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
The electric switch market is set to witness exponential growth through 2030 owing to increasing consumer awareness regarding energy-saving lighting systems. In addition, government initiatives toward the adoption of safe energy appliances are expected to bolster market progress through the forecast period.
Notably, major participants in the industry have adhered to profitable and innovative strategies to take advantage of emerging trends in the sector, which has contributed to the expansion of the electric switch market. For instance, in April 2022, Littelfuse Inc., a leading industrial technology manufacturing firm, entered into an agreement with Sun Capital Partners, Inc., to acquire C&K Switches, a manufacturer and designer of interconnect solutions and electromechanical switches, for $540 million. With this takeover, Littelfuse intended to expand its business presence through a combination of channel distribution and direct sales.
To cite another instance, in May 2021, Honeywell, an American multinational conglomerate, launched MK Aria, its novel range of decorative and low-voltage wiring devices under the MK brand. The new range includes A+C type ports with the latest in-built USB charging tech and is ideal for the hospitality sector. Honeywell claims that the range of switches is safe and highly reliable and delivers superior performance and value for end-users and customers.
In another notable development, in May 2022, OMRON, a global leader in the field of automation, launched the G9KB, its novel high voltage DC relay designed for high-capacity household electricity storage systems. The launch came as part of the firm’s continued commitment to work on its switching technology to contribute toward a decarbonized society. This device safely cuts direct current from household storage systems and downsizes products, thereby encouraging renewable energy.
The electric switch market has been further bifurcated based on type and region. On the basis of type, the market has been divided into PCB switches, push button switches, snap action switches, pressure switches, tactile, push wheel switches, toggle switches, keylock switches, rocker switches, and others.
Among these, the rocker switches sub-segment is projected to witness notable expansion through 2030. Rocker switches have a wide range of applications, including power switches on the back of computers, military applications, heavy equipment controls, and a variety of heavy-duty applications.
With regards to region, increasing adoption of smart electrical switches in oil and gas facilities in the Middle East and Africa region is expected to boost the growth of the MEA electric switch market in the upcoming time period. In addition, the Latin America electric switch industry is slated to observe robust growth through the forecast period on account of rapid expansion of the electric grid in the LATAM region.
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