According to The Wall Street Journal, this year Nintendo will not be offering a new version of the Nintendo Switch. Instead, the Japanese-based company will focus on delivering new peripherals, like the Nintendo Labo, and other accessories that use the USB-C port.
According to sources, "...changes to the Switch itself-like a smaller version of the machine-were unlikely this year as Nintendo focuses on better manufacturing and shipping of the current model".
This also agrees with a statement from Nintendo's CEO Mr. Tatsumi Kimishima, earlier in February, where he stated that they wanted to prolong the Nintendo Switch's life cycle past 5-6 years which has been the standard life span for previous Nintendo consoles.
Being the Nintendo Switch a home/handheld console hybrid, it makes sense that they don't want to rush things, especially after their very positive track record in the handheld gaming market.
The Nintendo DS is a great example as it saw two revisions in the form of the Nintendo DS Lite and the Nintendo DSi. Not to mention the Nintendo 3DS, the Nintendo DS' successor, that got an XL version, New Nintendo 3DS, New Nintendo 3DS XL, Nintendo 2DS, and New Nintendo 2DS.
After the amazing first year the Nintendo Switch has had, it is safe to assume that the console will get a new model eventually...just not this year.