Report : India Industrial Plugs and Sockets Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Protection Type (Dust Proof, Water Proof, Splash Proof, and Others), Type (Socket and Plug), End User (Heavy Industry, Oil and Gas, Power Generation, Automotive, Chemical and Pharmaceutical, and Others), Current Rating (32 Amp, 16 Amp, 63 Amp, and 125 Amp), and Country
Surging Special Economic Zones to Fuel India Industrial Plugs and Sockets Market Growth During Forecast Period
According to our latest study, “India Industrial Plugs and Sockets Market Size and Forecast (2021–2031), Trend and Growth Opportunity Analysis – by Protection Type, Type, End User, and Rating," the market was valued at US$ 187.06 million in 2023 and is projected to reach US$ 269.57 million by 2031; it is estimated to record a CAGR of 4.7% from 2023 to 2031. The India industrial plugs and sockets market report includes growth prospects owing to the current India industrial plugs and sockets market trends and their foreseeable impact during the forecast period.
Special Economic Zones (SEZs) policy in India was introduced in the year 2000 to overcome the shortcomings associated with the multiplicity of controls and clearances, the absence of world-class infrastructure, and an unstable fiscal regime. The goal of the policy was to attract more significant foreign investments in the country. These zones have now become an engine for economic growth in India, and they also provide incentives to local businesses. SEZs often provide tax breaks, duty-free exports, competitive infrastructure, and other policies aimed at facilitating business operations. As a result, many multinational corporations, especially exporters, choose to invest in SEZs in India. There are incentives for setting up SEZs in India. According to India's Press Information Bureau, in November 2021, 425 proposals were approved for setting up SEZs in the country. As of 2023, India had 272 operational SEZs, notably including Dahej SEZ Limited, Biocon Limited, Karnataka Industrial Area Development Board (KIADB), Infosys Technologies Limited, Mahindra World City Developers Limited, Tata Consultancy Services Limited, and WIPRO Limited.
India Industrial Plugs and Sockets Market Share (%) – by Protection Type, 2023 and 2031
Source: Business Market Insights Analysis
Industrial plugs and sockets play a crucial role in the power supplies to almost all operations that take place in the SEZs. They are an integral part of various facilities of a manufacturing plant as they secure the operation of heavy machinery, assembly lines, and so on. They also serve as an invincible part of power distribution panels, backup generator connections, and HVAC systems, among others, in SEZ infrastructures. Therefore, the surging number of SEZs generates a vast demand for industrial plugs and sockets in India, thereby driving the India industrial plugs and sockets market growth.
ABB Ltd., Amphenol Corporation, BCH Electric Limited, Eaton Corporation plc, General Industrial Controls Private Limited (GIC), Legrand SA, MENNEKES, SCAME PARRE S.p.A., Schneider Electric, and Super Engineering Works are among the key players profiled in the India industrial plugs and sockets market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the India industrial plugs and sockets market forecast by protection type, type, end-user, and rating. Based on protection type, the market is segmented into dustproof, splash proof, waterproof, and others. In terms of revenue, the dustproof segment held the largest India industrial plugs and sockets market share, and it is further expected to record the highest CAGR in the market during the forecast period.
India is aiming to transition away from coal and reduce emissions to net zero by 2070. Moreover, the Indian government aims to build more nuclear power facilities to increase the country's clean energy production. For example, in December 2022, NTPC Ltd., a state-run business, intended to install 20–30 GW of nuclear capacity by 2040. Thus, the installation of power plants across the country is expected to drive the demand for plugs and switches for various applications such as power connections, power distribution, and machinery. Industrial plugs and sockets are designed to handle high currents and various voltage levels, making them ideal for connecting heavy machinery and power equipment in power plants.
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