Global Electric Plugs and Sockets Market to Reach $15,530.20 Million, Globally by 2024, by Top Key Players CMP Products Limited, Bartec Feam, Elsewedy Electric, Weidmller Interface GmbH & Co., Jacob GmbH, Hummel AG, Eaton corporation plc. (Cooper Crouse-H
Allied Market Research’s report on “Global Electric Plugs and Sockets Market by Type, Power rate, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2024”, states that the global electric plugs and sockets industry generated a revenue of $9,971.60 million in 2017, and is likely to attain $15,530.20 million through 2024, growing at a CAGR of 6.7% during the forecast period, 2018 to 2024.
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The market for electric plugs and sockets is governed by factors such as increased construction and development activities, swift growth in residential plugs and socket installation, and growing demand for dust proof & splash proof plugs & sockets. Nevertheless, slowdown in the mining industry impedes the growth of the industry. On the other hand, rise in government expenditure on electric plugs and sockets offer potential opportunities for industry growth.
Electric plugs and sockets is a vital part of electrical infrastructure that allows user to connect devices with power supply. Rise in industrialization across the globe drives the growth of the electric plugs and sockets market.
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.
In 2017, the three-pin segment dominated the market, in terms of revenue, due to the usage of a greater number of electrical and electronic appliances across residential and commercial sectors.
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Asia-Pacific was the highest revenue contributor to the global electric plugs and sockets market in 2017, accounting for around 37.62% share, due to the rapid technological advancements and greater dependency on electrical and electronics equipment.
The report features a competitive scenario of the global electric plugs and sockets market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players profiled in the report 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.
Key Findings of The Electric Plugs and Sockets Market:
• The three-pin segment accounted for the highest share in 2017 with $3,838.40 million, growing at a CAGR of 7.0% from 2018 to 2024.
• The high-power rate segment generated the highest revenue, accounting for $4,023.60 million in 2017.
• Asia-Pacific is expected to dominate the market, in terms of market share of 37.62%, during the forecast period.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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