Market Response

Evaluating the Indian Electrical Contacts Market: A Comprehensive Analysis of Key Switchgear Manufacturers, Their Products, Applicable Voltage Ranges, and Competitive Dynamics

A Comprehensive Assessment of the Electrical Contacts Market in India. This in-depth case study meticulously analyzes key switchgear manufacturers, scrutinizing their diverse product portfolios in relation to applicable voltage ranges. The investigation further delves into the competitive dynamics, unraveling the intricate interplay of "Perception vs Reality“. Through a nuanced examination, the study offers rich insights into the major electrical contact suppliers in the country, unveiling the complexities, opportunities, and challenges within this dynamic market."

Our aim is to deliver comprehensive insights that will aid our client's decision-making process and support their long-term goals in the waste management and facility management sectors, ensuring a successful and informed business journey.

What was the study about?

Unlocking Market Dynamics: Comprehensive Study on Electrical Contacts in India, Analyzing Key Consumer Companies, Competitor Landscape, and Market Perceptions Industry Analysis: Waste Management and Facility Management - Unveiling Current Realities and Future Horizons

The study focuses on primary market research for electrical contacts in India, targeting nine major companies as key consumers. The client aims to understand the product requirements and criticality of electrical contacts in these companies. The research includes tracking production volumes, analyzing key competitors supplying these contacts, and assessing market perceptions. The goal is to create a benchmark for strategic decision-making based on departmental aspects such as purchases, production, R&D, extended scope capabilities, vendor base, and clientele.

Focus areas of the study

Strategic Focus: In-Depth Consumer Analysis of Nine Key Companies in the Electrical Contacts Market in India

The primary emphasis of the study is to delve into the market perception of both the client and key competitors, aiming to establish a comprehensive benchmark aligned with department-specific metrics such as purchases, production, research and development (R&D), extended scope capabilities, vendor base, and clientele. The nine targeted companies for consumer analysis include:

• Legrand India

• Panasonic India

• L&T (Division of Schneider)

• Havells

• Schneider India

• Siemens India

• GM

• Polycab

• Elle

Eninrac’s scope of work

Key Switchgear Consumption Patterns, Market Shares, and Perception vs Reality Across Voltage Segments

As the production of electrical contacts involves intricate manufacturing processes with high precision and associated costs, organized market players often target business with higher profit margins. These elevated margins are typically realized in the medium and high voltage segments, where switchgear manufacturers serve as consumers, supplying to Transmission & Distribution (T&D) players. Conversely, the domestic and commercial segments face pricing pressures, resulting in comparatively lower margins due to competition from the unorganized market sector.

In its pursuit to broaden its focus on electrical contacts, the client aims to conduct an in-depth market study to gain a comprehensive understanding of the electrical contacts' market. This study will specifically explore consumption patterns among key switchgear companies in India and their respective market presence. The analysis will delve into market shares within both low voltage and medium & high voltage segments, employing a "Perception vs Reality" approach to identify disparities benchmarked against multiple variables.

These variables include market share of competitors and key customers (in both low and medium & high voltage), manufacturing infrastructure, technological collaborations, joint ventures, distribution networks, revenue composition, product portfolios, customization capabilities, sales models, and research and development initiatives, encompassing changes or upgrades in technology, processes, machinery, or alloys.

The scope pointers of the study are as under:

Understanding Electrical Contact Market by End Use Segment: This entails a comprehensive understanding of the market's dimensions and scope concerning products employing electrical contacts. End-use categorization focuses on voltage segments—specifically, low voltage (LV) for residential and commercial applications, and medium (MV) & high voltage (HV) for Transmission & Distribution (T&D) networks. The study will concentrate on nine organized players, excluding the unorganized segment, and conduct an end-consumer analysis based on companies procuring electrical contacts for LV, MV & HV applications. Additionally, the market will be regionally segmented into Northern, Eastern, Western, and Southern India.

Understanding of the market w.r.t. production volume of the end use products: The study will also analyze the market based on the production volume of each major switchgear manufacturer, which serves as a consumer of electrical contacts. Production volumes will be examined in terms of both installed capacity and actual output at manufacturing facilities dedicated to contact production in India. It’s noteworthy that many organized market suppliers of electrical contacts have market horizons extending well beyond India, with production not only catering to the Indian market but also reaching Europe, the Middle East, and the Americas. The market shares will be segmented according to these designated geographical regions.

Competition Analysis & Profiling: This will be conducted with a focus on key competitors in both the low voltage (LV) and medium & high voltage (MV & HV) segments. Although the client is not currently engaged in the HV segment, a deliberate examination of this sector will be undertaken, considering the potential expansion of the client's portfolio. The assessment of key competition will involve a thorough analysis of product types used by switchgear companies in relation to electrical contacts. This analysis will then extend to the volume distributed by each competitor to end-use companies. Additionally, competition will be scrutinized based on factors such as production capacity, product range, planned expansion, technology partnerships, and research and development initiatives. The profiling of all key competitors, segmented by voltage, will encompass essential contact details, financial information (if available), manufacturing capabilities and location details, markets served, key clients, and geographical coverage.

Competition Benchmark Analysis: After completing the competition profiling and analyzing the market credentials and capabilities of the client, a subsequent assessment will be conducted. A critical aspect in establishing benchmarks will be the examination of profit margins associated with business operations in relation to the end-use voltage applications by switchgear companies. The multifactor benchmarks will compare each aspect with the best-performing company in that category, providing clarity on service capabilities gaps for the client while highlighting its strengths. The analysis of competition will encompass, but not be limited to, key companies such as Modisun, Choksi Heraus, Umicore, Metalor, Materion, Electrical Contacts Limited, Electro Metall, Louis Renner, Doduco, and others.

Market Feelers for the client and it’s key competitors: Although, this shall be covered in proportions while we study the competition and benchmark them. Having said so, a reality check w.r.t. perceptions shall be done purposefully to burst any myth in relation to the products & services of the client w.r.t. the end use consumers. This shall involve Point of Views of all the stakeholders involved with a major focus upon key consumers to the electrical contacts w.r.t. the applicable sizes and voltage end use.

Eninrac’s Approach to the Study

Approach to Study

• Understanding Electrical Contact Market by End Use Segment: This entails a comprehensive exploration of the electrical contacts market, focusing on the products that utilize these components. The end-use categorization is based on voltage segments, including low voltage (LV) and medium (MV) & high voltage (HV), each tailored to specific applications such as residential & commercial for LV and Transmission & Distribution (T&D) networks for MV and HV. The study specifically targets nine organized players, excluding the unorganized segment. Eninrac's team of domain specialists plays a pivotal role, utilizing their extensive industry network to understand and assess the business landscape of the electrical contacts market in India based on end-use segments. This comprehensive approach involves direct engagement with major switchgear manufacturers and industry representatives across the value chain. Utilizing face-to-face interactions, telephonic interviews, web platform meetings, and focus group discussions (FGDs) at various hierarchy levels, the team aims to gather robust and firsthand information. Additionally, a thorough secondary research process leverages Eninrac's proprietary Research Reports, Analysts' Presentations, Government Documents, media sources, and more. The findings undergo rigorous validation through Eninrac's panel of "Knowledge Grid" (KG) experts, ensuring a meticulous review for any gaps or errors before submission to the client.

• Understanding of the market w.r.t. production volume of the end use products: The market was also examined based on the production volume of each major switchgear manufacturer, which served as a consumer of electrical contacts suppliers. The study analyzed production volumes in terms of both installed capacity and the actual output at manufacturing locations dedicated to contact manufacturing in India. It is essential to note that for most organized market suppliers of electrical contacts, their market reach extended well beyond the Indian periphery. This was accomplished by engaging with switchgear manufacturers utilizing electrical contacts in the production of various products for domestic, commercial, and T&D networks across different regions in the country. The study tracked their production on a cyclical basis, assessing the existing manufacturing capacity and planned expansions. This involved connecting with the procurement and production departments of switchgear manufacturers, C-suite executives, and industry representatives across the value chain through face-to-face interactions, telephonic interviews, web platform meetings, and focus group discussions (FGDs) at multiple hierarchy levels, ensuring the sourced information was robust. Additionally, a thorough secondary desktop-based research process was conducted, utilizing Eninrac's proprietary Research Reports, Analysts' Presentations, Government Documents at concurrent levels, media bites, etc. Finally, the findings were curated through our panel of "Knowledge Grid" (KG) experts, enabling the identification and elimination of any gaps or faults before submission to the client, with a rigorous cross-vetting process.

• Competition Landscape & Benchmarking: Competition benchmarking was done considering an important factor of the margins associated with the business w.r.t. end use voltage applications by the switchgear companies. The multi factor benchmarks was done w.r.t. the best company on that factor to demystify the service capabilities gap of the client exactly, along with clearly outlining the strengths. This was done through connecting with Industry representatives via F2F interactions, telephonic interviews, web platform meetings and FGDs at multiple hierarchy levels so that the information sourced is highly robust in nature. Further, a host of secondary research with Eninrac’s proprietary Research Reports, Analysts’ Presentations etc. was also analysed.

• Market feelers for the client & it’s key competitors by “Perception vs Reality” check: This was done majorly through extracting the feed from benchmark analysis and a crux of intense primary to generate a scorecard clearly demarcating the perceptions and a degree of gaps existing w.r.t. the realities. This was purely done with a bias free approach to facilitate the client with ground realities. For this dedicated F2F interactions and structured questionnaire-based interviews were conducted with the key switchgear manufacturers, as well as the leading contact suppliers & their distributors as per the applicable sales channel.

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