September 05, 2017
WELLESLEY, Mass., Sep 5, 2017 -- New technologies and enhanced customer applications are bolstering growth in the end-user markets of the global electromechanical switch market, says a new BCC Researchreport. BCC Research estimates this market to reach $15.6 billion by 2022 from $10.4 billion in 2017, signaling the end of a retraction period as key vertical markets rebound.
BCC Research's August report, Electrical Switches: Technologies and Global Markets, reports that except for the recent period immediately after the global economic turndown, worldwide demand for electromechanical switches has grown steadily year-on-year, a momentum that is expected to continue to increase over the next decade. Abundant applications in different end-use sectors are driving demand for electrical switches in industrial, commercial and residential facilities.
Globalization of markets is a key exploitable opportunity that also comes with several challenges for switch manufacturers, as they cater to diverse emerging markets. The growing awareness among developing regions and the need for regular maintenance of industrial machinery and commercial equipment is driving growth, as well. Rising demand for uninterrupted power and continuous production lines are drivers in key segments, while the adoption of smart grid and renewable energy technology across the globe provides a rapid growth avenue for the global market.
"Electrical switches are finding new markets in innovative emerging and advanced industries as they widen their market applications," says BCC Research analyst Christopher Maara, who authored the report. "Adopting optimized supply chain solutions and strategies with strong localization is likely to aid the manufacturers in meeting these geographically diverse opportunities and challenges. Manufacturers may also need to design distribution networks and production facilities in accordance with existing infrastructure in the developing economies."
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Electrical Switches: Technologies and Global Markets( EGY145A )
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