Press release
Electric Switch Market Size Projected To Reach $19.24 Billion By 2034 With A Cagr Of 6.1%
Electric Switch Market
What Is the Electric Switch Market Size and Projected Growth Rate?
The market size of electric switches has experienced robust growth in the prior years. Its size is projected to rise from $14.38 billion, in 2024, to $15.17 billion in 2025, boasting a compound annual growth rate (CAGR) of 5.5%. The growth during the historic period can be credited to urbanization and infrastructural development, activities associated with building and construction, industrialization movements, initiatives for energy efficiency, and replacement and upgrade processes.
Over the coming years, the electric switch market is set to experience robust growth, with its size projected to rise to $19.24 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 6.1%. This growth within the forecast period is attributed to several factors, including the emergence of smart building solutions, the integration of renewable energy, concentration on energy management, increasing demand from burgeoning markets, as well as strict safety and compliance standards. Key trends to look out for during the forecast period are personalized and aesthetically driven switch designs, the incorporation of biometric authentication, modular and expandable switch systems, a pronounced emphasis on durability and long lifespan, and seamless integration with building automation systems.
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What Are the Major Segments in the Electric Switch Market?
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
Subsegments:
1) By Traditional Electrical Switch: Toggle Switch, Rocker Switch, Push Button Switch, Dimmer Switch, Slide Switch
2) By Smart Electrical Switch: Wi-Fi Enabled Smart Switch, Bluetooth Enabled Smart Switch, Z-Wave Smart Switch, Zigbee Smart Switch, Voice-Controlled Smart Switch
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What Are The Driving Electric Switch Market Evolution?
The escalation in construction undertakings is anticipated to drive the electric switch market expansion in the future. Tasks linked with construction on a site, which encompass the building of houses, workplaces, roads, bridges and more, fall under construction activity. Electric switches are implemented on these construction sites to regulate and operate electric appliances in homes, serving to enhance the convenience and support of people's everyday chores. For example, according to the Construction Statistics, Great Britain: 2022 released by the Office for National Statistics in November 2023, the new construction work value in Great Britain escalated by 15.8% to an unprecedented high of $174,216 million in 2022. This surge was spurred by substantial growth in both the private sector, with a rise of $18,430 million, and the public sector, growing by $5,329 million. Consequently, the escalation in construction undertakings is propelling the electric switch market's growth.
Which Firms Dominate The Electric Switch Market Segments?
Major companies operating in the electric switch market 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., 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.
What Trends Are Driving Growth in The Electric Switch Market?
The electric switch market is seeing a rise in the popularity of technologically advanced electrical switch systems. Prominent companies in this market are concentrating on the integration and launch of new technologies, in a bid to fortify their market position. A case in point is the US-based electric components manufacturer, Superior Sensor Technology. In August 2022, they announced the addition of a built-in pressure switch feature with three pressure threshold modes to their NimbleSense architecture. This addition, intended for use in HVAC, medical, and industrial devices, offers a flexible design that curtails PCB board space and production costs.
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Which Is The Largest Region In The Electric Switch Market?
Asia-Pacific was the largest region in the electric switch market in 2024. The regions covered in the electric switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Switch Market?
2. What is the CAGR expected in the Electric Switch Market?
3. What Are the Key Innovations Transforming the Electric Switch Industry?
4. Which Region Is Leading the Electric Switch Market?
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