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introduce
Smart switch statistics: In recent years, with the substantial growth in global smart home demand, the smart device industry has reached its peak in both residential and commercial use. However, the smart switch market is expected to grow at a slow pace due to a lack of technical expertise and high near-term installation costs. A report released by SkyQuest Technology states that by 2030, the global smart switch market is expected to be valued at US$13.85 billion.
These smart switch statistics include insights from various aspects, check out these interesting facts described below. If you don’t already have smart switches installed in your home, I recommend trying to enable the benefits that work.
Editor’s Choice
- The smart switch market is valued at US$38 million in 2022 and is expected to grow to US$48 million by 2028, with a compound annual growth rate of 4.1%.
- It is expected that the automatic switch market will reach US$22.6 billion by 2032, with a compound annual growth rate of 5.2%.
- By 2031, the smart switch panel market is expected to reach US$54.15 million, with a growth rate of 4.1%.
- Major U.S. companies in this market include Leviton Manufacturing, Lutron Electronics, and General Electric.
- As of June 23, 2023, the global smart light switch market size exceeded US$2 billion.
- Smart switches are available in motion sensor and timer types for room motion detection and smartphone app control.
(Source: ilu.valuates.com)
- According to the latest survey analyzed by QY Research, the global three-way smart switch market size will reach It will reach US$1,217.4 million by 2029, with a CAGR of 9.3% from 2023 to 2029.
- The demand for these switches has increased in recent years due to their energy-saving, sustainable and more convenient features.
(Source: verifiedmarketresearch.com)
- It is expected that by 2028, the smart switch panel market size will reach 480.2 billion US dollars, with a compound annual growth rate of 22.41%.
What is a smart switch?
Smart switches are alternatives to traditional built-in switches and are composed of advanced technology, Internet of Things, machine learning, artificial intelligence, etc. Without a doubt, it can be argued that they have the ability to turn lights on and off and provide greater control than home lighting, fans, and other hardwired appliances combined. In most cases, in order for smart switches to function, they require a 2.4 GHz home Wi-Fi network.
Advantages of smart switches
- The most effective benefit is that they require no electrical connections, therefore, these switches help prevent potential electrical fires.
- They are good for energy efficiency and money because they help reduce energy costs by adjusting electricity usage and automatically turning off switching facilities when not needed.
- These are the best devices for home automation; smart switches can also be used to change the light intensity based on specific activities such as sleeping, reading, watching TV, etc.
- Improves security because when no one is home, these switches create an illusion, making it appear to burglars that someone is at home.
- The main benefit is to control the switch from different locations via mobile app.
Smart light switch statistics
- The best motion sensor switch is Casa Smart Sports, It costs approximately $39.99 and is available on Amazon, Google, and SmartThings. Effective benefits are a built-in motion sensor that can detect ambient light levels, and it’s reasonably priced.
- The best smart switch in a home kit is the WeMo, which costs $49.99 and is compatible with Apple smart homes. Its valid pros include good build quality, Apple Home suite support, the option to group multiple devices, and an affordable price.
- The most budget-friendly is the Kasa Smart, which costs $19.99 and is compatible with Amazon, Google, and SmartThings. Pros are affordability, no need for a hub, and away-mode security features.
- The best switch option is the Leviton Decora Smart, which sells for $49.04 and has compatibility with Amazon, Apple, Google, Z-Wave and Zigbee. Benefits include multiple switch options, excellent smart home compatibility, and customizable panels.
- Overall, the best smart switch is the Lutron Caseta, which costs $99.95 and is compatible with Amazon, Apple, and Google. The advantage is that it is easy to use, has an independent button, and does not require a neutral wire.
Types of smart switches
- The global market is divided into 5 types of smart switches: single-touch switches, dimmer switches, timer switches, motion sensor switches and voice-activated switches.
- One-touch switches are the most basic type and can control lighting and other devices.
- Dimmer switches help control the brightness of lights according to the situation or mood.
- The timer switch allows setting specific times for the lights to automatically turn on and off and can be easily programmed via a smartphone or app.
- Motion sensor switches are activated when motion is detected in a room, and these switches are mostly used in restrooms and lobbies.
- Finally, the most convenient are voice-activated switches, which are easy to use since they are activated via voice commands and can be used to control many other devices as well.
by segment
(Source: verifiedmarketreports.com)
- The smart switch market is analyzed by type such as Wi-Fi and Bluetooth, ZigBee, etc.
- By 2023, the largest application of smart switches will be in the commercial field, accounting for 75%, and the rest will be residential applications.
by specification
- According to the global automotive switch market 2023, the rated voltage range is 12V to 48V DC.
- The current level and IP level remain between 3A to 10A and IP65 to IP67 respectively.
- Smart switches are made of plastic, metal or glass.
- There are SPST, SPDT, DPST and DPDT configured.
- These smart or automatic switches are used in applications such as lights, wipers, windows, locks, entertainment systems, and more.
Sort by product
(Source: custommarketinsights.com)
- The smart switch market is divided into four products: push button switches, rocker switches, special switches, toggle switches and multi-function switches.
- As of 2023, the rocker switch segment dominates the global market and is expected to be worth US$7.43 billion by the end of 2023, growing at a CAGR of 4.1% from 2022 to 2023.
- The global market share of push button switches is US$8338.66 million in 2022 and is expected to reach US$9360.01 million by 2028, with a compound annual growth rate of 1.94%.
Optical switch market statistics
- According to research from Markets and Markets, the optical switch market is expected to reach US$10.2 billion by the end of 2025.
- The market growth rate from 2020 to 2025 is expected to be 8.9%.
- From 2023 to 2028, the compound annual growth rate of the light-controlled switch market will be 7.80%.
- The market size is expected to reach US$12.5 billion by 2030, and the Asia-Pacific region will become the fastest growing region for the adoption of smart switches.
Smart power switch statistics
- According to Research Nester’s report, the global market size of the smart power switch market is close to US$2 billion.
- By the end of 2036, the global market size is expected to reach more than US$66 billion, with a compound annual growth rate of 6% from 2024 to 2036.
- The market is divided into two categories: high-side switches and low-side switches, with high-side switches dominating the market with a revenue share of 55%.
- The application fields of power switches include residential, automotive, commercial, industrial and construction, among which industrial smart power switches dominate with a market share of 38%.
- By the end of 2036, North America will account for the largest share, with Asia Pacific accounting for 28% and 25%.
Smart switch startup statistics
- According to Tracxn, there are currently more than 174 companies producing smart switches.
As of October 2023, the top 5 smart switch startups are as follows:
- Orro (operating smart home lighting solutions) is based in San Francisco (USA), Stage (Seed).
- Amber Solutions (switches for home automation applications), based in Danville (USA), stage (Series B), total funding ($17.9 million).
- Cubical, based in Delhi (India), stage (seed), total funding $1.03 million.
- Switchmate Home (retrofitted smart switch that controls lights via smartphone), Palo Alto (USA), funding ($350,000).
- Aeva is based in Dhanbad (India) and has stage (seed) and funding ($255,500).
Smart switch installation statistics
(Reference: homewyse.com)
- As of June 2023, the installed cost of each smart switch is approximately $84.72 to $228.
- Cost shares include local material costs (7%), labor selection costs (7%), preparation and repair costs (7%), and job access costs (25%).
in conclusion
In recent years, smart devices have become very popular around the world, and so has the share of smart switches. Researchers predict that in the near future, the use of smart devices will become more widespread, such is the harsh reality that people are now completely dependent on technology. Even smart switches can provide hands-free control of lights, fans, and other devices with many effective benefits. This article contains possible statistics to help you understand the topic better.