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ELECTRONICS & SMART DEVICES

Electrical Switch Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Electrical Switch Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Electrical Switch Market Overview

An electrical switch refers to electrical equipment that can make or break a circuit by interrupting the current or diverting it from one conductor to another. Electrical switches are available in manual or automatic form. A switch may be directly operated by a human as a control signal to a system such as a computer keypad button or to control power flow in a circuit.

Electrical switches can be operated by various means such as pressure, temperature, flow, current, voltage and by sensors for automatic control of a system.    

Market Size and Forecast

The global electrical switch Market is expected to achieve an exponential growth over the forecast period i.e. 2017-2024. The factors influencing the growth of electrical switch market include rising consumer demand for energy saving lighting systems, acceptance of standard protocols for lighting control and favorable government initiatives for saving electricity.

electrical switch market

Geographically, Asia-Pacific dominated the electrical switch market in 2016. China, Japan and India grabbed the largest market share in the region. Easy availability of these electrical switches at affordable prices in the Indian market has increased their adoption in various applications such as in commercial and residential buildings, industries, hospitality and others. The rapid boom in the construction sector in India and China has boosted the growth of electrical switch market. Further, the growing indigenous demand for electrical switch in India as a result of rising disposable income among the growing middle and affluent class and the growing infrastructure in recent times is expected to make India an important consumer of electrical switch in the near future. CLICK TO DOWNLOAD FREE SAMPLE REPORT

Apart from this, North America stood at second position in electrical switch market in the same year. In North America, U.S. dominated the electrical switch market. Electrical switches in North America are reliant on the growth of industrial, commercial and residential facilities. North America electrical switch market is expected to expand at a higher pace over the forecast period.

Market Segmentation

Our in-depth analysis segmented the electrical switch market in the following segments:

By Type

  • Traditional electrical switch
  • Smart electrical switch 

By End User

  • Commercial
  • Residential
  • Other

By Distribution Channel

  • Online store
  • Offline store

By Region

Global electrical switch market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Rapid urbanization coupled with development of advanced modular electrical switches is one of the major factors driving the growth of electrical switch market. Apart from this, manufacturers are developing advanced electrical switches that are more energy efficient and require less maintenance. Further, the growing indigenous demand for electrical switch is a result of rising disposable income among the growing middle and affluent class. Moreover, the changing and modernized infrastructure is expected to show a robust demand for electrical switches in the near future.

Another crucial factor fostering the growth of electrical switch market is the rapid growth in real estate industry. It has been notified that the builders prefer good quality electrical switches. Apart from this, rising internet penetration has also intensified the growth of electrical switches market due to wide variety of products available at an online portal with a discounted price.

The safety and security concerns and increasing acceptance of smart and attractive electrical switches among end users is anticipated to be one of the dynamic factors behind the rapid growth of electrical switch market over the period 2017-2024.

However, the growth of electrical switch market is likely to be hindered by the fluctuating raw material prices and availability of low quality and cheap products.

Key players

The major key players for electrical switch market are as follows

  • Legrand
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Siemens
  • ABB
  • Panasonic
  • Havells
  • Alps
  • Salzer Electronics
  • longsheng
  • GE
  • Schneider  

 


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