Electrical Switch Market Outlook:
Electrical Switch Market size was valued at USD 15.61 billion in 2024 and is likely to cross USD 26.41 billion by 2034, expanding at more than 5.4% CAGR during the forecast period i.e., between 2025-2034. In the year 2025, the industry size of electrical switch is assessed at USD 16.33 billion.
The global market is rapidly expanding as governments across the globe are focused on developing smart cities to cater to rising population and expansion of areas. This requires the integration of advanced technologies for efficient energy use, connectivity, and infrastructure management. Smart cities require automation-friendly electrical products such as IoT-enabled and energy-efficient switches. Electrical switches are key components of smart cities that help manage energy consumption and distribution. Here is a table depicting smart city initiatives in different countries:
Smart City Initiatives Across the Globe
|
City/Country |
Initiatives |
|
Barcelona, Spain |
Superblocks- to reduce traffic congestion and improve air quality |
|
Singapore |
Integrated transport system- to reduce traffic congestion and carbon emission |
Several key players are investing in R&D activities to develop advanced electrical switches and components to support the initiatives for smart cities and homes. For instance, Schneider Electric launched Miluz Lara, a broad range of switches and sockets for modern Indian homes and buildings in August 2024. Along with this, the rising number of commercial buildings such as office complexes and shopping malls has resulted in growing demand for high-quality switches complying with energy management and regulatory standards.
