Industrial Plugs And Sockets Market Report Overview
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The global industrial plugs and sockets market size is anticipated to be worth USD 2125.9 million in 2022 and is projected to touch USD 2922.72 million by 2031 with a CAGR of 3.6% during the forecast period.
Industrial and multiphase plugs will provide a connection to the electrical mains. These electric mains are rated at higher voltages and will have more current compared to the household plugs and sockets. A lot of industrial outlets will have them and will generally have polyphase systems. They provide protection from environmental hazards.
Investments incoming from Middle-east towards this market has been observed. Markets from middle-East are diversifying their investment channels and this has had a good impact on the market. This is considered as the latest trend in the market.
Industrial plugs and sockets are used in boilers, air-conditioning systems, furnaces, grinders, mechanical drivers, mechanical engines, ventilations and in many other devices. Introduction of waterproof plugs and sockets is attracting more customers to the market. All of these factors have resulted in the industrial plugs and sockets market growth.
COVID-19 impact: Slowdown of Delivery and Construction During the Pandemic Reduced the Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The pandemic of COVID-19 brought many unpleasant changes in all the markets. Industrial plugs and sockets market also experienced low demand due to the slowdown in delivery of raw materials and construction activities. Heavy disruption in supply chain was also a major reason for the decline in the value of the market.
A lot of components and parts are required for the manufacturing of the plugs and sockets. Most of these parts come from countries like U.S, China, and Europe. Difficulty in exporting and importing between different nationalities also negatively affected the industrial plugs and sockets market growth.
LATEST TRENDS
"Rising Investments in Non-Oil Sectors from Various Nations to Increase the Market Growth"
Notable investments are being made from various countries in non-oil sectors especially from the middle-east region. Most of the revenue in Middle-East is generated through the oil industries. However due to the growing awareness of people regarding usage of fossil fuels there has been a considerable dip in the investments made by the Middle-East in the oil market.
This has in turn increased the investment of the Middle-East towards sectors like machinery and equipments that include the industrial plugs and sockets market. The requirement to diversify the investment in this particular region has increased and this is creating opportunities for the market growth. This has been noticed as a new development in the market.
Industrial Plugs And Sockets Market Segmentation
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- By Type:
The market can be divided on the basis of type into the following segments:
Plugs, Socket, and, mechanical Interlock. The plugs segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Agriculture, industry, construction, sports & entertainment, and, other. The agriculture segment is predicted to dominate the market during the research period.
DRIVING FACTORS
"High Requirement of Electrical Energy in Industries to Accelerate Market Growth"
A lot of industries require electricity as they are energy intensive. They require large amounts of electrical energy for carrying out operations with different machines. This has increased the electrification of different industries. As a result, this factor is driving the market growth.
Industrial plugs and sockets are used in boilers, air-conditioning systems, furnaces, grinders, mechanical drivers, mechanical engines, ventilations and in many other devices. In the past many applications like fuel-based boilers and certain machines used fossil fuels. But with a view of carbon free future many industries have completely transformed their operations from fossil fuels to electrical energy. Electrification has increased in the recent times and this has driven the industrial plugs and sockets market share.
"Introduction of Waterproof Plugs and Sockets to Propel Market Growth "
One of the latest innovations that has taken place in the market is the introduction of waterproof plugs and sockets. These equipments are predicted to have tremendous demand in the next few years. Waterproof plugs and sockets can be operated under various conditions and do not become hazardous when they are brought in contact with water.
This type of sockets and plugs can readily be submerged in water without the fear of any damage. They can also operate in the presence of constant water jets. These industrial plugs and sockets are used in various markets like construction, marine, chemical and pharmaceuticals, food and beverages, and offshore oil gas stations. The increasing switch to these equipments is driving the industrial plugs and sockets market share.
RESTRAINING FACTOR
"Sale of Products from Gray Market to Decrease Market Growth"
Products that are sold in the gray market are unauthorized and do not have an official supplier. Many local manufacturers produce cheap industrial plugs and sockets. These are very close to the original modules. Because these are of low cost many customers resort to the duplicate plugs and sockets. This can cause a fatal blow to the market.
Another factor restraining the market growth is the cut down of economic growth in important regions like Asia Pacific. This is likely to affect the market. Rapid industrialization in Asia Pacific made it the largest share holder of the market but recently the slowdown of economic growth in this region has hampered the market share.
Industrial Plugs And Sockets Market Regional Insights
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"Asia Pacific to Dominate Market Share in Upcoming Years"
Asia Pacific is predicted account for the largest market share holder in the upcoming years. Main countries in this region that form the primary market for industrial plugs and sockets include China, Japan, South Korea, and India.
The growth of the market in this region is mainly attributed to the growing large-scale infrastructures. Rapid industrialization and urbanization are also some important driving factors. Demand by customers for safe and reliable equipments is creating lucrative growth opportunities for industrial plugs and sockets market in Asia Pacific.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- ABB (Switzerland)
- Schneider Electric (France)
- Legrand (France)
- Hubbell (U.S.)
- Marechal Electric (France)
- Mennekes (Germany)
- Amphenol (U.S.)
- Eaton (Ireland)
- Emerson Electric (U.S.)
- Bals (Germany)
- Leviton (U.S.)
- Palazzoli (U.A.E)
- Cavotec (Switzerland)
- Lewden (U.K.)
- IDE ELECTRIC (Spain)
- Kedu (China)
- Scame (Italy)
- Chfrsia (China)
- C&S Electric (India)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2125.9 Million in 2022 |
Market Size Value By |
US$ 2922.72 Million by 2031 |
Growth Rate |
CAGR of 3.6% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the industrial plugs and sockets market expected to touch by 2031?
The industrial plugs and market are projected and estimated to touch USD 2922.72 million by 2031.
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What CAGR is the industrial plugs and sockets market expected to exhibit by 2031?
The industrial plugs and sockets market is expected to exhibit a CAGR of 3.6% by 2031.
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Which are the driving factors of the industrial plugs and sockets market?
Electrification of many industries and introduction of waterproof plugs and sockets to drive the industrial plugs and sockets market growth.
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Which are the top companies operating in the industrial plugs and sockets market?
ABB, Schneider Electric, Legrand and, Hubbell are the top companies in the industrial plugs and sockets market.
