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.
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.
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
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.
This
report also provides the existing competitive scenario of some of the key
players of the global electrical
switches market which includes company profiling of Legrand, Siemens, ABB, Panasonic, Havells, Alps,
Salzer Electronics, longsheng, GE and Schneider. The profiling enfolds
key information of the companies which encompasses business overview, products
and services, key financials and recent news and developments. On the whole,
the report depicts detailed overview of the global electrical switches market that
will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market centric strategies according to the
ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased, unparalleled
market insights and industry analysis to help industries, conglomerates and
executives to take wise decisions for their future marketing strategy,
expansion and investment etc. We believe every business can expand to its new
horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
To know more information: https://www.researchnester.com/reports/electrical-switch-market-global-demand-analysis-opportunity-outlook-2024/316
Contact for more
Info:
Ajay
Daniel
No comments:
Post a Comment