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Electric Switch Market Growth, Trends & Opportunities 2024-2033
Electric Switch Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technologically advanced electrical switch systems are a key trend gaining popularity in the electric switch market. Major companies operating in the electric switch market are focused on implementing and introducing new technologies to strengthen their position in the market. For instance, in August 2022, Superior Sensor Technology, a US-based electric components manufacturing company, announced a built-in pressure switch function with three threshold pressure modes as part of their NimbleSense architecture to be used in HVAC, medical, and industrial devices. The new pressure switch due to its flexible design, reduces PCB board space and manufacturing costs.
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Major Key Players of the Market:
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.
Electric Switch Market 2024 Key Insights:
• 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%.
• Construction Boom Propelling Growth In The Electric Switch Market
• Technology Integration In The Electric Switch Market
• Asia-Pacific was the largest region in the electric switch market in 2023
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