The leading global technology research and advisory company, Technavio, which has been monitoring the electrical equipment market in India, pointed out a few months back that the market here is poised to grow by USD 70.69 bn during 2020-2024, progressing at a CAGR of 16% during the forecast period. As the prolonged lockdown period has slowed down the accelerated growth trend of the global power industry, to what extent the figures will change that falls under wait-and-watch category. However, one thing is sure as far as development of new technologies and delivering new and highly efficient equipment is concerned, COVID 19 could not discourage the spirit – and that presents a good light of hope that in the post-COVID 19 scenario the industry will do well.
The Technavio report stated that the Indian market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., Fuji Electric Co. Ltd., Larsen & Toubro Ltd., Schneider Electric SE, Siemens AG, TD Power Systems Pvt. Ltd., and Toshiba Energy Systems & Solutions Corp. are some of the major market participants here. According to Technavio, to make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Exactly that is happening now. It is praiseworthy that the infestation of COVID 19 has literally failed to limit the indomitable spirit of the Indian electrical equipment manufacturers. It gives me immense pleasure to think that it is not only the big companies, but also the small manufacturers are now coming out with exciting, unique and indigenous products.
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