Global smart switches market is anticipated to mask a notable CAGR of during the forecast period i.e. 2017-2024. Moreover, the global smart switches market is projected to account for noteworthy revenue by the end of 2024
New York, United States - July 26, 2018 /MarketersMedia/ —
The global smart switches market is segmented into application such as residential, commercial and government. Among these segments, commercial segment is expected to dominate the overall smart switches market and is anticipated to capture a noteworthy CAGR by 2024. Moreover Factors such as energy efficient, eco-friendly and dynamic designs are anticipated to fuel the growth of the smart switches market during the forecast period.
Global smart switches market is anticipated to mask a notable CAGR of during the forecast period i.e. 2017-2024. Moreover, the global smart switches market is projected to account for noteworthy revenue by the end of 2024. Additionally, continuous enhancements and research & development in smart switches market are the major dynamic factor behind the expansion of smart switches market. Moreover, technological innovations in smart switches products are anticipated to supplement the growth of the smart switches market.
In terms of regional market, North America dominates the overall Smart Switches Market and is expected to achieve Y-o-Y growth rate of 3.8% in 2024 as compared to previous year. Increasing investment in smart homes in the region is anticipated to impel the demand for smart switches in the North America region. Further, evolving trend of IoT based home energy management system is expected to strengthen the growth of the North America smart switches market during the forecast period. U.S. is witnessing augmented demand for smart switches in the North America region.
Further, Asia Pacific smart switches market is expected to attain a CAGR of 3.2% during 2017 and 2024 to reach noteworthy revenue. In Asia Pacific region emerging economies such as China and India and positive GDP figures are believed to foster the growth of smart switches market.
Technological Advancements in Smart Switches Technologies
Traditional and smart switches industry has been witnessing continuous enhancements in electrical technologies. Apart from this, manufacturers are developing advanced electrical switches that are more energy efficient and require less maintenance. Moreover, growing affluent middle class population is expected to raise the demand for smart home products such as smart switches. Additionally, increasing penetration of internet and rapid advancement in Internet of Things (IoT) is facilitating the expansion of global smart switches market in the upcoming years.
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Increasing Real State and Commercial Society
Government favourable regulations and policies in developed nations signal promising growth for smart switches market in the upcoming years. Real estate builders across the globe are focusing on the development of connected homes to attract consumers. This factor is anticipated to supplement the growth of the global smart switches market. Further, growing awareness about benefits of internet of things and connected products is increasing the consumer investment on smart home technologies such as smart switches.
Smart electric switches are a modern modular technology and have some of the key advantages such as low electricity consumption and compact design. Moreover, increasing productivity and rising adoption of smart electrical switches is envisioned to strengthen the electrical switches market over the forecast period.
In contrast, high cost of smart switches is expected to hamper the growth of smart switches market. Further, lack of standards is restraining the growth of the market.
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The report titled “Smart Switches Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global smart switches market in terms of market by switches type, by application, by distribution channel, by price range and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Smart Switches Market which includes company profiling of Leviton Manufacturing Co., Inc., Lutron Electronics Co., Inc., General Electric, Belkin International (WeMo), iDevices, LLC, Elgato Eve, Logitech International S.A.. TP-Link Technologies Co., Ltd., Wion Products, Ankuoo Electronics Inc., Eaton Corporation and other key players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart switches market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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