India Switches Market (2024-2030) | Share, Trends, Value, Analysis, Outlook, Forecast, Growth, Industry, Companies, Size & Revenue

India Switches Market Synopsis

India switches market demonstrated steady growth before the onset of the COVID-19 pandemic, attributed to the expanding hospitality sector and investments in residential spaces. However, in 2020, the market faced setbacks due to construction halts caused by COVID-19 restrictions. Additionally, the temporary shutdown of switch production facilities further dampened market prospects in India. Nonetheless, the market swiftly rebounded post-COVID-19 as construction and production activities resumed, further leading to the initiation of new residential and commercial projects. In 2023, the office sector witnessed a gross absorption of 61.6 million sq. ft., registering a 7% year-on-year growth and ranking as the second-highest leasing activity since 2019.

According to 6Wresearch, India Switches Market revenue is projected to grow at a CAGR of 9.4% during 2024–2030. The surge in growth is mainly credited to the burgeoning real estate market, marked by substantial office completions totalling 42.9 million square feet and the introduction of 350,726 housing units in the residential sector. Furthermore, the expansion of the hospitality industry, especially in major cities such as Mumbai, Bangalore, and Kolkata, is expected to propel growth in the switches market with the inauguration of new hotels necessitating the adoption of switches.

The office sector in India foresees significant expansion, with Grade-A office space projected to increase from 700 to 1,200 million sq. ft. by 2030. As a result, the switches market is primed for growth, fueled by opportunities arising from the expanding office sector and the demand for innovative electrical solutions.

Market Segmentation by Type

The focus should be on modular switches as they are better positioned to adapt to future technological advancements and changes in network requirements. As new technologies emerge and network demands evolve, organizations can upgrade individual modules to support new features and protocols without having to replace the entire switch infrastructure.

Market Segmentation by End User

The residential sector holds the highest share in the switches market in India primarily due to the country's massive population and ongoing urbanization. With rapid urban migration and increasing disposable incomes, there has been a surge in residential construction and renovation activities across urban and rural areas alike. As a result, there is a consistent demand for switches to equip new homes and upgrade existing ones.

Market Segmentation by Region

In 2023, Southern region had the highest revenue share as the southern states, such as Karnataka, Tamil Nadu, and Kerala, are having rapid industrialization and urban development, leading to increased construction activities across residential, commercial, and industrial sectors.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• India Switches Market Overview
• India Switches Outlook
• India Switches Forecast
• Historical Data and Forecast of India Switches Market Revenues, for the Period 2020-2030F
• Historical Data and Forecast of India Switches Market Revenues, By Type, for the Period 2020-2030F
• Historical Data and Forecast of India Switches Market Revenues, By End Use, for the Period 2020-2030F
• Historical Data and Forecast of India Switches Market Revenues, By Region, for the Period 2020-2030F
• Market Opportunity Assessment By Type 2030F
• Market Opportunity Assessment By End Use 2030F
• Market Opportunity Assessment By Region 2030F
• Market Drivers
• Market Trends
• Competitive Benchmarking
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Type

• Traditional
• Modular

By End User

• Commercial
• Residential

By Region

• North
• South
• West
• East

Frequently Asked Questions About the Market Study (FAQs):