 and has become one of India’s leading providers of power generation, transmission, and distribution products and solutions. The company supplies customers across India and in over 50 countries worldwide, and is focusing on expanding its global presence. Its products and solutions include transformers, energy metering systems, substations, and transition towers and lines.
Fuji Electric operates in the areas of power electronics systems, electronic devices, power generation, and food and beverage distribution. It supports electricity infrastructure through design, manufacturing, on-site installation, and more. The company’s Indian subsidiary was established in 2009 and its business portfolios are Power and Social Infrastructure, Industrial Infrastructure, Power Electronics, and Electronic Devices. The company provides a range of products that include AC drives, motion controllers, semiconductors, condition monitoring systems, and more.
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Larsen & Toubro
With manufacturing facilities in India and several other countries around the world, Larsen & Toubro is a technology, engineering, construction, manufacturing, and financial services conglomerate. The company operates in the areas of hydrocarbon, infrastructure, power, process industries, and defence, serving customers in more than 30 countries globally.
Founded in 1836 and headquartered in France, Schneider Electric develops energy and automation digital solutions to customers around the world. The company uses energy technologies, automation, software, and services to support homes, buildings, data centers, infrastructure, and industries. Its EcoStruxure architecture and platform is IoT-enabled, open, and interoperable, with applications in power distribution, grids, IT, plants, and more.
With 385,000 employees and €87 billion in revenue in 2019, Siemens is a global industry leader in the areas of electrification, automation, and digitalization. The company supplies systems for power generation and transmission, medical diagnosis, and infrastructure and industry. Siemens is spinning off its global energy business, Siemens Energy, to operate independently with a portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries. Siemens has 22 factories and 11 R&D centers in India, providing technology solutions for smart sustainable cities, smart grids, buildings, mobility, and power distribution.
TD Power Systems
Incorporated in 1999 with headquarters in India, TDPS is a leading manufacturer of AC generators for steam, gas, and hydro turbines; diesel engines; and gas and wind turbines. It also produces special application generators for geothermal and solar thermal applications. The company has services partners in 19 countries around the world, and its generators are used in 72 countries globally.
Toshiba Energy Systems & Solutions
Established in 2017 as a spin-off company from Toshiba Corporation, Toshiba Energy develops, manufactures, and sells energy business products, systems, and services. The company is part of a joint venture with India’s JSW Group known as Toshiba JSW Power Systems, providing solutions and services for thermal power plant engineering, manufacturing, procurement, and construction. Toshiba JSW manufactures steam turbines and generators in India.
Learn more about the electrical equipment industry in India, including insights such as:
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive electrical equipment market growth in India during the next five years
- Precise estimation of the electrical equipment market size in India and its contribution to the parent market
- In-depth predictions on upcoming trends and changes in consumer behavior
- The growth of the electrical equipment industry in India
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electrical equipment market vendors in India
Discover opportunities, challenges, and trends in the Indian electrical equipment industry with Technavio’s market research report. Try a free sample today!