Rapid urbanization, supportive government Initiatives, increasing high-rise buildings & apartments are driving the growth of India Electrical Switches Market in India in the forecast period, 2023-2030.
According to TechSci Research report, “India Electrical Switches Market - By Region, Competition Forecast & Opportunities, 2017-2030F”, the India electrical switches market was valued INR 56,394 million in FY2022 and is predicted to grow at a CAGR of 7.99% to reach INR 1,02,917 million by 2030. The growing commercial and industrial sector, combined with rapid urbanization, is fueling the growth of the electrical switches market in India. Major factors driving the growth of electrical switches in India are the advent of integrated lighting control systems, ongoing and upcoming smart city projects, and growing awareness about energy savings among consumers and government, among others. Some of the major smart city projects in the country are Diamond Research Mercantile City: Gujarat, Khed City: Maharashtra, Gift City: Gujarat, Naya Raipur Smart City: Chhattisgarh, Yeida City: Uttar Pradesh, Naina Smart City: Maharashtra, etc.
Government initiatives to build out modern infrastructure & real estate industry, and growing emphasis on the development of green buildings are providing a huge opportunity for electrical switches in India. Moreover, there will be huge market potential for the electric switch industry because of the growing usage of industrial automation technologies like IoT, AI, and robotics in the country. In addition, increasing wireless technology usage and untapped market potential for light control switches will foster favorable conditions for industry expansion.
Browse over 22 market data Figures spread through 100 Pages and an in-depth TOC on "India Electrical Switches Market"
The development of power generation and distribution is directly related to the expansion of the electrical machinery industry. Excluding non-utilities, India's power generation capacity has grown from 2,300 MW in 1950 to more than 128,182 MW. This capacity is available via various power sources, including thermal power (84149.84 MW), hydroelectric power (33941.77 MW), renewable energy sources (RES) (6190.86), and nuclear power (3900 MW). Owing to this capacity increase, the electrical machinery industry has been preparing to meet the increased demand. This has increased the demand for robust power system equipment such as switchgear. A switchgear is a collection of components such as switches, fuses, and circuit breakers used to control, safeguard, and isolate electrical equipment to ensure a continuous and reliable supply of electricity.
India electrical switches market is segmented based on type, switch type, application, distribution channel, region and company. Based on type, the market is further fragmented into modular and non-modular. In terms of type, modular switches is the leading segment in the India electrical switches market accounting for share of 63.39% in FY2022 and is expected to register a CAGR of 8.79% during the forecast period. The increase is due to the fact that modular switches are easier to install and maintain than other types of switches. Modular switches are easily available at affordable prices for wide varieties of applications across verticals such as commercial, residential, hospitality, retail and others.
Based on the Switch Type, the market is segmented into 1 Way Switch, 2 Way Switch, Push Bell Switch, Dimmer/Regulator Switch, Motor Starter Switch, and Others. Based on the Application, the market is segmented into Residential, and Non-Residential. Based on Distribution Channel, the market is segmented into Institutional, Online, Retail Stores, Hypermarket/Supermarket. The market analysis also studies the regional segmentation, divided among North, South, East & West.
Key market players in the India Electrical Switches market include:
- Panasonic Life Solutions India Pvt. Ltd
- Havells India Ltd.
- Legrand (India) Private Limited
- Wipro Enterprises (P) Limited
- ABB India Limited
- Goldmedal Electricals Pvt. Ltd.
- Crompton Greaves Consumer Electricals Limited
- Siemens Limited
- Polycab India Limited
- Signify Innovations India Limited
- Schneider Electric India Pvt. Ltd
- Simon Electric Pvt. Ltd.
- GM Modular Pvt. Ltd.
- Honeywell Electrical Devices and Systems India Ltd
- GreatWhite Global Pvt. Ltd.
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“With the prevalent smart city initiatives and increasing adoption of digitalization, India Electrical Switches Market has been increasingly adopting the use of Information & Communication Technology (ICT). The growing use of programmable lights switches for reducing energy consumption in homes, is likely to boost the India Electrical Switches Market in upcoming years. Using electrical switches with motion sensors can also assist to lower the operating expenses of the lights in a home, which is another simple way to reduce energy consumption using an eco-friendly electrical switch in homes. Energy-efficient electrical switches not only reduce greenhouse gas emissions but also help save money by lowering household energy costs.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electrical Switches Market Segmented By Type (Modular and Non-Modular), By Switch Type (1 Way Switch, 2 Way Switch, Push Bell Switch, Dimmer/Regulator Switch, Motor Starter Switch, Others), By Application (Residential, and Non-Residential), By Distribution Channel (Institutional, Online, Retail Stores, Hypermarket/Supermarket), By Region, FY2018-FY2030”, has evaluated the future growth potential of Electrical Switches market in India and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in India Electrical Switches market.
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