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Friday, 07 May 2021 01:19 GMT

Global Electrical Switch Market 2021 with Strategies to Boost Growth, Covid-19 Impact Analysis, Size & Share, Business Challenges till 2024 | Says Kenneth Research


(MENAFN - America News Hour) Kenneth Research has recently added a report titled Global Electrical Switch market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Global Electrical Switch market is further anticipated to grow with a CAGR of 15.2% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also

Global Electrical Switch Market Overview

An electrical switch refers to electrical equipment that can make or break a circuit by interrupting the current or diverting it from one conductor to another. Electrical switches are available in manual or automatic form. A switch may be directly operated by a human as a control signal to a system such as a computer keypad button or to control power flow in a circuit.

Electrical switches can be operated by various means such as pressure, temperature, flow, current, voltage and by sensors for automatic control of a system.

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Market Size and Forecast

The global electrical switch Market is expected to achieve an exponential growth over the forecast period i.e. 2017-2024. The factors influencing the growth of electrical switch market include rising consumer demand for energy saving lighting systems, acceptance of standard protocols for lighting control and favorable government initiatives for saving electricity.

'Final Report will add the analysis of the impact of COVID-19 on this industry.'

Geographically, Asia-Pacific dominated the electrical switch  market in 2016. China, Japan and India grabbed the largest market share in the region. Easy availability of these electrical switches at affordable prices in the Indian market has increased their adoption in various applications such as in commercial and residential buildings, industries, hospitality and others. The rapid boom in the construction sector in India and China has boosted the growth of electrical switch market. Further, the growing indigenous demand for electrical switch in India as a result of rising disposable income among the growing middle and affluent class and the growing infrastructure in recent times is expected to make India an important consumer of electrical switch in the near future.

Apart from this, North America stood at second position in electrical switch market in the same year. In North America, U.S. dominated the electrical switch market. Electrical switches in North America are reliant on the growth of industrial, commercial and residential facilities. North America electrical switch market is expected to expand at a higher pace over the forecast period.

Key players

The major key players for electrical switch market are as follows

Legrand
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Siemens
ABB
Panasonic
Havells
Alps
Salzer Electronics
longsheng
GE
Schneider

Growth Drivers and Challenges

Rapid urbanization coupled with development of advanced modular electrical switches is one of the major factors driving the growth of electrical switch market. Apart from this, manufacturers are developing advanced electrical switches that are more energy efficient and require less maintenance. Further, the growing indigenous demand for electrical switch is a result of rising disposable income among the growing middle and affluent class. Moreover, the changing and modernized infrastructure is expected to show a robust demand for electrical switches in the near future.

Another crucial factor fostering the growth of electrical switch market is the rapid growth in real estate industry. It has been notified that the builders prefer good quality electrical switches. Apart from this, rising internet penetration has also intensified the growth of electrical switches market due to wide variety of products available at an online portal with a discounted price.

The safety and security concerns and increasing acceptance of smart and attractive electrical switches among end users is anticipated to be one of the dynamic factors behind the rapid growth of electrical switch market over the period 2017-2024.

However, the growth of electrical switch market is likely to be hindered by the fluctuating raw material prices and availability of low quality and cheap products.

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Market Segmentation

Our in-depth analysis segmented the electrical switch market in the following segments:

By Type

Traditional electrical switch
Smart electrical switch
By End User

Commercial
Residential
Other
By Distribution Channel

Online store
Offline store
By Region

Global electrical switch market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players .

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Kenneth Research

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Phone: +1 313 462 0609

James Bullock

James Bullock is a Research Expert with a demonstrated history of working in the professional training & coaching industry. Strong professional skilled in business strategy , Strategic Planning, Research Strategy, and Marketing. also have interest in new innovations and technology

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