Press release
Global Electric Switch Market: Anticipated Growth, Major Players, and Current Trends
Electric Switch Market
What Is The Projected Market Size Of The Global Electric Switch Market And Its Growth Rate?
The electric switch market has witnessed significant growth recently, driven by factors such as urbanization, infrastructure development, and energy management initiatives.
• The market size is set to grow from $14.38 billion in 2024 to $15.17 billion in 2025, registering a compound annual growth rate (CAGR) of 5.5%.
• Continued growth is expected in the next few years, with the market size projected to reach $19.24 billion in 2029 at a CAGR of 6.1%.
What Is Driving The Growth In The Electric Switch Market?
A rise in construction activities, both in the private and public sectors, is anticipated to fuel the growth of the electric switch market. The increasing value of construction work boosts the usage of electric switches in various sites like homes, workplaces, and infrastructure, which in turn drives market growth. For instance, in 2022, the value of new construction work in Great Britain surged by 15.8% to a record high of $174,216 million, driven by significant growth in both the private sector (increased by $18,430 million) and the public sector (grew by $5,329 million).
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Who Are the Key Players Driving Electric Switch Market Growth?
Major players are providing significant momentum to the electric switch market, some of which include:
• 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.
What Are The Key Trends In The Electric Switch Market?
Key trends shaping the electric switch market include:
• Customizable and aesthetically pleasing switch designs
• Integration of biometric authentication in switch systems
• Development of modular and expandable switch systems
• Focus on enhancing durability and longevity of switches
• Incorporation of switches in building automation systems
What Are The Segments Of The Global Electric Switch Market?
The global electric switch market can be segmented as follows:
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, etc.
4) By State: Momentary, Locked Switches
5) By End-User: Commercial, Residential, Other End-Users
Which Region Leads The Electric Switch Market?
Asia-Pacific was the largest region in the electric switch market in 2024. This dominance can be attributed to the rapid urbanization and brisk infrastructure development in countries such as China and India, fueling the demand for electric switches.
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What Is Covered In The Electric Switch Market Global Market Report?
- Market Size Analysis: Analyze the Electric Switch Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Switch Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Switch Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Switch Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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