In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Smart switches refer to connected electrical equipment which allows people to control their switches with smartphone app or smart home technology. Apart from their switching application, smart switches also offer the control of the dimmer settings. With the growing adoption of smart homes technology, more sophisticated and advanced smart switches are penetrated into the market.
Global smart switches market is anticipated to flourish at a significant CAGR over the forecast period. Factors such as energy efficient, eco-friendly and dynamic designs are anticipated to fuel the growth of the smart switches market during the forecast period. Moreover, technological innovations in smart switches products are anticipated to supplement the growth of the smart switches market. Apart from this, government favorable regulations and policies in developed nations signal promising growth for smart switches market in the upcoming years.
North America captured the largest percentage of market share in overall smart switches market and is expected to continue its dominance over the forecast period. Increasing investment in smart homes in the region is anticipated to impel the demand for smart switches in the North America region. Further, evolving trend of IoT based home energy management system is expected to strengthen the growth of the North America smart switches market during the forecast period. U.S. is witnessing augmented demand for smart switches in the North America region. Continuous electricity traffic hikes in the region is increasing the demand for energy efficient products such as smart switches. Moreover, increasing incidences of home remodeling is widening the demand for smart switches market in the U.S. market.
Europe smart switches market is expected to grow at a substantial rate over the forecast period. Growing consumer education about smart switches coupled with favorable government regulations is predicted to trigger the growth of smart switches market. Further, continuous decline in the cost of the smart switches is envisioned to swell the growth of the smart switches market. Asia Pacific is poised to record fastest growth over the forecast period. Increasing construction activity in the region coupled with strong economic growth in developing nations such as China and India are likely to intensify the demand for the smart switches in the region.
Based on application, global smart switches market is segmented into residential, commercial and government. Further, commercial smart switches segment dominated the overall smart switches market in 2016.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global smart switches market into the following segments:
Global smart switches market is further classified on the basis of region as follows:
Rapid urbanization coupled with high awareness among population about smart homes is anticipated to intensify the growth of the global smart switches market. Moreover, growing affluent middle class population is expected to raise the demand for smart home products such as smart switches. Additionally, increasing penetration of internet and rapid advancement in Internet of Things (IoT) is facilitating the expansion of global smart switches market in the upcoming years.
Apart from this, real estate builders across the globe are focusing on the development of connected homes to attract consumers. This factor is anticipated to supplement the growth of the global smart switches market. Further, growing awareness about benefits of internet of things and connected products is increasing the consumer investment on smart home technologies such as smart switches.
Further, advances in technology and development of advanced smart switches such as wireless and sensor based smart switches are expected to drive the growth of the market in the long run. Moreover, advent of internet of things technologies such as smartphones and smart watches bodes well for smart switches market.
In contrast, high cost of smart switches is expected to hamper the growth of smart switches market. Further, lack of standards is restraining the growth of the market.