Electric Switches Market size is set to surpass USD 20 billion by 2030, according to a new research report by Global Market Insights Inc.
The industry growth is credited to the rising digitalization trends across various industries. A rapid growth in the industrial sector is driving the market for electric switches. Toggle switches, rocker switches, dip switches, and push button switches are incorporated into instrumentation panels, industrial & machine controls, HVAC units, and heavy machinery. Rising government initiatives to boost the manufacturing sector will help propel the market demand.
Analyst view: “The growing adoption of electrical switches in various medical equipment, such as ophthalmic devices, peristaltic pumps, and infusion pumps, will drive the market growth. Market players are focusing on new product developments to stay competitive in the market.”
The electric switches market is witnessing rapid growth in the manufacturing sector mainly in the food & beverage industry, which requires enhanced automated solutions. The food & beverage industry uses tactile switches, pushbutton switches, toggle switches, etc., in control panels, power supplies, controllers, and heavy industrial machinery. Increasing government initiatives and funding activities to accelerate production capacities will propel the industry opportunities for electric switches.
Electric switches that must consistently carry out a range of duties may perform less well due to the increased power supply. Electric switch performance can deteriorate over time and eventually stop functioning as intended owing to regular usage. Flaring and grime are two instances of the many ways that an electric switch can malfunction. With use and time, the switching process may lose some of its effectiveness. When contacts are created and broken, sparking might happen, and the contact can deteriorate. The contacts may become dirty and pitted over time, which will significantly reduce performance.
Browse key industry insights spread across 240 pages with 115 market data tables & 29 figures & charts from the report, “Electric Switch Market Size, By Type (Push Button Switches, Toggle Switches, Push Wheel Switches, Keylock Switches, Rocker Switches, Snap Action Switches, Tactile Switches, Pressure Switches, PCB Switches), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
The COVID-19 pandemic positively affected the healthcare devices industry as there was a substantial rise in the demand for various therapeutic, diagnostic, and protective medical devices such as X-ray monitors, cleaning robots, CT scan machines, nurse call systems & defibrillators. Several governments are investing heavily to improve their ailing healthcare systems. For instance, the U.S. government announced that it will be investing USD 4.3 trillion to improve the healthcare system in the country. This created a huge demand for electric switches in healthcare devices and electronic machines.
Growing usage of toggle switches in medical equipment
Toggle switch segment accounted for USD 1.5 billion in 2021. This growth is driven by their rising usage in medical equipment such as sphygmomanometers and clinical thermometers. Toggle switches are used in the equipment to turn the circuit on/off by turning the handle of the switch. These switches are integrated with sealing technology with the help of epoxy resins to make them water- & dust-resistant. Several governments are investing in medical equipment or devices for the development of their healthcare sector.
Increasing adoption of electric vehicles across the North America region
North America electric switches market is expected to reach USD 7 billion by 2030. The growing trend of vehicle electrification and increasing acceptance of electric & hybrid electric vehicles in the U.S. are creating high market opportunities for electrical switch providers. Several OEMs are outfitting modern vehicles with a wide range of advanced control functions, creating a huge opportunity for industry players.
Some of the major electric switch market players include Honeywell International Inc., C&K, ALPS ALPINE CO., LTD., TE Connectivity, and RAFI GmbH & Co. Companies are focusing on new product launches, partnerships, and strategic acquisitions to achieve higher profitability in the market.
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