Switches Market Size, Share, Growth Analysis, By Type(Toggle switches, rocker switches, push-button switches, rotary switches), By Application(Consumer electronics, industrial, automotive, aerospace & defense), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45J2108 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 68 | Figures: 75

Switches Market News

In May 2021, Eaton Corporation, a multinational power management company, announced the launch of a new line of IoT-enabled switches for use in commercial and industrial applications. The new switches are designed to provide advanced control and monitoring capabilities and are expected to help customers optimize energy usage and reduce maintenance costs.

In August 2021, Honeywell, a global technology and manufacturing company, announced the launch of a new line of ruggedized switches for use in aerospace and defense applications. The new switches are designed to withstand extreme temperatures, shock, and vibration, and are expected to provide enhanced reliability and performance in harsh environments.

In October 2021, Schneider Electric, a global energy management and automation company, announced the launch of a new line of smart switches for use in residential and commercial buildings. The new switches are designed to offer advanced energy management and control capabilities and are expected to help customers reduce energy consumption and costs.

Switches Market Report Snapshots

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Switches Market size was valued at USD 9.32 billion in 2021 and is poised to grow from USD 9.74 billion in 2022 to USD 13.85 billion by 2030, at a CAGR of 4.5% during the forecast period (2023-2030).

Switches Market is highly competitive, with several players vying for a significant market share. To keep ahead of the competition and provide cutting-edge solutions to their clients, the top switch manufacturers are making significant investments in R&D. Some of the leading market participants are present on a scale and provide a broad selection of switches for industries including manufacturing, construction, and energy. They are also focused on expanding their product portfolio and enhancing their distribution networks to better serve their customers. 'Schneider Electric SE (France)', 'Siemens AG (Germany)', 'ABB Ltd. (Switzerland)', 'Honeywell International Inc. (US)', 'Eaton Corporation (Ireland)', 'Legrand SA (France)', 'Leviton Manufacturing Co. Inc. (US)', 'Hubbell Incorporated (US)', 'General Electric Company (US)', 'Rockwell Automation Inc. (US)', 'Mitsubishi Electric Corporation (Japan)', 'Omron Corporation (Japan)', 'Panasonic Corporation (Japan)', 'Toshiba Corporation (Japan)', 'NKK Switches Co. Ltd. (Japan)', 'C&K Components (US)', 'Carling Technologies (US)', 'Cherry Electrical Products (US)', 'Grayhill Inc. (US)', 'ITT Inc. (US)'

The increasing adoption of industrial automation across various industries is one of the key drivers of the switches market. The use of switches in industrial automation allows for efficient control and monitoring of various equipment and machinery, leading to increased productivity, cost savings, and reduced human error. For instance, switches are widely used in assembly lines and robotic systems in the automotive industry to control the movement and positioning of parts and components.

Emergence of Solid-State Switches - The emergence of solid-state switches, which use semiconductor materials instead of mechanical parts to control the flow of electricity, is a major trend in the switches market. Solid-state switches offer several advantages over mechanical switches, including faster response times, longer lifespan, and lower power consumption. For example, solid-state switches like the Vishay Semiconductors SiHD4N60E MOSFET are used in applications such as power management, lighting control, and motor control.

Asia-Pacific (APAC) dominated the market. This is mostly a result of the quick urbanisation and industrialization of nations like China and India, which has raised demand for switches in a variety of fields like building, manufacturing, and energy. In addition, the increasing adoption of smart homes and building automation systems in the region is also driving the demand for switches.

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Switches Market Size, Share, Growth Analysis, By Type(Toggle switches, rocker switches, push-button switches, rotary switches), By Application(Consumer electronics, industrial, automotive, aerospace & defense), By Region - Industry Forecast 2024-2031

Switches Market News

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