The rapid boom in the construction sector in India has created huge growth opportunities for market players.
PUNE, MAHARASHTRA, INDIA, December 1, 2020 /EINPresswire.com/ — Increasing concern towards industrial safety; obligatory regulations by governing bodies; and rapid growth in real estate sector are some of the factors driving the market growth. Further, increasing use of modular switches in numerous verticals including residential and commercial buildings, healthcare, retail, IT & telecommunication, hospitality and others along with introduction of novel solutions are anticipated to boost the Indian modular switch market growth. In addition, rising demand for modular switches equipped with advanced features such as child safety shutters, USB charging socket, regulators, and LAN connectors are driving technological advancements in the market. However, high costs involved in manufacturing; and unorganized market limit the growth of this industry. The growth opportunities in the Indian modular switch market are increasing owing to the rising economic development in India and cost-effective business models and production.
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The modular switch market is expected to garner $1,595.0 million by 2022, registering a CAGR of 22% during the period 2016-2022. Among different sales channels, the sales through intermediary is expected to dominate the market throughout the analysis period. Further, among regions, the West India dominated the market in terms of market share and accounted for around 32% share of the overall Indian modular switch market in 2015.
Among verticals, the residential sector led the market, followed by commercial sector, both collectively accounting for around 91% of the market revenue in 2015. Residential sector alone contributed around 52% of total revenue in 2015 and is expected to dominate the Indian modular switch market throughout 2015 and 2022 at a CAGR of 21.5% from 2016 to 2022. This increase is mainly due to rapid urbanization in India, growing population, and increasing demand for residential space. Commercial sector is expected to grow at a fastest CAGR during the forecast period owing to rapid growth in industrialization and service sector.
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The Indian modular switch market is classified based on geography into North India, West India, South India and East India. West India generated the largest revenue in 2015, followed by South India which is projected to expand at the highest CAGR of around 22.7% during the forecast period. This increase is anticipated on account of supportive government initiatives and regulations, increase in service industry as well as rising demand for residential space in West India.
The report features a competitive scenario of the Indian modular switch market and provides a comprehensive analysis of key growth strategies adopted by major players. Key players adopt product launches, and promotional activities as their key growth strategies to expand their presence and gain a competitive edge. Companies profiled in the report include Havells India Limited, Anchor Electricals Pvt. Ltd. (Panasonic Corporation), GM Modular, Legrand, Koninklijke Philips NV, Schneider Electric, ORPAT Group, Wipro Lighting, ABB Ltd, and KOLORS.
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Indian modular switch market is also categorized according to the price level such as low, medium, high, premium and luxury levels. Majority of Indian population falls under low income group, hence can afford and prefer low price level modular switches. This segment generated maximum revenue in 2015 and is expected to continue its dominance throughout the forecast period. However, medium price level segment is expected to grow at the fastest rate during the analysis period owing to the rising standard of living of Indian population and increasing disposable income.
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Source: EIN Presswire