DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/v22n99/electrical) has announced the addition of the "Electrical Equipment Market in India 2014-2018" report to their offering.
The analysts forecast the Electrical Equipment market in India to grow at a CAGR of 13.38 percent over the period 2013-2018. One of the key factors contributing to this market growth is the growth in the Power industry in India. The Electrical Equipment market in India has also been witnessing upgradation of technology used in electrical equipment. However, the lack of adequate testing facilities of electric equipment could pose a challenge to the growth of this market.
The key vendors dominating this market space are ABB Ltd., Bharat Heavy Electricals Ltd., Crompton Greaves Ltd., and Siemens AG.
Other vendors mentioned in the report are ALSTOM India Limited., EMCO Limited., Havells India, and Techno Electric & Engineering Co., Ltd.
Commenting on the report, an analyst from the team said: The electrical equipment manufacturers in India are upgrading the existing technologies to give a competitive edge to electrical equipment manufactured in India and help them compete in the Global Electrical Equipment market. Equipment manufacturers are introducing innovative technologies to transmission equipment and, also, coming up with new transformers and generators, which promise better services. Thus, the implementation of new technology is expected to increase the growth of the Electrical Equipment market in India by enabling local players to compete in the Global Electrical Equipment market.
According to the report, one of the major drivers for the market is the growing Power industry in India. The demand for power has led to an increased demand for transformers and switchgears, which in turn has increased the growth of the Electrical Equipment market in India.
Further, the report states that a key challenge faced by the market is the lack of adequate testing facilities for electrical equipment. Vendors need to send their equipment to foreign countries for testing, which is expensive and thus has an effect on the price of the equipment.
For more information visit http://www.researchandmarkets.com/research/v22n99/electrical
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