Transmission & Distribution (T&D) Equipment Segment in India is Charging up!

Industrial Update – Newsletter – July 2025

IMAP’s Industrials group brings you this monthly update with a focus on latest news, transactions and interesting snippets from the Industrials domain in India

T&D infrastructure is critical for delivering electricity from generation to end-users. India, with ~476 GW of power capacity, has ~0.5 million circuit km of transmission lines and plans to add ~0.2 million circuit km by 2032. This coupled with increasing electricity demand, the integration of renewable energy sources and the need to modernize and upgrade existing infrastructure creates significant demand for T&D equipment –  cables, switchgears, transformers, etc. The Central Electricity Authority (CEA) projects ~$110bn in T&D investments from FY22–32E, with a major focus on equipment

Within the T&D segment, products with higher power rating or higher voltage rating are more technology intensive; the market size of these products is typically lower but have higher margins. We look at two segments within the T&D space:

Switchgears: The switchgear industry is divided into Low (LV), Medium (MV), and High Voltage (HV) segments. LV (up to 1 kV) is mainly used in residential sectors, while MV (1kV to 36kV) and HV (36kV+) serve industrial and utility applications. LV accounts for 60% – 70% of the market while MV and HV account for the balance. 

Switchgears comprise mainly Power Conducting Components (Circuit Breakers, Switches including RMUs, Fuses, Busbars, Lightening Arrestors) and Control/Metering Components (Relays, Current and Voltage Transformers – for supply to control/measurement units, control panels, metering devices). Organized players control over 90% which include MNCs like ABB, Siemens, and Schneider who dominate the market, especially on HV and partly MV side, along with a presence of several Indian players in the LV and MV segments.

Transformers: primarily step-up or step-down voltage levels, enabling efficient power transmission from the power generation source to the end-users. They are broadly classified basis power rating and voltage, into Power Transformers and Distribution Transformers.  Power Transformers are primarily used to step up or step-down voltage for efficient long-distance power transfer, while distribution transformers are used in local distribution networks to step down high voltage to lower, usable levels. As per the National Electricity Plan, India’s transformation capacity is set to rise from 1,251 GVA to 2,345 GVA by 2032.

Some recent transactions

Recent News

• The US imposed 25% tariff on India, with additional penalties for trade with Russia ahead of its Aug 1^st deadline, even as India has been engaged in trade negotiations; US made deals with several countries in July; South Korea (Prior 25%/ Post 15%), EU (20%/15%), Japan (24%/15%), Indonesia (32%/19%), Vietnam (46%/20%)
• India’s manufacturing PMI rose to a 17-year high, reaching 59.2 in July’25, compared to 58.4 in Jun’25, as manufacturers saw a sharp increase in new orders; a number over 50 signifies growth
• Silver prices reached a record high of ~₹11,500/100 grams in Jul’25 (~35% increase over same time last year), as a result of increased industrial demand and safe-haven buying during uncertain times
• EMS player Syrma SGS in collaboration with Korea based Shinhyup announced an investment of US$ 215 m to establish India’s largest PCB and Copper Clad Laminate manufacturing facility in AP, India

IMAP Industrials Index & Valuation of sub-segments

Commodity Prices Index