Global Industrial Plugs and Sockets Market Overview:
The global Industrial Plugs and Sockets Market size is projected to grow from USD 2.5 billion in 2020 to USD 3.2 billion by 2025; it is expected to grow at a CAGR of 4.9% from 2020 to 2025. The key factors driving the growth of the industrial plugs and sockets industry include rapid industrialization in Asia Pacific and increased investments in infrastructure development projects to contribute to the global economy post-COVID-19.
COVID-19 Impact on the Global Industrial Plugs and Sockets Market:
The most significant near-term impact on industrial plugs and sockets will be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive. Many components and parts for manufacturing industrial plugs and sockets come from China, the US, and some parts of Europe. Manufacturing disruptions in China and the US could significantly fall in the industrial plugs and sockets market over the next one or two years.
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The up to 32 A segment is expected to dominate the industrial plugs and sockets market, by current, during the forecast period.
The up to 32 A segment is expected to lead the industrial plugs and sockets market from 2020 to 2025. Industrial plugs and sockets of rating up to 32 A are commonly used across all industries for many applications. Industrial plugs and sockets in this range are more commonly used than high-current industrial plugs and sockets. The prevalent use of industrial plugs and sockets of current rating up to 32 A across industries is a key driver for the growth of up to 32 A segment of the market.
The industrial plugs segment is expected to be the fastest-growing industrial plugs and sockets market, by type, during the forecast period.
The industrial plugs segment, by type, industrial plugs and sockets market is estimated to grow at the fastest rate during the forecast period. Industrial plugs allow easy connection and disconnection of electrical equipment in industrial settings. The use of industrial plugs also improves safety and reduces the risk of electrical hazards considerably. These factors are expected to drive the demand for industrial plugs during the forecast period.
Asia Pacific likely to emerge as the largest industrial plugs and sockets market
In this report, the industrial plugs and sockets market has been analyzed for six regions, namely, Asia Pacific, North America, Europe, Middle East, South America, and Africa. Asia Pacific is estimated to be the largest market for industrial plugs and sockets during the forecast period. The growth of the market in this region is mainly driven by the increasing industrial and large-scale infrastructure investments during the forecast period. Risen demand for safe, secure, and reliable connected and disconnected equipment for use in a diverse range of environments, increased investments in the construction sector, and sustained industrial investments in the key markets offer high-growth opportunities for the industrial plugs and sockets market in Asia Pacific.
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To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the industrial plugs and sockets market.
Some of the key players are Amphenol Corporation (US), ABB (Switzerland), Emerson Electric (US), Schneider Electric (France), and Legrand SA (France). The leading players are adopting various strategies to increase their share in the industrial plugs and sockets market.
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