Global Wireless Power Switch Market: Introduction
- A wireless power switch used for household applications is a home device employed to control the switching of household appliances remotely
- These switches make the switching of household appliances easy for physically challenged individuals, elderly people, and anyone who, in any circumstances, needs security and comfort
- The global wireless power switch market is anticipated to expand at a rapid pace during the forecast period, owing to increased demand for wireless power switches for use in the automation of commercial and industrial buildings
Key Drivers of Global Wireless Power Switch Market
- Wireless power switches are used to turn electric appliances on/off from anywhere, even when Wi-Fi has no Internet access
- The global wireless power switch market is expected to be driven by increasing demand for the rapidly changing technology in consumer electronics. Furthermore, expanding base of smart home users is expected to be a major driving factor for the global wireless power switch market during the forecast period.
- Companies operating in the global wireless power switch market are investing to expand their product portfolios as well as their distribution networks. They have adopted strategies such as mergers and acquisitions, development of new products, joint ventures, and expansions to cater to the increasing demand for wireless power switches across different regions.
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Middle East & Africa to Offer Attractive Opportunities to Wireless Power Switch Market
- The wireless power switch market in Middle East & Africa is estimated to expand at the most rapid pace during the forecast period. This can be attributed to increasing investments in building and infrastructure sectors in the region.
- Middle East & Africa consists of countries such as Saudi Arabia, the UAE, and Qatar, wherein people have high purchasing power. Rapid expansion of cities and development of infrastructure in these countries are expected to drive the wireless power switch market in the region during the forecast period.
Investments in Building Automation to Drive Market
- Different applications of building automation and control systems include lighting, safety and security, entertainment (audio and video), and HVAC (heating, ventilation, and air-conditioning)
- In addition to these core applications, several new applications are being developed and offered by players from different sectors. These include home healthcare, remote monitoring (as a specialized part of safety and security), home robotics, and pet care.
- The above-mentioned applications need smart control. This factor is expected to fuel the demand for wireless power switches during the forecast period.
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Asia Pacific to Hold a Major Share of Global Wireless Power Switch Market
- Asia Pacific is a leading consumer of wireless power switches, followed by North America and Europe. China, India, and Japan are key markets in the region. In terms of demand, the three countries account for a major share of the wireless power switch market in the region.
- Increase in the demand for wireless power switches in Asia Pacific can be attributed to continued urbanization and development of infrastructure in the region. Moreover, the region is witnessing increasing preference for smart and sustainable homes. This is expected to promote growth of the global wireless power switch market during the forecast period.
Key Players Operating in Global Market
The global wireless power switch market is highly concentrated, with the top manufacturers accounting for approximately 25%–35% of the market share. A few of the key players operating in the global wireless power switch market are:
- Teleco Automation S.r.l.
- Amphenol Corporation
- Astrel Group s.r.l.
- Panasonic Electric Works Europe AG
- Eaton Corporation
- Belkin International, Inc.
- Thermokon Sensortechnik GmbH
- Osum Smart Electrical Solutions
- General Electric Company
Global Wireless Power Switch Market: Research Scope
Global Wireless Power Switch Market, by Type
- Single Pole
- Double Pole
Global Wireless Power Switch Market, by End-user
Global Wireless Power Switch Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.