Sector Snapshot · Electrical Equipment

India's Electrical Equipment Market Is Set to More Than Double

A fast-read primer on India's electrical equipment sector — the backdrop against which we benchmark every company's cost structure in this category.

US$125 bn

Electrical equipment market size by 2027

11.68%

CAGR, 2022-2027

US$76.24 bn

Incremental market growth, FY24-FY28

US$20.44 bn

Electrical materials market size, 2025

100%

FDI allowed under automatic route

Market Size Is Set to More Than Double

The electrical equipment and materials markets are both on steep growth trajectories.

Electrical Equipment Market (US$ bn)

2022 → 2027 forecast

$52.98bn

2022

$125bn

2027F

Electrical Materials Market (US$ bn)

2025 → 2034 forecast

$20.44bn

2025

$29.39bn

2034F

What's Pushing the Sector Forward

Robust demand, a liberal policy regime, and continued investment define the sector.

Robust Demand

Market to grow at 11.68% CAGR through 2027
Incremental growth of US$76.24bn expected between FY24 and FY28

Policy Support

No industrial licensing; 100% FDI under automatic route (except land-border nations)
Unrestricted technology transfer payments

Investment

National Capital Goods Policy targets 20% manufacturing share by 2025
Capital Goods Competitiveness Scheme Phase-II carries a Rs1,207cr outlay

Recent Developments

A sample of the industry-wide and policy moves shaping the sector through early 2026.

→ India's electrical equipment market is projected to grow from US$52.98bn (2022) to US$125bn by 2027.
→ India's electrical materials market, valued at US$20.44bn in 2025, is projected to reach US$29.39bn by 2034.
→ The capital goods segment recorded 8.1% YoY growth, reflecting improved investment activity.
→ India's telecom instrument exports rose 36.24% YoY to US$30.99bn in FY26 (Apr-Feb).
→ Capital goods sector production surged from US$27.2bn (CY15) to US$50.7bn (CY24).
→ Electrical equipment remains the largest sub-sector within capital goods, ahead of plant equipment and mining machinery.

Companies We Benchmark in This Sector

Listed Indian Electrical Equipment companies in tDoBe's cost-benchmarking coverage.

ABB

BHEL

Hitachi Energy

CG Power & Ind

Siemens

Siemens Energy India

GE Vernova T&D

Waaree Energies

Suzlon Energy

Apar Industries

Thermax

Premier Energies

Schneider Electric

Emmvee Photovoltaic

Triveni Turbine

TD Power Systems

MTAR Technologies

Diamond Power

See How These Companies Compare on Cost

The numbers above set the stage. Our Report translates it into a company-by-company cost benchmark — down to the category — so you can see exactly where a business sits against its peers.

Explore the Electrical Equipment Report