With the rising demand for electrical appliances and energy-efficient products, the power strip, switch panel and wall plug market have seen a significant rise. In this article, we'll take a look at the different types of power strips, switch panels and wall plug available on the market today and analyse their applications in residential, commercial and industrial settings.
Drivers of the Market
The drivers of the Power Strip, Switch Panel and Wall Plug Market are increasing demand for smart home and energy-saving solutions, growing adoption of renewable energy sources, increasing government initiatives toward smart city projects, technology advancements in the power distribution sector, rising demand for efficient power systems, and increasing disposable income.
1. Increasing Demand for Smart Home and Energy-Saving Solutions: The increasing popularity of smart home technologies has driven the need for efficient power strip, switch panel and wall plug solutions. Smart home technologies such as voice control are driving the growth of the market as they lead to greater convenience, efficiency in controlling appliances and cost savings.
2. Growing Application of energy sources: Renewable energy sources such as solar, wind and hydroelectric are being used more now and this is too a major driver of the market.
Advantages of the Power Strip, Switch Panel and Wall Plug Market
1. Increased Safety: Power strips, switch panels, and wall plugs are all designed to provide increased safety for electrical connections. They help protect against overloads, short circuits, and power surges. This helps keep homes and businesses safe from fire and other potential hazards.
2. Versatility in the product- Power strips, switch panels, and wall plugs are of different sizes and this means that they can be used in almost any situation where there is a need for additional outlets or wiring connections. This makes them a great solution for almost any type of electrical installation.
3. Cost-Effective: Compared to other forms of wiring, power strips, switch panels, and wall plugs are much more cost-effective solutions for adding extra outlets or wiring connections in homes or businesses. They require less labour to install than traditional methods like hardwiring and can save time as well as money in the long run.
Market Value and CAGR (2021-2032)
The Market value and CAGR of the Power Strip, Switch Panel and Wall Plug Market is expected to reach US$ 3.02 Bn by the time of 2032 with a CAGR of around 6.2% during the period.
Challenges of the Power Strip, Switch Panel and Wall Plug Market
1. Price competition: With the increasing number of competitors in this market, there is a high level of price competition. As such, manufacturers must constantly strive to produce products at competitive prices and develop cost-efficient production techniques to remain competitive.
2. Customer demand: The power strip, switch panel and wall plug market is highly customer driven. It is important for companies to understand the needs and preferences of their customers so they can provide products that meet their demands and expectations.
3. Technological advancements: Technology is constantly changing, which means companies must continually innovate and keep up with the latest trends in order to remain competitive. Companies also need to ensure that their products are compatible with new devices as they become available on the market.
The key players of the Power Strip, Switch Panel and Wall Plug Market are Belkin, Inc., Panasonic Corporation, Leviton Manufacturing Co., Inc., Schneider Electric SE, and Legrand.
The most demanded product of the Power Strip, Switch Panel and Wall Plug Market is expected to be power strips. The power strips are used for distribution of electricity, and it is expected to maintain a steady growth rate over the forecasted period. The power strip market is segmented into plug-in strip, integrated strip, surge protector strip, and others.
The type of switch panel market is divided into toggle switch panel, rocker switch panel, rotary switch panel, pushbutton switch panel, and others. It is anticipated that the rotary switch panel will lead the market share due to its wide adoption in industrial applications such as printing machines and packaging equipment.
In terms of application segmentation, Residential use constitutes a major share of the overall market size owing to increasing urbanization across the globe and rising demand for power outlets in various households. On the other hand, industrial uses are expected to witness rapid growth during the forecast period due to widespread adoption of automation technology in manufacturing industries which requires additional power outlets for efficient operations.
On the basis of end user segmentation, Power Strip, Switch Panel and Wall Plug Market can be classified into automotive industry, consumer electronics industry, IT & telecommunication industry, construction and automotive is expected to dominate the segment.
On the basis of region, North America is projected to lead the global market due to the presence of a well-developed electrical infrastructure in the region. Asia Pacific region may experience growth in potentials owing to growing population base and rising demand for power outlets in various households as well as industrial applications.
Impact of Covid-19
The pandemic has led to a decrease in demand for these products as businesses have closed and people have been working from home. This has caused a lot of financial loss to the firms.
The Covid-19 pandemic has also caused disruptions in the supply chain of power strips, switch panels and wall plugs. Many factories in China, where most of these products are manufactured, were forced to shut down due to the virus.
Key developments in the Power Strip, Switch Panel and Wall Plug Market
In January, 2021, a company called Fluke Corporation released its new line of power strips and switch panels. The new products feature advanced safety features such as overvoltage protection, overload protection, and surge protection. The new line also allows users to customize their outlets according to their needs.
In March 2021, a company called Hubbell Lighting released its new line of wall plugs that are designed to meet the latest safety requirements and provide high-efficiency performance. The products feature an integrated light indicator, circuit breaker technology, and tamper-resistant design.
Power Strip, Switch Panel and Wall Plug Market Scope :
|Revenue forecast in 2032
|USD 3.2 billion
|CAGR of 6.2 % during 2022-2032
|by Component, By Application, End Users, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Power Strip, Switch Panel and Wall Plug Market are Belkin, Inc., Panasonic Corporation, Leviton Manufacturing Co., Inc., Schneider Electric SE, and Legrand.
Key Segment Power Strip, Switch Panel and Wall Plug Market
By Type Overview (US$ Billion)
• Power Strip
• Switch Socket
By Application Overview (US$ Billion)
By End-User Overview (US$ Billion)
• Manufacturing companies
By Region Overview (US$ Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa