Light Switches and Electrical Sockets Market Size, Share, Growth, and Industry Analysis, By Type (Light Switches, Electrical Sockets and Others), By Application (Residential Use, Commercial Use, Industrial Use and Others) Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The global light switches and electrical sockets market size was USD 16860 million in 2022. As per our research, the market is projected to touch USD 22080 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering with the Light Switches and Electrical Sockets market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The design of light switches is straightforward. A standard light switch contains two terminals and, in some cases, a ground terminal. The power source's hot wire is attached to one of the terminals. The second terminal is linked to the hot wire leading to the load (such as a lamp). A light switch is a switch in building wiring that is most typically used to operate electric lights, permanently attached equipment, or electrical outlets. Electric socket are also known as outlets, electrical sockets, plugs, and wall plugs. It is a device into which an electric plug can be inserted in order to make a connection in a circuit. In Nigeria, electrical sockets and plugs are type D or G. These are used in residential, commercial, industrial, and other places. Although there is lack of electricity Nigeria, the government and World Bank are supporting the production of electricity in Nigeria. This increases the demand for light switches and electrical sockets in Nigeria.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 problem has had an impact on the global economy, causing a strict lockdown and a halt to day-to-day activities in every industry. With the limits imposed by the government, the panic scenario has had a negative influence on the industries. This has resulted in a market drop as well; there was a direct and indirect impact from numerous sectors producing Light Switches and Electrical Sockets. With the revival of the market following COVID-19, we are seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop advanced technologies to meet advanced requirements, which will project a proposed increase in the Light Switches and Electrical Sockets market share in the forecasted period.

LATEST TRENDS

"Integration of Smart Technology in Light Switches and Electrical Sockets"

A significant emerging trend in the light switches and electrical sockets market growth is the seamless integration of smart technology. This trend is propelled by the increasing demand for convenience, energy efficiency, and home automation. With the rise of the Internet of Things (IoT), smart light switches and electrical sockets are being designed to connect to Wi-Fi networks and home automation systems, enabling remote control via smartphone apps and voice assistants. As a cause, consumers are seeking the ability to customize lighting settings, schedule power usage, and monitor energy consumption. The effect of this trend is a transformative shift in traditional home infrastructure, as homes and businesses incorporate these intelligent devices to enhance comfort, efficiency, and connectivity within the broader smart home ecosystem.

SEGMENTATION

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• By type

Based on type Light Switches and Electrical Sockets market is classified as Light Switches, Electrical Sockets and Others.

• By application

Based on application Light Switches and Electrical Sockets market is classified as Residential Use, Commercial Use, Industrial Use and Others.

DRIVING FACTOR

"Demand Surge Due to Smart Home Integration"

 A primary driving force behind the growth of the light switches and electrical sockets market is the increasing integration of smart home technologies. As consumers seek more convenient and connected living experiences, the ability to control lighting and power remotely through Smartphone apps and voice assistants becomes highly appealing. This is fueling the demand for smart light switches and sockets that enable customization of lighting scenarios, scheduling, and energy management, resulting in growing market where homes and businesses are adapting to the modern trend of smart living, driving the development and adoption of these advanced devices.

"Sustainability Push Propels Energy-Efficient Solutions "

The market for light switches and electrical sockets is being driven by a strong emphasis on sustainability and energy efficiency. In response to environmental concerns and the need for reduced energy consumption, there is a significant push for solutions that contribute to lower carbon footprints. This leads to a demand for energy-efficient smart switches and sockets that allow users to monitor and control power usage effectively. By offering features like real-time energy consumption data and remote power management, these products empower users to make more conscious energy choices. As a result, the effect is a market that's evolving to address eco-friendly aspirations and align with global sustainability goals.

RESTRAINNG FACTORS

"Regulatory Challenges Impacting Market Growth"

A key restraining factor affecting the light switches and electrical sockets market is the complex landscape of regulations and standards. Different regions and countries often have varying safety and technical requirements for electrical devices. These regulations can lead to challenges in product development, manufacturing, and distribution, as companies must ensure that their products comply with a multitude of standards. The cause of this restraint lies in the need to navigate a complex web of legal and technical specifications, which can slow down product innovation and increase compliance costs. The effect is that manufacturers and suppliers may face delays, added expenses, and complications in bringing new products to market, potentially hindering the overall growth of the industry.

REGIONAL INSIGHT

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"North-America Expected to Hold Major Share of Light Switches and Electrical Sockets Market "

Based on region, the global Light Switches and Electrical Sockets market is classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa, where North-America is dominating the global market and is expected to dominate during the forecast. The market in Asia Pacific region is expected to grow at significantly high growth rate owing to the presence of numerous technology and audio equipment manufacturers. Additionally, there's a growing interest in sustainable living, contributing to the demand for energy-efficient solutions.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The Light Switches and Electrical Sockets market is extremely competitive and consists of various global and regional players. Global market is majorly driven by the top manufacturers, which holds higher share of the market. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of market players Profiled:

• Legrand (France)
• Schneider (France)
• Siemens (Germany)
• ABB (Switzerland)
• Panasonic (Japan)
• Honeywell (U.S.)
• BULL (France)
• Leviton (U.S.)
• Simon (Spain)
• Lutron (U.S.)
• T&J (China)
• Feidiao Electrical (China)
• Vimar SpA (Italy)
• Hubbell (U.S)
• SOBEN (China)

REPORT COVERAGE:

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.