Press release
Electric Plugs and Sockets Market Projected to Reach $15,530.20 Million by 2025 at a CAGR of 6.7% from 2018 to 2025
Electric Plugs Socket Market
Electric plugs and sockets Market are power devices, which allow the electric equipment to be connected to the alternating current (AC) power source. These plugs and sockets are utilized for establishing secure electric connections in machines and equipment, which work on different frequencies and voltages. They have high impact strength and offer superior resistance to the flow of electric current. They differ in voltage & current rating, shape, size, and type of connectors.
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Rise in construction and development activities fuel the demand for electric plugs and sockets. In addition, swift growth in residential plug & socket installation and increase in demand for dust-proof & splash-proof plugs & sockets are expected to boost the growth of the electric plugs and socket market in the coming years. Moreover, the safety features incorporated into these plugs and sockets such as dust proof, water proof, and fire proof act as the key drivers of the market. However, decrease in growth rate in mining industry hampers the market. On the contrary, rise in government spending is expected to offer potential opportunities for the marker expansion
The key players operating in the global electric plugs and sockets market are Legrand SA, Philips, Schneider Electric SE, ABB Ltd., Emerson Electric Co., Wenzhou Chmag Electrical Co Ltd., Mennekes Elecktrotechnik Gmbh, Scame Group, Amphenol Corporation, and Eaton Corp.
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The global electric plugs and socket market is segmented based on type, power rate, end user, and region. Depending on type, the market is segmented as two-pin, three-pin, four-pin, and five-pin. Based on power rate, it is categorized into high power, medium power, and low power. By end user, it is classified into residential, commercial, and industrial. By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Analyst Review:
Electric plugs and sockets are electrical devices, which provide a mode for power supply. The global electric plugs and sockets market is expected to reach $15,530.20 million by 2024, owing to rise in demand for safe and reliable electrical infrastructure across the globe.
Rise in construction and development of urbanization across the globe, increase in demand for safe electrical operations, and rise in demand for dust proof & splash proof plugs & sockets, drive the growth of the market.
In 2017, Asia-Pacific was the highest contributor, in terms of revenue, in the global electric plugs and sockets market with 37.62% of share. In addition, the three-pin segment contributed significant revenue to the market, majorly in the U.S. Furthermore, the industrial segment across end user in electric plugs and sockets segments are anticipated to witness the highest growth rate during the forecast period.
Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances to increase awareness about electric plugs and sockets across various countries.
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