Press release
Emerging Trends to Drive Electric Switch Market Growth at 6.1% CAGR Through 2029
Electric Switch
What Is the Expected CAGR for the Electric Switch Market Through 2025?
In recent years, there has been a significant expansion of the electric switch market. The size of the market is expected to escalate from $14.38 billion in 2024 to $15.17 billion in 2025, at a compound annual growth rate (CAGR) of 5.5%. The historic period's growth is credited to urbanization and infrastructure growth, the surge in building and construction activities, patterns of industrialization, initiatives for energy efficiency, and replacements and upgrades.
What's the Projected Size of the Global Electric Switch Market by 2029?
Robust expansion is anticipated in the electric switch market over the next few years, with projections indicating a surge to $19.24 billion in 2029, driven by a compound annual growth rate (CAGR) of 6.1%. This projected growth can be linked to factors such as the advancement of smart building solutions, the integration of renewable energy, a concentrated emphasis on energy management, increasing demand from nascent markets, and adherence to safety and compliance norms. The forecast period is likely to witness trends such as tailor-made and visually appealing switch designs, the incorporation of biometric verification, modular and scalable switch systems, emphasis on product durability and lifespan, and seamless integration into building automation systems.
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Top Growth Drivers in the Electric Switch Industry: What's Accelerating the Market?
The upward trend in construction tasks is projected to boost the electric switch market's expansion in the future. This includes all endeavors associated with onsite construction, such as the creation of homes, offices, roads, bridges, and more. Electric switches, which regulate and operate electrical appliances used in homes for everyday convenience and aid, are installed at these construction sites. For example, in November 2023, the UK-based Construction statistics, Great Britain: 2022, published by the Office for National Statistics, revealed in their 2022 government report, that there was a 15.8% surge in the value of fresh construction work in Great Britain reaching a historic peak of $174,216 million. This substantial rise was due to the considerable growth in the private sector, which saw a $18,430 million increment, accompanied by a $5,329 million growth in the public sector. As a result, the electric switch market is being propelled by the surge in construction endeavors.
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What Trends Will Shape the Electric Switch Market Through 2029 and Beyond?
The uptake of highly sophisticated electrical switch systems is an emerging trend in the electric switch market that is gaining considerable popularity. Leading corporations in this market are keen on adopting and debuting innovative technologies to bolster their market stand. For example, Superior Sensor Technology, an American electric components producer, publicized the integration of a pressure switch function with three threshold pressure modes into their NimbleSense architecture in August 2022. This new feature can be utilized in HVAC, medical, and industrial machinery. With its adaptable structure, the new pressure switch minimizes the space needed on the PCB board and reduces fabrication expenses.
What Are the Main 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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Which Top Companies are Driving Growth in the Electric Switch Market?
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.
Which Regions Will Dominate the Electric Switch Market Through 2029?
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.
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