The Electric Switch Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Switch Global Market Report 2024, 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.
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.
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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
Major companies operating in the electric switch market are developing innovative products, such as modular switches, to meet larger customer bases, increase sales, and increase revenue. A modular switch refers to an electrical switch design that allows for customization and flexibility in configuring switch panels. For instance, in November 2022, Panasonic Life Solutions, an India-based home electrical equipment provider, launched the Tiona switch range. The Tiona switch range stands out with its availability in diverse fits and finishes, catering to the preferences of modern consumers. Designed to meet the needs of contemporary living, this comprehensive range encompasses vibrant switches, sockets, support accessories, and modular plates. Tiona is adaptable for installation on various surfaces, including furniture, textured walls, or tiles. Notably, the modular plates offer flexibility, allowing both vertical and horizontal installation according to customer preferences. A distinctive feature includes the easy loading and unloading of accessories from the front, facilitating seamless installation, changes, or renovations as needed.
The electric switch market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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