India Stabilizers Market To Generate Revenue worth $1,359.8 Million by 2030
- Published: July 2022
The India stabilizers market is projected to generate $1,359.8 million revenue in 2030, advancing at a CAGR of 8.1% during the forecast period. The growth of the market can be attributed to the rising sale of electrical appliances in tier -II, -III, and -IV cities and high incidence of power supply fluctuations in some states.
Furthermore, 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.
Residential Stabilizers Generate Majority of Revenue
Residential stabilizers generated approximately 40% of the stabilizer sales revenue in the country in 2021, and product sales to residential users are expected to witness a similar trend during 2021–2030. This is because houses have a range of electrical appliances these days, including TVs, ACs, washing machines, and fridges, which are all susceptible to voltage fluctuations.
Tamil Nadu dominated the market in 2021, as a large number of manufacturers and suppliers of stabilizers are located here. Moreover, this South Indian state is characterized by a high frequency of fluctuations in the power supply, high population, and, in turn, a high number of factories, houses, commercial spaces, and all other kinds of buildings.
During the forecast period, the fastest rise in the revenue generated from the sale of these voltage correction systems will be seen in Uttar Pradesh. Over the last decade, the availability of grid connectivity has shot up massively in the state; however, the voltage still fluctuates frequently. Additionally, the demand for consumer electricals continues to increase in tier-II, -III, and -IV cities, which, combined with technological advancements, will propel the India stabilizers market.
Under 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), the government is offering domestic and overseas companies the necessary support to set up their production and R&D facilities in the country, in order to boost the local manufacturing of goods. Hence, an increase in the count of industrial facilities will not only increase the production of stabilizers but also propel their sales across the nation.
Servo-controlled stabilizer demand will experience a significant CAGR during the forecast period. This is because these variants are increasingly being used to deliver a constant voltage to electronic and electrical systems in commercial and residential settings. Additionally, the growing consumer awareness of the appliances rating system and the advantages of higher-rated products drive their adoption. In order to further improve the appliances’ energy efficiency and longevity, stabilizers that offer high reliability and faster voltage corrections are being adopted in the country.
Some of the major players in the India stabilizers market are V-Guard Industries Ltd., MICROTEK, Everest Stabilizers Private Limited, Bluebird Power Controls Pvt. Ltd., Monitor Voltage Stabilizer, Jindal Electric, Luminous Power Technologies Pvt. Ltd., and LIVGUARD Technologies Private Limited.