Companies Investing In Smart Switch To Save Electricity

Posted December 19, 2018 by aleemtbrc

The global electrical equipment manufacturing market was valued at around $1 trillion in 2017. Asia Pacific was the largest region in the electrical equipment manufacturing market in 2017, accounting for more than 55% market share.

The global electrical equipment manufacturing market, one of the segments in the electrical and electronics manufacturing industry, grew at a compound annual growth rate (CAGR) of around 4.6% during the historic period. This mainly due to rise in disposable income which in turn increased demand for household appliances.

In the forecast period, the electrical equipment manufacturing market size is expected to be over $1746.4 billion by 2021, growing at a CAGR of nearly 4.9%. The growth rate is higher in the forecast period when compared to the historic period. This is mainly attributed to several factors which include economic growth in emerging economies and government initiatives in the electrical equipment industry.

Find TBRC’s report on the electrical equipment manufacturing market:

Smart switches are being widely used in residential, construction and institutional applications to minimize electricity consumption and automate electrical circuits and appliances. Smart switches can be used to control and monitor electrical appliances using a smartphone from remote locations. They are easy to install and can be connected to the existing Wi-Fi network.

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Issued By Aleemuddin
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Business Address The Business Research Company,,
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Categories Business , Electronics
Last Updated December 19, 2018