April to Sept 2020-22

The Indian electrical industry has rebounded by registering a 33% growth in the first half year of 2021-22 over low base of the same period of previous year 2020-21; a period affected due to lockdown. However, the industry is still lagging behind by about 3.2% in terms of overall production/sales as compared to the normal /pre-covid period of first half of FY2019-2020.

2nd Quarter of this financial year 2021-22, clocked a growth of 22.4% over 2nd Quarter of last year and 14.5% growth over 1st Quarter of current year i.e. Q-O-Q basis.

The above data is based on production/ sales data collected from member organizations, which represent over 90 percent of the entire electrical equipment installed in India coupled with detail analysis non-member segment.

Salient observations are as under.

Transmission equipment covering Transmission line towers and Conductors are still on a moderate growth level of just 8% over last year whereas overall Insulators and Surge Arrester showing a growth of 29% and 39% respectively in first half year due to pick up in off-take from major utilities and CPSUs like PGCIL
Sub-station equipment:
  1. Growth in High voltage switchgears of 95% is mainly from HV & EHV GIS and MV AIS segment; mostly from domestic demand coming from state utilities and CPSUs for increasing the sub-station network.
  2. Growth of over 104% and 11.6% in LT Power Capacitors and Power Transformer is attributed to high growth in Exports whereas HT Capacitors showing a decline of 8.5% due to subdued domestic demand.
  3. Power and Control Cables are witnessing a growth of about 30% due to renewed domestic demand with support of increased export orders.
Distribution equipment:
  1. Energy Meters demand especially for Smart prepaid meters is coming back in this year due to increased export orders and some order finalizations showing a growth of 44% over a very low base of previous year; however, this demand is still down by over 46% as compared to pre-covid period
  2. Low Voltage switchgear has continued its growth trend from last year registering 62% growth due to sustained demand from Realty, Infrastructure & other manufacturing industries.
  3. Similarly, rotating machines segment also riding high on growth of 76%; 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.
Though overall Exports have increased by 30%, Imports have also surged by 46% 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 36% share in Imports which is grown by 50% in the first half year compared to same period of previous year followed by Germany (9% share & 46% increase) and Japan (7% share & 88% increase).

Power generation is expected to pick up at faster pace especially Renewable Energy which has surpassed 150 GW mark registering 40% share in overall installed capacity. Associated Transmission & Sub-Station completion program is also expected to increase further especially for HVDC and 765 KV level. Government has also embarked upon Restructured Distribution strengthening scheme of Rs. 3.03 Lakh crs.to be spent over 5 years.

The above coupled with new business opportunities in the space of E-mobility, charging infrastructure, Green Hydrogen etc. are expected to boost the demand for electrical equipment.

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