July 08, 2020
According to the research report titled ‘Global Light Switches and Electrical Sockets Market Size study with COVID-19 impact, by Type (Light Switches, Electrical Sockets, Others), by Application (Residential, Commercial, Industrial) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global light switches & electrical sockets market generated revenues worth USD 13.3 million in 2019 and is reckoned to witness a y-o-y growth rate of 4.8% between 2020 and 2026.
For the record, light switches and electrical sockets are electrical systems that enable electronic equipment to be connected to AC (alternating current) power source. These switches and sockets are utilized for developing secure electric connection in machines and equipment which operate on various voltages and frequencies. They offer superior impact strength and high resistance to electricity flow.
Increasing infrastructural development activities along with rising installation of switches & sockets in residential establishments are major factors driving light switches and electrical sockets market growth. As per the International Construction Market Survey document, global construction industry recorded 3.5% growth rate in 2017, which improved to 3.9% in the year 2018. Likewise, according to the study from DIPP (Department of Industrial Policy and Promotion) in India, FDI (foreign direct investments) for infrastructural development between April 2000 to December 2018 reached USD 24.91 billion.
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Growing demand for splash-proof and dust resistance sockets is also fueling the market size. However, the COVID-19 outbreak has compelled various governments to impose restrictions on movement of goods & services as well as people in order to curb the spread of the disease, which in turn has severely impacted the light switches & electrical sockets industry. In addition, complexities during installation and high maintenance cost associated with the products may hinder the expansion of the overall market.
By type, the market is split into electrical sockets, light switches and others. Whereas, the application scope of light switches and electrical sockets industry comprises of industrial, commercial and residential.
From the regional point of view, North America market is expected to register substantial growth in the subsequent years, primarily due to rapid expansion of construction sector and high concentration of market majors. Alternatively, light switches and electrical sockets industry in Asia-Pacific is estimated to amass commendable returns during the study period. Factors such as low-cost housing projects, surging investments towards infrastructural development and rapid urbanization are promoting the market outlook in the region.
The prominent companies operating in global light switches & electrical sockets industry are Feidiao Electrical Appliances Co. Ltd., Lutron Electronics Inc., Simon Electric Pvt. Ltd., Leviton Manufacturing Co. Inc., Honeywell International Inc., Panasonic Corp., ABB Group, Siemens AG, Schneider Electric and Legrand among others.