Press release
Europe Industrial Plugs & Sockets Market Expected to Reach $3,614.4 Million By Top Key Players: Mennekes Elektrotechnik GmbH & Co. KG, PC Electric GmbH, Bals Elektrotechnik GmbH & Co. KG, Scame Group, Palazzoli Group, Marechal Electric Group, Schneider El
Europe Industrial Plugs and Sockets Market
Europe industrial plugs & sockets market was valued at $2,463.6 million in 2017 and is projected to reach $3,614.4 million by 2025, registering a CAGR of 4.7% from 2018 to 2025. North America accounted for the highest revenue share in 2017, and is projected to grow at a CAGR of 22.3% during the forecast period.
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Industrial plugs & sockets are power devices, which allow electric equipment to be connected to the power source. These industrial plugs & sockets prevent accidental or deliberate mismatching of plugs. Moreover, they avoid electrical connections that are not compatible in terms of current, polarity, voltage frequency, and type of use. Products, such as plugs, connectors, interlocked socket outlets, switch disconnectors, distribution board equipped with IEC sockets, and other types of products including phase inverter plugs, phase inverter surface inlets, and auxiliary contacts, are covered in this report.
Industrial plugs and sockets are robust, reliable, easy to install, chemical-resistant, and weatherproof. Safety features of such products such as dust-proof, water-proof, and fire-proof make them suitable for use in industrial applications; thereby, providing safe and secured operation even in the most adverse environmental conditions. Moreover, industrial plugs & sockets differ in voltage & current rating, shape, size, and type of connectors, and are used in various industries such as automotive, power & gas, power generation, pharmaceutical, entertainment, construction, and others. Hence, the growth of the industrial production in European Union drives the growth of industrial plugs & sockets in the European market. Europe continues to be the leading consumer of the industry since the inception of the industrial revolution in the region.
Increasing need for establishing secured connections between high voltage and high current electrical circuits in industries drives the growth of the industrial plugs and sockets market in Europe. Moreover, there is increase in demand for dust-proof & splash-proof plugs & sockets due to increased awareness and government regulations about safer work environment. In addition, low cost of raw materials, easy installation of sockets, and use of advanced production technologies are some of the factors that boost the market growth. However, downshift in mining industry in Europe, which employs massive use of industrial plugs and sockets, is expected to restrain the growth of the European market.
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On the other hand, rapid development of automotive industries in Europe is expected to provide lucrative opportunities for the growth of the industrial plugs and sockets market. Although Europe is considered as the cradle of innovation in the automotive industry, Germany majorly drives innovation in design and manufacturing of automotive. The advanced technologies used in the production of the automotive vehicles is expected to deploy the use of industrial plugs and sockets in Europe, thereby providing attractive opportunities for the growth of the market.
The key players operating in the European plugs and sockets market are Mennekes Elektrotechnik GmbH & CO. KG , PC Electric GmbH, Bals Elektrotechnik GmbH & Co. KG Scame Group, Palazzoli Group, Marechal Electric Group, Schneider Electric SE, ABB Group, Eaton Corporation plc, Legrand SA, KATKO, and Lovato Electric S.p.A These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration.
Analyst Review:
Industrial plugs & sockets are utilized for establishing a secured connection between machines and equipment, which work on different frequencies and voltages with a compatible power source. They are designed as a system to meet standards for safety and reliability. These plugs & sockets prevent exposure to bare energized contacts and reduce the risk of users accidentally touching the energized conductors. Moreover, features such as large connection area, superior conductivity, and compact design fuel the growth of the industrial plugs & sockets market.
Europe has been anticipated to be the fastest growing market in terms of adoption of industrial plugs & sockets. Massive industrialization and growing trend of automation in industries in Europe drive the industrial plugs & sockets market. The scope of this report includes the analysis of various countries namely, Italy, Spain, France, the UK, Germany, Austria, Switzerland, Belgium, Luxembourg, Holland, Sweden, Finland, Norway, Denmark, Baltics, Poland, Romania, Hungary, Czech Republic, Balkans, Greece, Albania, and Turkey.
The industrial plugs & sockets market is powered by various factors such as surge in industrial production, ongoing trend of automation in Europe, and rise in awareness among manufacturers & government to create a safer workplace. However, downshift in the overall production rate across various industry verticals restrains the market growth. Moreover, rapid development of automotive sector in Europe is expected to provide lucrative opportunities for the Europe industrial plugs & sockets market in the upcoming years.
The major players operating in the Europe industrial plugs & sockets market are Mennekes Elektrotechnik GmbH & Co. KG, PC Electric GmbH, Bals Elektrotechnik GmbH & Co. KG, Scame Group, Palazzoli Group, Marechal Electric Group, Schneider Electric S.E., ABB Group, Eaton Corporation PLC, Legrand SA, KATKO, and Lovato Electric S.p.A.
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