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Electric Switch Market Trends

  • Report ID: GMI3505
  • Published Date: Aug 2024
  • Report Format: PDF

Electric Switch Market Trends

Smart technologies are playing a pivotal role in shaping the electric switch industry. As smart homes gain traction, the demand for smart switches controllable through smartphones, voice assistants, and other IoT devices has surged. For instance, in January 2024, Legrand introduces Matter-enabled Wi-Fi smart switches, dimmers, and outlets from the radiant collection at CES 2024. These devices, compatible with major smart home platforms like Amazon Alexa, Google, Apple, and Samsung, enhance smart home control without needing additional apps or plugins.
 

These smart switches not only provide added convenience but also boast energy efficiency and security features, making them attractive to tech-savvy consumers. Furthermore, innovations such touch-sensitive panels, motion sensors, and remote-controlled systems are now becoming standard in contemporary homes, steering the market towards more advanced and interconnected solutions.
 

Energy efficiency and sustainability have become key focuses in the electric switch market. As consumers and businesses grow increasingly aware of their energy consumption and its environmental impact, the demand for energy-efficient switches has risen. These switches not only reduce electricity usage but also lower carbon footprints. Concurrently, governments and regulatory bodies are implementing stringent energy efficiency standards and promoting eco-friendly electrical products. This shift towards sustainability is encouraging manufacturers to develop switches that comply with regulatory requirements and appeal to environmentally conscious consumers.

Authors: Suraj Gujar, Rutvij Kshirsagar

Frequently Asked Questions (FAQ) :

The market size of electric switch reached USD 15.55 billion in 2023 and is set to grow at over 6.5% CAGR between 2024 and 2032, led by the technological advancements and innovations.

The metal segment will grow at over 8% CAGR between 2024 and 2032, favored by their ability to be molded into intricate shapes.

North America market held over 38% share in 2023, driven by the emphasis on home automation and energy efficiency.

ABB Ltd., Schneider Electric SE, Siemens AG, Eaton Corporation, and Honeywell International Inc.

Electric Switch Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 24
  • Tables & Figures: 1252
  • Countries covered: 21
  • Pages: 274
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