Selbyville, Delaware, June 29, 2022 (GLOBE NEWSWIRE) —
Electric Switches Market size is expected to surpass USD 20 billion by 2030, according to the latest research study by Global Market Insights Inc. Growing deployments of technologically advanced machines across construction and mining projects are primarily driving the adoption of electrical switches globally.
The COVID-19 pandemic affected the electric switches industry both positively and negatively. Electric switch manufacturers are experiencing a low demand from industries such as electronics and automobiles. The epidemic positively affected the healthcare devices sector as there was a significant rise in the demand for various therapeutic, diagnostic, and protective medical devices such as X-ray monitors, cleaning robots, CT scan machines, nurse call systems & defibrillators. Several governments are investing heavily to improve their ailing healthcare systems.
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Keylock switches are electromechanical devices used to control the current flow on or off in a circuit. The rising trend of e-bicycles around the globe is providing growth opportunities for keylock switch makers. For instance, in November 2020, Alpha Vector, an Indian start-up, launched its new e-bicycle in the country.
The Europe electric switch market is driven by high investments in the regional medical & healthcare industry. The rising government spending and initiatives to support the medical sector in the region will encourage the implementation of electric switches due to their use in the latest medical machinery & equipment. According to a press release, the European Union will invest USD 5.30 billion, which will improve the health system in the Europe under the EU4Health 2021 – 2027 scheme.
Players active in the electric switch market include C&K, Honeywell International Inc., TE Connectivity, ALPS ALPINE CO., LTD., and RAFI GmbH & Co. The players operating in this segment are focusing on expanding their manufacturing facilities to stay competitive in the market. In addition, in November 2021, C&K launched a new EWIS manufacturing facility in India to provide better services to local clients & distribution partners including faster design cycles and higher response.
Some of the key findings in the electric switches market report include:
- The demand increasing for push button start vehicles in the market is driving their growth. Push button switches allow drivers to start vehicle engines by pressing the switch without any hassle.
- The growing demand for waterproof rocker switches & toggle switches in the military and marine industries is fostering the electric switch market landscape. These switches are capable of working in extremely harsh environments, making them ideal for the military.
- The increasing worldwide internet penetration is supporting the development of telecommunication and network infrastructures. To provide a strong and reliable internet connection, tactile & tact switches are integrated into data center devices such as routers, servers, and modems.
- Europe and North America are witnessing rapid expansion in the manufacturing sector mainly in the food & beverage industry that requires enhanced automated solutions, thereby spurring the necessity for electrical switches in the region.
- Asia Pacific is showingcasing rise in the espousal of smart factories, which is expected to add significant market prospects for electrical switches. These smart factories incorporate industrial robots, automated technologies, and industrial IoT devices.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Electric switch industry 3600 synopsis, 2018 – 2030
2.2 Business trends
2.2.1 Regional trends
2.2.2 Type trends
Chapter 3 Electrical Switches Industry Insights
3.1 Impact analysis of coronavirus (COVID-19) pandemic on electric switch market
3.2 Industry Ecosystem
3.3 Technology & innovation landscape
3.4 Switch technology type analysis
3.5 Investment landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 Rising penetration of industrial automation trends globally
188.8.131.52 Rising integration of electronic components in vehicles
184.108.40.206 Growing usage of electrical switches in the healthcare sector in Latin America
220.127.116.11 Rising adoption of smart electrical switches in oil & gas facilities in the MEA region
3.7.2 Industry pitfalls and challenges
18.104.22.168 Maintenance & repair issues related to electromechanical switches
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, US, is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.