Industry Background:
In recent years, modular switches are stylish and appealing and available in various designs, styles and colours and can perfectly complement the newly done interiors of home and office as well. The growth in the adoption of modular switches in various applications such as commercial and residential building across the world.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Panasonic Corporation (Anchor Electricals) (Japan), Havells India Ltd. (India), Honeywell Electrical Devices and Systems India, Legrand (France), Wipro (India), ABB (Switzerland), General Electric (United States), GM Modular Pvt. Ltd. (India), Koninklijke Philips N.V. (Netherlands) and Schneider Electric (France) |
According to AMA, the market for Modular Switch is expected to register a CAGR of 6.0% during the forecast period to 2030. This growth is primarily driven by The Growing Safety and Security Concerns among End-User Led in Adoption of Modular Switches and Increasing Penetration of Internet and Sales of Products through E-Commerce Paortals.
Globally, a noticeable market trend is evident Manufacturers are Focusing on the Development of Technically Advanced Modular Switches at Affordable Prices
Major Manufacturers, such as Panasonic Corporation (Anchor Electricals) (Japan), Havells India Ltd. (India), Honeywell Electrical Devices and Systems India, Legrand (France), Wipro (India), ABB (Switzerland), General Electric (United States), GM Modular Pvt. Ltd. (India), Koninklijke Philips N.V. (Netherlands) and Schneider Electric (France), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Manufacturers are focusing on the expansion of their business through the increase in the number of distributors. For instance, Legrand has 600 dealers and 7,400 retailers and Havells has a network of 2,500 dealers and 100,000 retailers, and also Anchor has 5,000 dealers and 450,000 retailers in India. Business-to-business exhibitions and campaigns are anticipated to enable these players to gain a competitive advantage in the market.
Key Developments in the Market:
In August 2021, ABB India launched two new switch ranges, Millenium and Zenit, which are to be manufactured using collaborative robots (cobots).
In September 2023, Panasonic Life Solutions introduced a new range of modular switches, Akina and Regent. These products are designed to add sophistication to both home and office interiors.
Regulatory Insights:
Government rules and regulations regarding the deployment of modular switches in residential and commercial areas are expected to embolden builders and contractor to install modular switches in their construction sites
Influencing Trend:
Manufacturers are Focusing on the Development of Technically Advanced Modular Switches at Affordable Prices and Huge demand for modular switches in the residential sector
Market Growth Drivers:
The Growing Safety and Security Concerns among End-User Led in Adoption of Modular Switches and Increasing Penetration of Internet and Sales of Products through E-Commerce Paortals
Challenges:
Lack of Awareness in Underdeveloped Nations
Restraints:
Limited Adoption Rate in Rural Areas in Developing Countries and High Cost of Smart Switches
Opportunities:
Rapid Growth in the Residential and Commercial Buildings in Developing Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Modular Switch Market
- Analysis about New Entrants in Modular Switch Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Modular Switch Study Sheds Light on
The Modular Switch Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Modular Switch industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Modular Switch industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.