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This research service analyzes the Indian LV switchgear market for the calendar year 2016 and uses insights from manufacturers, channel partners, and end users to identify drivers and restraints for the market for the next 5 years. The study further looks at product-wise segments of the market and their individual performance. Further, it describes trends by end users and identifies market opportunities for the future. Increased government spending on infrastructure projects and emerging new segments (renewable and metro rail) are expected to drive the demand for LV switchgear products. Investing in developing R&D capabilities and moving toward a solution provider rather than simply selling products (especially for industrial and infrastructure customers) will lead to increase in sales and increase market share. Market Drivers: • Increased government spending on infrastructure projects • Emerging segments such as renewable and metro rail to have significant demand • Revival of manufacturing segment driven by policy initiatives such as “Make in India”Market Restraints: • Increasing pricing pressure due to high competition • Weak domestic investment cycle is causing delay of the economic recovery • Uncertainty and slowness in pace of reforms for power sector Market Outlook: • Renewable energy (solar and wind), infrastructure projects (metro, airports, and ports), and smart cities are the emerging segments and will drive the LV switchgear demand over the next 8-10 years. • With increasing competition from new and unorganized suppliers, established MNCs are finding it difficult to sustain the margins; this might result in the market consolidation where MNCs might exit the non-core LV switchgear business. Strategic Imperatives for Success and Growth: • To sustain the growth in the highly competitive market, expanding and enhancing the distribution network will be very critical for the suppliers. • Investing in developing R&D capabilities and moving toward a solution provider rather than simply selling products (especially for industrial and infrastructure customers) will lead to increase in sales and increase market share. • Collaborate with leading project owners and EPC contractors and consultants who influence the decision making at customer’s end. Engage in consultative selling, by educating the customer about the benefits of the products (safety features, value-added features, and reliability). • Wider product range to meet the requirements of all types of end users, i.e., products with rich features and aesthetics for high-end commercial customers and economic products with basic features for utilities and low-end residential customers. • Evaluate and customize the sales strategy for customer segments. Participate both in project sales and retail sales. Project sales will aid penetration into large industries, utilities, and infrastructure, whereas retail sales will help selling into residential and commercial segments.
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