Categories: Market Research

Electric Switch Market 2024 | Key Players Siemens AG, General Electric Company (GE), Panasonic Corp., Arrow Electronics Inc.

Overview and Scope
An electric switch refers to a device that is used to connect and disconnect the electric circuit and control the electrical current supply to electric loads. It is utilized to complete or break an electric circuit in order to operate an electric device at ease.

Sizing and Forecast
The electric switch market size has grown strongly in recent years. It will grow from $13.76 billion in 2023 to $14.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to urbanization and infrastructure development, building and construction activities, industrialization trends, energy efficiency initiatives, replacement and upgrades.

The electric switch market size is expected to see strong growth in the next few years. It will grow to $18.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to smart building solutions, renewable energy integration, focus on energy management, demand from emerging markets, safety and compliance standards. Major trends in the forecast period include customizable and aesthetically pleasing switch designs, integration of biometric authentication, modular and expandable switch systems, focus on durability and longevity, integration with building automation systems.

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The electric switch market covered in this report is segmented –

1) By Type: Traditional Electrical Switch, Smart Electrical Switch
2) By Poles And Throws: SPST (Single Pole Single Throw), DPDT (Double Pole Double Throw), SPDT (Single Pole Double Throw)
3) By Construction: Push-Button Switches, Toggle Switches, Rotary Switches, Joystick Switches, Level Switches, Rocker Switches, Membrane Switches, Spiral And Stick Switches
4) By State: Momentary, Locked Switches
5) By End-User: Commercial, Residential, Other End-Users

Asia-Pacific was the largest region in the electric switch market in 2023. The regions covered in the electric switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
A rise in construction activities is expected to propel the growth of the electric switch market going forward. Construction activity includes any activity involved with construction on a site, such as houses, workplaces, roads, bridges and others. Electric switches are built on construction sites to control and run the electric appliances used in residences to provide comfort and assistance in people’s daily activities. For instance, in June 2021, according to 2022 U.S. Construction Cost Trends report, there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic’s onset. Therefore, the rise in construction activities is driving the growth of the electric switch market.

Key Industry Players
Major companies operating in the electric switch market report are Siemens AG, General Electric Company (GE), Panasonic Corp., Arrow Electronics Inc., Mitsubishi Electric Corporation, Honeywell International Inc., ABB Limited, Schneider Electric SE, Eaton Corporation plc, TE Connectivity Ltd., BorgWarner Inc., Amphenol Corporation, Rockwell Automation Inc., Zhejiang Chint Electrics Co. Ltd., Hubbell Incorporated, Molex LLC, Havells India Limited, Carling Technologies Inc., Opple Lighting Co. Ltd., C&S Electric Ltd., Leviton Manufacturing Company Inc., Delixi Electric Ltd., Legrand SA, LG Corp., Salzer Electronics Limited, Simon S.A.U., NKK Switches Co. Ltd., Select Switches, SHALLCO Inc., Fuji Electric Co. Ltd.

The electric switch market report table of contents includes:

1. Executive Summary

2. Electric Switch Market Characteristics

3. Electric Switch Market Trends And Strategies

4. Electric Switch Market – Macro Economic Scenario

5. Global Electric Switch Market Size and Growth

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32. Global Electric Switch Market Competitive Benchmarking

33. Global Electric Switch Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Electric Switch Market

35. Electric Switch Market Future Outlook and Potential Analysis

36. Appendix