India Stabilizers Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

India Stabilizers Market Analysis

The India stabilizers market generated revenue of USD 784.8 million in 2023, which is expected to witness a CAGR of 8.5% during 2024–2030, to reach USD 1,377.7 million by 2030. This can be attributed to the government's increasing focus on smart city development and investments under the Invest India and Make in India initiatives. Furthermore, the rise in the sales of electrical appliances, such as ACs, refrigerators, and TVs, drives the market growth.

The development of smart cities would lead to the high adoption of digital technologies, thus fueling the demand for electricity to operate electronic devices, such as sensors and cameras. This will increase the demand for stabilizers so that the critical electrical and electronic devices are not harmed in case there is an electricity fluctuation.

India Stabilizers Market Trends & Drivers

Rising Technological Advancements

• Companies operating in the market are largely involved in research and development activities. For instance, V-Guard is involved in the R&D of Wi-Fi-enabled stabilizers with geo-fencing and energy monitoring.
• Additionally, in September 2021, ZunVolt, a Gurugram-based energy backup startup, launched a digital voltage stabilizer with advanced microcontroller-based design circuitry, which corrects the voltage much faster and at a more-accurate level than conventional/IC circuitry, ensuring a highly reliable and regulated output voltage supply.
• Furthermore, companies are working on IoT-based automated stabilizers as they can be used for a variety of efficient services and smart networking, applications, or devices. The use of automatic voltage regulators in India is expected to expand in the coming years as the use of the IoT technology grows. Thus, technological advancements are a key trend in the market.

Increasing Demand for Electronic Products across Smaller Cities

• The demand for consumer appliances, including 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 sales value of home comfort 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 washing machines, big-screen TVs, high-capacity refrigerators, IoT- and AI-enabled products, are in a strong demand in smaller cities.
• People in non-metro 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 Flipkart, Amazon, 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.

Government Investments in Manufacturing Sector Are Driving Market

• The Invest India and Make in 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 these domestic manufacturing 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 R&D facilities in India, such as the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Clusters Scheme (EMC 2.0), and Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing.
• Such initiatives are not only increasing the production of stabilizers in the country, but also driving their sales to various industries.

Emergence of Stabilizer-Free Appliances

• The stabilizer-free operation of an appliance ensures that buyers do not spend extra money on buying separate stabilizers for their appliances. This is made possible by a special type of compressor, which can operate at voltages as low as 135 V and as high as 290 V and has a cut-off switch in case the voltage is higher or lower than 290 V or 135 V, respectively, thus eliminating the need for separate stabilizers.
• A few companies have launched stabilizer-free refrigerators and air conditioners, such as:
  • Whirlpool: 190 L 3 Star Direct-Cool Single-Door Refrigerator
  • LG: 260 L 3 Star Frost-Free Double-Door Refrigerator
  • Haier: 320 L 2 Star Inverter Frost-Free Double-Door Refrigerator
  • Samsung: 192 L 4 Star Inverter Direct-Cool Single-Door Refrigerator
  • Daiken: Inverter Split AC

In-Depth Segmentation Analysis

Controller Type Insights

• The servo-controlled stabilizers category is projected to grow at the highest CAGR, of around 8.8%, during 2024–2030. 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.

During the study, we have analyzed three controller types in the report:

• Relay-Type (Largest-Growing Category)
• Servo-Controlled (Fastest Growing Category)
• Static

End User Analysis

• The residential category held the largest market share, of around 40%, in 2023, and this category is set to maintain its lead during 2024-2030. 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 the highest CAGR, of 8.3%, during 2024–2030 in the market. 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.

Below are the end users covered in the report:

• Packaging (Fastest-Growing Category)
• Automotive
• Construction
• Electronics
• Commercial
• Residential (Largest Category)
• Others

Application Insights

• The AC category will witness the fastest growth, of over 9.0%, during 2024–2030, owing to the high sales of ACs, which need to be protected from voltage fluctuations, for optimum and energy-efficient operations.
• The mainline stabilizers held the largest market share, of more than 30% in 2023, 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 expenses for owners.

During the study, we have covered the below-mentioned applications in the report:

• Mainline (Larger-Growing Category)
• AC (Fastest Growing Category)
• TV
• Washing Machine
• Refrigerator
• Others

Tamil Nadu Holds 35% of Total Revenue

• Geographically, Uttar Pradesh is the fastest-growing market, advancing at a CAGR of around 8.2% during 2024–2030. 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 technological advancements, will propel the overall stabilizers market.
• Tamil Nadu held the largest market share, of around 35%, in 2023. This dominance is 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 states analyzed for this report include:

• Madhya Pradesh
• Tamil Nadu (Largest Market)
• Karnataka
• Gujarat
• Maharashtra
• Uttar Pradesh (Fastest-Growing Market)
• West Bengal
• Delhi
• Rajasthan
• Bihar
• Haryana
• Chhattisgarh
• Uttarakhand
• Punjab
• Jharkhand
• Assam
• Tripura
• Rest of India

Market Nature - Fragmented

The market has a high degree of fragmentation, owing to many domestic and international players. The continual appearance of new entrants is impacting the established and new service providers. Organizations can choose any product to fulfill their particular needs, due to the presence of numerous players.