Electric Plugs & Sockets Market by Type (Two-Pin, Three-Pin, Four-Pin, and Five-pin), by Power Rate (High Power, Medium Power, and Low Power), by End User (Residential, Commercial, and Industrial) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Market Definition:

The Global Electric Plugs & Sockets Market size was valued at USD 11.16 billion in 2019 and is predicted to reach USD 19.77 billion by 2030, with a CAGR of 5.2% from 2020-2030.

Electric plugs and sockets are devices that allow electric appliances to establish secure connection with power source. These are available in different frequencies with different shapes, sizes, colors, as well as different voltage and current ratings.

Plugs & sockets hold wide applications in residential, commercial, and industrial sectors for establishing secure electric connections, as they offer high impact strength and greater resistance to the flow of electric current.

Market Dynamics and Trends:

The booming construction sector, increasing influences of aesthetic interior designing concepts, rapid industrialization, renovation of existing infrastructures, escalation in commercialization with increasing penetration of malls, hypermarkets, supermarkets and retailers, as well as evolution of smart cities demanding for smart electric supply solutions, are the factors driving the growth of global electric plugs & sockets market.

Furthermore, growing demand of fire-proof, splash-proof and dust-proof electric plugs and sockets are gaining momentum in the global market, thereby propelling the growth of global electric plugs & sockets market.

However, demotion in mining industry is expected to limit the growth of global electric plugs & sockets market.

Moreover, increasing safety & security concerns, as well as increasing government investments in infrastructural developments, are anticipated to supplement the growth of global electric plugs & sockets market throughout the forecast period.

Market Segmentations and Scope of the Study:

The global electric plugs & sockets market share has been analyzed based on type, power rate, end user and geography.

Based on type, the market is segmented into Two-Pin, Three-Pin, Four-Pin, and Five-pin. Based on power rate, the market is fragmented into high power, medium power, and low power. Based on end user, the market is divided into commercial, industrial, and residential. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America is estimated to hold the major market share in the electric plugs & sockets market over the forecast period owing to the increased adoption of electric plugs and sockets in the residential and commercial sector. Moreover, presence of developed infrastructure and tremendous growth in construction industry are expected to further drive the growth of electric plugs & sockets market in this region.

Asia Pacific is estimated to develop rapidly in the electric plugs & sockets market with substantial increase in market share, demonstrating the highest CAGR values throughout the forecast period. This is due to advancements of infrastructures, along with the increased demand of advanced and safe electric plugs and sockets.

Competitive Landscape:

The electric plugs & sockets market is highly competitive and consists of various market players. Some of the major market players include Philips, Legrand SA, Schneider Electric SE, Emerson Electric Co., ABB Ltd., Wenzhou Chmag Electrical Co Ltd., Scame Group, Mennekes Elecktrotechnik Gmbh, Eaton Corp., and Amphenol Corporation among others.

With the development and deployment of advanced product technologies, and launch of new products equipped with up-to-date features, market players are undergoing various business strategies to sustain their position in the electric plugs & sockets market.

For instance, in February 2020, Amphenol Corporation, one of the major players in the electric plugs & sockets market, introduced its Sine System’s ‘HYPERBUSS’ family of high-performance receptacle connectors available in AT and ATV series. These are cost-effective connecting solutions with superior environmental seals and seal retention capabilities, that are commonly used in bussed electric pathways.

In February 2020, Schneider Electric SE, with its license partner Tricolite Electrical Industries Ltd., announced to carry-out the development and deployment of the next-gen MV switchgears named ‘Premset.’ Where Schneider strategizes to develop technological innovations of the Premset switchgears, Tricolite plans at engineering, assembling, testing, marketing, and commercializing the sale of Presmset switchgears; as per the signed agreement between the two giants of the electric plugs & sockets market.

In May 2020, ABB Ltd., one of the key players in the electric plugs & sockets market, bagged a EUR 40 million order from Metsä Fibre, a subsidiary of Metsä Group, for supplying electrification and drive technology solutions to Metsä’s soon-to-open Finnish bioproduct mill.

KEY BENEFITS:

• The electric plugs & sockets market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the electric plugs & sockets market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The report provides detailed information related to key drivers, restraints, opportunities, and their impact on the electric plugs & sockets market.

• The report incorporates competitive analysis of the market players along with their market share in the global electric plugs & sockets market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study of the electric plugs & sockets market.

• Value chain analysis in the electric plugs & sockets market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS:

By Type

• Two-Pin

• Three-Pin

• Four-Pin

• Five-pin

By Power Rate

• High Power

• Medium Power

• Low Power

By End User

• Residential

• Commercial

• Industrial

By Geography

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • Russia

  • Italy

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • Rest of Asia-Pacific

• Rest of World

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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