Electric Switch Market size is slated to witness exponential growth in the period 2021 to 2027 impelled by the rising government support towards saving electricity. The increasing concerns over electrical supply faults, and fire hazards have triggered the surging obligation for operational safety. The incessant need for energy-saving lighting systems and the escalating frequency of network failures and power fluctuations will drive the market dynamics for electric switches.
Based on type, the electric switch market is classified into traditional and smart segments. The global share of smart electrical switches is anticipated to reach a significant value owing to the growing modernization of the primary as well as secondary distribution networks. As smart switches are installed with the help of existing in-wall back boxes, they offer a new approach in home lighting and switch-wired devices. They can control lights and are employed for hardwired appliances, including waste disposal units, fireplaces, and ceiling and bathroom fans. Increasing adoption to replace traditional built-in switches will add momentum to the segmental growth.
In terms of end-user, the electric switch market size from the commercial sector will expand profusely with the increasing funding towards infrastructural development. The higher requirement for retrofitting of the traditional networks in industrial facilities has resulted in the rising adoption of safe electrical networks. Besides, electric wall switches are increasingly used for lighting control in commercial establishments as they operate on line voltage and can easily fit inside the standard electrical boxes. Soaring adoption of circuit protection devices is another impact rendering factor leading to the market progression.
With regards to distribution channels, the market is segmented into online and offline stores. Out of these, the demand for electric switches across online channels is expected to grow owing to the easy access to a broad variety of products. The rising need for time and cost savings, convenience, and less compulsive buying will also complement the market expansion.
Regionally, Asia Pacific will hold a substantial revenue share in the electric switch market through 2027 due to the continuous developments across the construction sector. The rising population and their hiking household incomes have led to the surge in the number of residential buildings. Increasing product penetration in India on account of lower costs will play a crucial role in the market growth.
Globally operating electric switch industry participants are constantly working towards partnerships, acquisitions, novel product launches, investments, and capacity expansion to tap into numerous global markets in a bid to fortify their offerings and customer base.
For instance, in August 2021, ABB India unveiled its Millenium and Zenit range of electric switches to cater to the growing need for space-saving electrical solutions in the country. The switches seek wide usage in homes and commercial buildings as eco-efficient intelligent alternatives.
Similarly, in July 2020, ABB introduced its Made in India switches and sockets that are powered with anti-bacterial properties in order to keep the surroundings safe during the ongoing COVID-19 pandemic.
Panasonic, Meidensha, Eaton, Crompton Greaves (Murugappa Group), Toshiba, Legrand, Fuji Electric (Furukawa Group), TE Connectivity, Schneider Electric, Havells, Hitachi, Powell, Mitsubishi (Mitsubishi Group, Renault–Nissan–Mitsubishi Alliance), Siemens, L&T, Mersen S.A., Hubbell, and GE are some other leading market players.
The ongoing COVID-19 crisis, which brought major dramatic changes to both personal life and businesses, heavily impacted the global economy with the influx of trade barriers. The demand, supply, and production of electric switches also noticed a declining response mainly across the industrial and commercial establishments on account of the social distancing and lockdown policies. The plummeted rate of power generation and reduced usage of electricity in vast countries also contributed to sluggish market growth.