4 Electrical Business Ideas For Entrepreneurs
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Dec 07,2018
- 14 Mins Read
Over the years, the electrical industry has surged in the Indian market. The main proponents to augment the industry are an increment in power generation capacity and rise in power distribution lines. Unlike the foreign electronic industry, the Indian electronics industry is quite big and diverse. The industry comprises a large number of manufacturers which, in turn, create big as well as small technology products. The operational enterprises in the electrical industry are SME and overseas companies which have collaborated with Indian companies.
Since the electrical industry is vast, thus the industry is segregated into diverse sub-categories namely, equipment, electrical component, consumer electronics, industrial electronics and telecommunications.
The report of NABET (National Accreditation Board for Education and Training) states, “The Indian electrical equipment industry comprises two segments – generation equipment (boilers, turbines, generators), and transmission & distribution (T&D) and allied equipment like transformers, cables, transmission lines, switchgear, capacitors, energy meters, instrument transformers, surge arrestors, stamping and lamination, insulators, insulating material, industrial electronics, indicating instruments, winding wires, etc. The T&D equipment sector comprises 85% of the total industry whereas the generation equipment sector is 15%. The manufacturing sector in terms of value is 8.1% and contributes 1.35% in India’s GDP.”
Witnessing the escalating electrical industry, the aspiring entrepreneurs can choose the electrical supplies business. Since the industry is vast and diverse, thus the aspiring entrepreneurs can opt for any type of Electrical business. If confusion and market analysis are consuming most of the crucial time, then seek the help of an experienced entrepreneur. Recommendations facilitate in making the right choice, after considering one’s interest, budget and other relatable details. Further, look out for popular thriving businesses in the electrical industry. Popular electrical businesses are primarily prospering at status quo.
- Electrical Control Panel Business
Dealing in Electrical Control Panel is advantageous as the business entails manufacturing control instruments. This business model is comparatively straight and simple; it acts a mediator to help out the customers understand the complex information and machinery. Thus, the panel facilitates the users to surveil the machinery, improve or decrease its efficiency and also, halt the machinery when required.
Thus, entrepreneurs with moderate knowledge of the machinery can readily opt for the business.
- Electric Motors Business
Electric motors are a primary source of running various equipment today. The motor converts electrical energy into mechanical energy and thus, is used in many types of equipment. Thus, aspiring entrepreneurs can initiate the business in electric motors as the motors are widely demanded commercial, industrial and residential appliances.
- Electric Energy Meter Business
Electric meters are primarily employed to calibrate the consumption of energy. In electric meters, calibration is primarily noted in billing units that are, kilowatt per hour. The government utilizes electric meters to assess the electrical energy consumed by residential homes, commercial places, and factories.
So, entrepreneurs can seek interest in this business and initiate the business by investing a small amount of money.
- Electrical Extension Cord Business
An electrical extension cord is majorly used to transmit energy to equipment and supply electricity even if the equipment is mobile. The cord is required for all types of equipment, ranging from small to large equipment. Furthermore, it is employed for residential, commercial and industrial use. Owing to which, there is invariably demand of the electrical extension cord by the constructors. Thus, the aspiring entrepreneurs kick-off the business in electrical extension cord business.
Initiate the business in the above-mentioned electrical supplies business.
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