Press release
Construction Boom Propelling Growth In The Electric Switch Market: Powering Innovation and Expansion in the Electric Switch Market by 2025
Electric Switch Market
What Is the Expected CAGR for the Electric Switch Market Through 2025?
The market size for electric switches has witnessed consistent expansion in the past few years. The market is projected to escalate from $14.38 billion in 2024 to $14.93 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.8%. The past growth in this market segment can be associated with factors such as urban development, infrastructural advancements, activities in construction and building, industrialization patterns, initiatives focusing on energy efficiency, and replacement and upgrade programs.
What's the Projected Size of the Global Electric Switch Market by 2029?
In the coming years, the electric switch market is projected to experience substantial growth, reaching a market size of $18.53 billion in 2029 with a 5.6% compounded annual growth rate (CAGR). This expansion during the forecast period can be credited to factors such as the implementation of smart building solutions, integration of renewable energy, emphasis on energy management, increasing demand from budding markets, and adherence to safety and compliance norms. Key trends anticipated for this period involve the rise of adaptable and visually attractive switch designs, the introduction of biometric authentication systems, development of modular and scalable switch systems, emphasis on product durability and lifespan, and compatibility with building automation systems.
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Top Growth Drivers in the Electric Switch Industry: What's Accelerating the Market?
The uptick in construction activities is projected to boost the electric switch market's expansion in the future. This includes all tasks related to construction at a site, such as building homes, workplaces, roads, bridges, and more. Electric switches, pivotal for controlling and operating the electrical appliances within residences, are crucial for daily convenience and functionality. For example, a UK government report from the Office for National Statistics entitled Construction statistics, Great Britain: 2022 revealed in November 2023 that new construction work in Great Britain surged by 15.8% to a historic high of $174,216 million in 2022. This growth was stimulated by substantial boosts in both the private sector, with an uptick of $18,430 million, and the public sector, which expanded by $5,329 million. Consequently, the escalating construction activities are fueling the growth of the electric switch market.
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What Are the Key Trends Driving Electric Switch Market Growth?
The rising trend of incorporating high-tech electrical switch systems is becoming increasingly prevalent in the electric switch market. To solidify their standing in the industry, leading corporations in this market are concentrating on the implementation and launch of innovative technologies. For example, Superior Sensor Technology, an American electric component production company, unveiled a new pressure switch function integrated with three pressure threshold modes in August 2022. This feature, which is a part of their NimbleSense architecture, is designed for use in HVAC, medical, and industrial equipment. Thanks to its flexible layout, the new pressure switch can minimize PCB board space and manufacturing 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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