Growing Trends in Worldwide Light Switches and Electrical Sockets Market Outlook: Ken Research
The Light switches and electrical sockets are power devices that enable the electric equipment to be connected to the alternating current (AC) power source. Such switches and sockets are utilized for creating protected electric connections in equipment and machines, which function on wide variety of voltages and frequencies. They have a great influence strength and deliver the superior resistance to the flow of electric current. They diverge in voltage & current rating, size, shape and form of connectors.
According to the report analysis, ‘Global Light Switches and Electrical Sockets Market to reach USD 18.5 million by 2026’ states that the effective increment in the construction and advancement activities, speedy growth in residential switches & socket installation and prominent augment in the demand for dust-proof & splash-proof sockets are the few aspects responsible for great CAGR of the market over the review period. For instance, according to the International Construction Market Survey, the growth rate of construction industry across the globe during 2017 was projected nearly 3.5% and it grew to nearly 3.9% during 2018. Similarly, as per the survey of Department of Industrial Policy and Promotion (DIPP) across India, Foreign Direct Investment gathered in Construction Development sector (housing, townships, construction improvement projects and built up infrastructure) from April 2000 to December 2018 upgraded USD 24.91 billion. This, in turn, is projected to quicken the growth of light switches and electrical sockets market across the world. Amidst the COVID-19 outbreak, the government puts a severe actions on the movement of individual goods & services which have a far more unadorned impression on the electronic industry thus, distressing the production as well as unsettling the supply of light switches and electrical sockets therefore, impacting the market growth. However, the great maintenance cost and complex installation procedure are some foremost factor constantly restricting the market growth over the review period of 2020-2026.
The organized players such as Legrand, Schneider Electric, Siemens AG, ABB Group, Panasonic Corporation, Honeywell International Inc., Leviton Manufacturing Company, Inc., Simon Electric Pvt. Ltd, Lutron Electronics, Inc., and Feidiao Electrical Appliances Co., Ltd. across the wide-ranging light switched and electrical sockets market are implementing the strategies and policies of joint ventures, mergers and acquisitions, amalgamation, partnership and several other for leading the highest market growth and generating the highest percentage of revenue.
However, the worldwide Light Switches and Electrical Sockets Market is worth approximately at USD 13.3 million during 2019 and is projected to increase with a growth rate of more than 4.8% over the review period of 2020-2026. Whereas, the regional analysis of worldwide Light Switches and Electrical Sockets market is measured for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/significant economy around the world in terms of market share due to speedy growth across construction segment, as well as the existence of significant amount of market players across the region. Whereas, the Asia-Pacific is projected to exhibit greatest growth rate / CAGR over the review period of 2020-2026, owing to speedy urbanization, growing expenditure on infrastructural development, and obtainability of affordable housing projects around the region. Therefore, in the near years, it is predicted that the market of light switches and electrical sockets will increase around the globe more effectively over the incoming years.
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Ankur Gupta, Head Marketing & Communications