Electric Plugs and Switches Market Size, Share, Growth, and Industry Analysis, By Type (Electric Plugs, Switches and Others), By Application (Home Use, Industrial Use, Commercial Use and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Electric Plugs And Switches Market Report Overview

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The global electric plugs and switches market size is USD 2215.94 million in 2021 and is projected to touch USD 3395.66 million by 2031, at a CAGR of 4.36% during the forecasting period.

Electromechanical switches include those that start and stop electric circuits. This results in the interruption and resumption of the electric current flow. Switches can feature many contact sets that can all be operated by the same actuator or knob, as well as contacts that can operate concurrently, sequentially, or alternately. Electrical switches operate on a binary basis, turning the power on or off for the entire circuit. a result of an increase in real estate and building projects nationwide, particularly in the residential sector. Increasing numbers of people are replacing their obsolete switches with modular switches that match their wall colours and interior design, which is driving up demand for modular switches in the residential sector.

COVID-19 Impact: The Pandemic Dysfunctioned the Market Growth

The global COVID-19 pandemic has been unprecedented, staggering, as the electric plugs and switches are experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Starting from December 2019, COVID-19 illness pragmatically spread in 180+ nations around the world and the World Health Organization announced it as a  well-being crisis. The after effects of the outbreak are now beginning to be perceived, and is essentially aimed to influence the electric plugs and switches market share in 2020 and 2021. Noticing the aftermaths of of the pandemic on the global electric plugs and switches market, the report analyzes the impact from both global and regional perspectives also from the production end to consumption end in various key player regions.

LATEST TRENDS

Intervention of  Technological Advancements in the Switches Market to Boost Up the Sales

Significant market potential will result from the increasing use of industrial automation technologies like AI, IoT, and robotics. Automotive electrical applications have undergone a revolution thanks to technological advances in haptic switch operations. The electric plugs and switches market growth is expected to develop significantly over the course of the anticipated period as a result of growing technological advancements that aim to improve driving experiences.

Electric Plugs And Switches Market Segmentation

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• By Type Analysis

Based on type, the electric plugs and switches market is subdivided into electric plugs, switches and others.

• By Application Analysis

Based on the applications, the electric plugs and switches market is subdivided into home use, industrial use, commercial use and others.

DRIVING FACTORS

"The Increasing Concerns Towards Industrial Safety to  Amplify the Market Share"

Electrical switches are used in many different fields, including commercial, residential, and industrial settings, where safety and security are crucial for the effective working of electrical terminals. They are designed for advanced industrial applications and constructed to withstand a mechanically demanding environment or fluctuations in temperature. A switch on an electrical system provides security and versatility to customise networks without compromising quality or performance. Switches have been used in homes to show that kids can use them safely. Due to growing concerns about exposed wire terminals or careless handling of electronic equipment, electrical switches are consequently necessary in the industrial sector.

"Binding Regulations by Government Bodies to Uplift the Market Share"

The government has passed laws governing the installation of electronic devices, including rules for managing cable and conduit systems, power distribution and wiring, and energy use. Growing concern over failures brought on by improper maintenance of electronic components like switches, conduits, cables, and other items is what fuels demand for switches. Manufacturers now have growth potential as a result of this. The installation of factory-manufactured, quality-approved switches that are sized for flush/surface mounting is required under rules set forth by the Central Public Works Administration. In order to add further protection, standardised switches with switch covers should be fitted in both residential and non-residential buildings. Because of these laws, end-use industries like construction, real estate, energy, IT, telecommunications, and the public sector have increased need for high-quality electrical switches.

RESTRAINING FACTORS

"The Interoperability and Installation Complexities to Restrain the Market Growth"

Due to the increase in demand for technologically improved electrical switch systems, the market for electrical switches is predicted to expand. However, as technology develops, digital switches are also becoming available on the market, which is expected to affect the currently used conventional electrical switches. The market for electric plugs and switches is restrained by maintenance and repair concerns with electromechanical switches, which can malfunction in a number of different ways. However, the upbringing of digital switches, maintenance and repair issues to hinder the electric plugs and switches market growth.

Electric Plugs And Switches Market Regional Insights

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"North American Region to Lead the Market With the Presence of Major Key Players"

The rapid expansion of the real estate sector, evolving and modernised infrastructure, and increased disposable income among the rich and middle classes are all factors that have contributed to the enormous growth of the North American electric switch market during the past several years. Due to the expansion of industrial, commercial, and residential facilities, the United States of America dominated the market among the nations of North America. One of the key reasons propelling the growth of the electric switch market is rising urbanisation along with the creation of cutting-edge modular electrical switches. Due to the broad selection of discounted products offered via an online portal, the market's growth has also been accelerated by increased internet usage.

KEY INDUSTRY PLAYERS

"The Prominent Players Contributing in the Market Growth"

The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the  forecasted period is listed in the report.

List of Market Players Profiled

• Peha (The Netherlands)
• Panasonic (India)
• Eaton Corp (U.S.A)
• HEDI GmbH (Germany)
• VIMAR (Italy)
• Legrand (India)
• Siemens (Germany)
• Emerson Electric Co (U.S.A)
• Bachmann (U.S.A)
• OBO Bettermann (Germany)
• Philips (The Netherlands)
• ABB Ltd (India)
• GIRA (Germany)
• Havells (India).

INDUSTRY DEVELOPMENT

• April 2022: Today, OMRON announced the addition of additional food-grade robots to its i4H product line for use in the packaging and food & beverage industries. Food-grade grease and oil produced by OMRON are NSF H1 registered and ISO 21469 accredited. High-performance severe pressure lubricants were created especially for the grease lubrication of equipment in the food and beverage processing and packaging industries, and they are used by the robots.

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.