April to March 2023

Industry Production (Estimated) for 2022-23: INR 2,50,000 crores (Approx. USD 30 Billion) to update

Exports: INR 94,169 crores (approx. 11.1 USD Billion)
Imports: INR 1,01,181(approx. US$ 11.9 Billion)
Industry represents 45% in Capital Goods sector, 6.8% in Total Manufacturing and 1% in GDP in India

Status of Power Equipment Industry growth in FY2022-23

In FY22-23, industry has clocked consistent double digit growth of 13% on Y-o-Y basis over FY21-22

Demand for Transmission equipment covering Transmission line towers has shown decline at HV side; at the same Exports have grown.
Conductors has shown surge in supply to > 40% due to pick up in Export orders also.
Insulators have shown stagnancy; however, porcelain is showing marginal growth but polymer showing declining trend
Surge Arrester showing a declining trend of about 14% & 24% for Polymer and Porcelain type due to sluggishness in offtake from domestic CPSUs & exports

Decline in High voltage switchgears is mainly from HV & EHV segment whereas MV both AIS & GIS showing positive growth, mostly from domestic demand coming from state utilities and CPSUs for increasing the sub-station network.
Power and Distribution Transformers have shown consistent 14% & 21% growth due to renewed demand domestically
LV and MV Power Cables are witnessing a growth of over 20% due to offtake in domestic demand with support of increased export orders. LD / HW Cables showing over 20% jump in demand due to pick up in real estate sector
HT Capacitors production has jumped by 30% due to surge in domestic demand. LT Capacitor have however decline by about 20% due to reduction in domestic & export orders

Energy Meters demand especially for Smart & prepaid meters is improving substantially due to increased domestic orders and exports
Low Voltage switchgear overall has continued its growth trend from last year registering 7% growth due to sustained demand from Realty, Infrastructure & other manufacturing industries as well as exports. However LV control & protecting devices shown declining trend
Similarly, rotating machines segment also shown growth of 6%; mainly due to effect of policy change of replacing old inefficient motors with minimum IE2 standard high efficient motors. Core sectors like Cement, Steel, Water etc. are major drivers for the same.

Overall Exports have increased by 30% last year. Major products exported – Rotating Machines, Power Electronics, Switchgear & Panels, Transformers, Cable & TLT Exporting Countries – USA, UAE, Germany, UK, Bangladesh
Imports have also increased by 24% *in last year especially for Power Electronics, Transformers & parts, LV and HV Cables, LV & HV Custom built products, Rerating Machines etc
China still accounts for about 37% share in Imports followed by Germany and Japan

overall Exports have increased by 25% last year (13% CAGR over past 5 years), Major products exported – Rotating Machines, Power Electronics, Switchgear & Panels, Transformers, Cable & TLT Exporting Countries – USA, UAE, Germany, UK, Bangladesh
Imports have also surged by 28% (8% CAGR over past 5 years) especially for Transformers & parts, LV and HV Cables, LV & HV Custom built products like Control panels, MCC, PCC, rotating machines & parts, Insulating fittings etc.
China still accounts for more than 37% share in Imports increased from 35% followed by Germany and Japan.