Published: July 2022 | Report Code: 12434 | Available Format: PDF | Pages: 111
The India stabilizers market size was $676.2 million in 2021, and it is expected to generate $1,359.8 million by 2030, advancing with a CAGR of 8.1% during 2021–2030. This can be attributed to the government's increasing focus on smart city development and investments under the Make in India and Invest India initiatives. Furthermore, the rise in the sales of electrical appliances, such as ACs, refrigerators, and TVs, drives the market growth.
Servo-controlled stabilizers will witness the highest CAGR, of over 8%, during the forecast period. This will be due to the rising consumer awareness about appliance rating structures, several advantages of higher-rating products, and the high reliability, durability, and better correction speed of such variants. Moreover, their usage in both residential and industrial places to provide a constant voltage supply, to protect fragile equipment, will drive the stabilizers market in the country in the coming years.
The demand for consumer appliances, such as ACs, TVs, and refrigerators, has increased in recent years, especially post the COVID-19 pandemic, as people continue working remotely from their homes. This has resulted in a significant increase in the average ticket size of sales for comfort home products. For instance, the demand for split ACs in tier-II cities and towns is 12% higher than in tier-I cities. Additionally, premium products, such as larger-screen TVs, better-capacity refrigerators, washing machines, and IoT- and AI-enabled products, are in a strong demand in the smaller tier-II cities.
People in tier-II, -III, and -IV cities largely depend on e-commerce platforms for purchasing such products; 60% of the online orders are received by major e-commerce players, such as Amazon, Flipkart, and Snapdeal, from tier-II cities. Thus, the increase in consumer appliance sales would eventually result in a high demand for stabilizers across these cities, as the sales of stabilizers directly correlate with those of consumer appliances.
Residential stabilizers accounted for the largest revenue share, of approximately 40%, in 2021, and this category is set to maintain its lead during 2021–2030. This can be attributed to the strong need for stabilizing the voltage alterations in the power supply of high-rise residential buildings and even for the variety of electrical appliances in individual homes.
Moreover, the packaging industry will witness significant growth during the forecast period. This can be ascribed to the vast number of stabilizers installed in the packaging and supply chain industry to operate various machines, such as conveyor belts, wrapping machinery, and coding and marking systems.
Market Size in 2021
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Controller Type; By Cabinet Type; By Phase Type; By End User; By Application; By State
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Mainline stabilizers held the largest market share in 2021, and this category is expected to maintain its dominant position during the forecast period. This is because different stabilizers for different appliances are not required if a mainline stabilizer is used, as it stabilizes the power supply at the initial point, thus reducing the purchase and maintenance costs for owners.
Moreover, AC stabilizers will witness the fastest growth during 2021–2030, owing to the high sales of ACs, which need to be protected from voltage fluctuations, for optimum and energy-efficient operations.
The Make in India and Invest India initiatives were created to transform the country into a global design and manufacturing hub for around 27 sectors. The Indian government is making constant efforts to find potential investors for the execution of Make in India action plans. Moreover, the idea is to strengthen international cooperation by endorsing FDIs and ease of doing business in the country.
For this, the government has devised various schemes for encouraging overseas and domestic companies to set up their manufacturing as well as research and development facilities in India, such as the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, and Modified Electronics Manufacturing Clusters Scheme (EMC 2.0). Such initiatives are not only increasing the production of stabilizers in the country, but also driving their sales to various industries.
Uttar Pradesh will be the fastest-growing state in the market during the forecast period, with a CAGR of over 9%. This growth can be attributed to the increasing number of electricity connections in the state, especially in villages, where the power supply fluctuates. Additionally, the rising demand for consumer appliances from tier-II, -III, and -IV cities, along with the technological advancements, will propel the overall stabilizers market.
Tamil Nadu held the largest revenue share in the market due to the large number of local manufacturers, high incidence of power supply fluctuations in the state, its huge population, and massive count of all kinds of buildings, including houses, factories, and commercial spaces.
The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Controller Type
Based on Cabinet Type
Based on Phase Type
Based on End User
Based on Application
The stabilizers market in India is segmented by controller type, cabinet type, phase type, application, end user, and state.
In 2030, the India stabilizers industry will value $1,359.8 million.
The growing consumer appliance sales in tier-II, III, and IV cities are the key trend in the stabilizers market of India.
The government’s manufacturing-related initiatives are driving the construction of factories, thus propelling the India stabilizers industry.
Tamil Nadu generates the highest revenue in the stabilizers market of India.
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