India Electrical Switches Market is valued at INR 56,394.79 million in FY2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.99% owing to increasing number of real estate and construction projects, particularly in the residential sector, across the country. The residential sector is experiencing strong demand for modular switches due to its aesthetics, as more and more individuals are replacing their outdated switches with modular switches that match their wall paints and interior decor.
A switch that opens and shuts an electric circuit is electromechanical in nature. In turn, this causes the flow of electric current to cease and start. Switches can contain many sets of contacts that are all controlled by the same actuator or knob, and they can have contacts that function concurrently, sequentially, or alternately. Electrical switches are binary systems; the whole power is either switched on or off.
Increasing concerns towards industrial safety
Electrical switches are utilized in a variety of industries, including commercial, residential, and industrial settings where safety and security are essential to the efficient operation of electrical terminals. They are built to handle a mechanically demanding environment or changes in temperature and are intended for sophisticated industrial applications. A switch on an electrical system offers security and adaptability to customize networks without sacrificing quality or performance. In homes, switches have demonstrated that children can use them safely. Electrical switches are therefore required in the industrial sector due to rising concerns over exposed wire terminals or negligent handling of electronic equipment. These factors are creating rising demand for electrical switches in India.
Binding regulations by governing bodies are driving the market
The Government of India has enacted regulations for installing electronic equipment, including cable and conduit management, power distribution and wiring, and energy management. The demand for switches is driven by growing concern about failures caused by a lack of maintenance of electronic components such as switches, conduits, cables, and other products. This has also created growth opportunities for manufacturers. According to regulations established by the Central Public Works Administration, factory-manufactured, quality-approved switches sized for flush/surface mounting are mandatory for installation. Additionally, standardized switches with switch covers should be installed in residential and non-residential buildings to provide additional protection. These regulations drive demand for high-quality electrical switches in end-use industries such as construction, real estate, energy, IT, telecommunications, and the public sector.
Investments and rising economic development
The switchgear product line, notably switches, is constantly expanding. For instance, switch and switchgear manufacturer Havells India Ltd. is expanding its Baddi facility. The business doubled its capabilities to 10 lakh daily SKUs by investing Rs 100 crore in the expansion. Additionally, new products with a creative edge have been created, like the Monza-i water heater, Signia smart switches, and many others.
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Market Segmentation
The India Electrical Switches Market is segmented based on By Type, By Switch Type, By Application, By Distribution Channel, By Region and
By Company
. Based on Type, the market is further fragmented into Modular and Non-Modular. 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 retailers, Hypermarket/Supermarket. The market analysis also studies the regional segmentation, divided among North, South, East & West.
Company Profiles
Panasonic Life Solutions India Pvt. Ltd
Recent Developments
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Attribute | Details |
Market size value in 2022 | INR 56,394.79 million |
Revenue Forecast in 2030 | INR 1,02,917.60 million |
Growth Rate | 7.99% |
Base Year | 2022 |
Historical Years | 2018 – 2021 |
Estimated Year | 2023 |
Forecast Period | 2024 – 2030 |
Quantitative Units | Revenue in (INR million), and CAGR for 2018-2022 and 2023-2030 |
Report Coverage | · Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered | · Type · Switch Type · Application · Distribution Channel |
Regional Scope | North, South, East & West. |
Key Companies Profiled | 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. |
Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |