The global electric switches market size reached US$ 11.3 billion in 2022. Sales are estimated to total US$ 12.4 billion in 2023. In the forecast period between 2023 and 2033, demand is poised to exhibit an 8.1% CAGR. Revenue is anticipated to cross around US$ 26.8 billion by 2033.
Rising demand for home automation technology will fuel demand for electric switches during the forecast period. Homeowners are increasingly seeking the convenience of controlling lights and appliances remotely or through voice commands using smart switches. These are integrated with automation systems. This convenience factor is driving demand.
Home automation allows for better control of energy usage, which will help control devices remotely. Smart switches can be programmed to turn off lights and devices when not in use, leading to energy savings and cost reductions.
Home automation systems often include security features such as motion sensors and timers. Smart switches can be integrated into these systems to enhance home security, making them appealing to safety-conscious consumers.
Automation enables users to customize their lighting and appliance control according to their preferences and routines, which is a strong selling point for smart switches. Demand has steadily risen for switches that seamlessly integrate with popular home automation platforms. It includes Amazon Alexa, Google Home, and Apple Home Kit is high. Manufacturers catering to these compatibility requirements will see increased demand.
Smart switches provide the ability to monitor and control the home remotely. This is particularly appealing to homeowners who travel frequently or have second homes. As the population ages, there’s an increasing need for accessible and user-friendly home automation systems. This demographic trend will drive demand in the market throughout the projection period.
Several homeowners are retrofitting their existing homes with automation systems. Retrofit-friendly smart switches that don’t require extensive rewiring will have a strong market demand. Growing environmental awareness leads consumers to opt for energy-efficient solutions, and smart switches that contribute to reducing carbon footprints are in high demand.
Competitive innovation pushes prices down as more players enter the smart switch market. This will make these products more accessible to a broad consumer base. Government incentives and regulations promoting home energy efficiency in some regions can influence consumer choices. These factors will further drive the demand for smart switches.
- The global electric switches market is estimated to reach US$ 26.8 billion by 2033.
- Sales of electric switches are projected to expand at a CAGR of 8.1% over the forecast period.
- The United Kingdom is set to expand at 7.2% CAGR from 2023 to 2033 in the electric switches market.
- China is projected to reach a valuation of US$ 4.2 billion by 2033.
- Based on type, the push button switches segment is estimated to expand at a CAGR of 7.9% from 2023 to 2033.
“Rising demand for smart switches technology will likely boost demand for electric switches during the forecast period. Key manufacturers are creating innovative electric switch products with advanced features, with a special focus on smart-systems compatibility and IoT integration.” – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
The electric switches market presents a dynamic competitive landscape with regional trends influencing market dynamics. Different regions have varying degrees of adoption and preferences when it comes to electric switches. Understanding these regional nuances is crucial for industry players aiming to capitalize on this burgeoning market.
Electric Switches Market Recent Development:
- In July 2023, Systems, Inc. (Menlo Micro) announced that the Ideal FabTM, the company’s first local manufacturing facility, has been built in Tompkins County, New York.
- In August 2023, Fairview Microwave introduced a new line of sophisticated electromechanical relay switches. These innovative switches have the potential to completely alter how RF signals are routed across a variety of market bands, from DC to 43 GHz.
These insights are based on a report on the Electric Switches Market by Future Market Insights