Piyush Garg, Director, Balaji Switchgears
“Switchgear market is now being termed as an FMEG market”
Piyush Garg, Director, Balaji Switchgears discusses what makes the switchgear industry click and how switchgears’ market has now been technically advanced to compete with the best in the world.
Electrifying all domains
The power and the energy sector, the backbone of India’s economy infrastructure since last five years, have seen huge investment pumping up. Considering both micro and macro factors, this market has seen an unexpected growth rate. Also, this is a sustainable growth as demand for power is ever on the increase from all domains and the paradigm shift of all industries towards having a better electrical infrastructure is yet to grow further.
As the demand for energy is ever increasing, every industry, transportation, logistics, etc. now wants to be linked to electricity, and this demand is set to increase in future. Government’s target and vision to electrify all villages by 2020 would also boost the power sector to have a better demand rate in turn boosting a linear growth.
Weaning away from fossil fuels
The recent shift of focus towards e-mobility is something that shall be a game-changer for years to come. As known to all of us, that because of global steady shift from fossil fuels to electrical vehicle, demand for electricity is increasing and in such cases, more players from automotive sectors would be needing electricity as their primary resource. Also, for masses, electrical charging stations would be widely installed by the next decade, which means breathing more life into this sector.
Switchgear’s contribution towards Indian power sector
Switchgear market is growing by a minimum CAGR of 20 per cent, which is the result of increasing power demand. Hence, switchgear industry plays a vital role in India’s power sector, thus, contributing extensively towards Indian economy. Also, this market is now gradually being termed as an FMEG (fast moving electrical goods) market, which has a regular requirement from all the users. Every domestic household is getting vigilant and aware about the use of innovative technology at their respective places.
Indian switchgears capable of competing with the best with the world
Indeed, India is now a market, which is completely technically advanced. All the global switchgear giants now have their main manufacturing base in India, which means the reliability of “Made in India” products are extreme. It’s a matter of fact and pride that these manufacturers are not only making switchgears in India, but also importing to all the economies from here. Thus, it is now a full-fledged export oriented market.
Significant and emerging trends in the switchgear industry
E-Mobility and communication compatible products configuring to Industry 4.0 is the latest emerging trend for this industry. Today, even a domestic user wants to monitor all his data on his screen, as the awareness towards conserving the energy and making data visible is essential for all. Also, in future, India’s automotive market is expected to shift by at least 50 per cent towards electrical vehicles, which would create a huge potential for all to grow and emerge.